OKLAHOMA CITY, Okla.–With actual check volume continuing its slow decline, one credit union here has dumped the word “checking” from its latest product.
True Sky Credit Union has introduced a new product it simply refers to as $impleMoney Debit.
According to the Cornerstone Credit Union League, the change came about after researching the needs of members who don't use their accounts the way we have been for decades. Instead of relying on checks as a primary payment method, today's consumers use debit cards, mobile deposit, and personal transfers, the CCUL reported.
“True Sky's $impleMoney account not only encourages these types of transactions, it rewards members for doing so,” according to the Cornerstone League. “By keeping an active debit account with at least forty debit card transactions per month, no more than five paper checks, electronic statements, and the use of online banking, users earn rewards including five cents per debit card transaction, up to $10 per month in ATM fee refunds, and one overdraft fee refund per year.”
The Cornerstone League said True Sky’s new account is designed for individuals who prefer a truly mobile experience and have no minimum balance and no monthly service charge. It was created to provide individuals with a beneficial and simple banking experience. All transactions can be conducted through mobile and online channels including deposits, bill pay, and account management, the league said.
True Sky has also made financial education an important part of this account, and periodic meet-ups will be held for accountholders to learn more about their credit, saving for the future, and making large purchases wisely, among other topics, the league said.
The $impleMoney Debit Account Rewards is priced this way:
- Five cents per debit transaction
- Up to five checks per month
- $10 in ATM fee refunds per month
- One overdraft fee refund per year
- Access to free financial meet-ups
- Mobile banking and mobile deposits