Upcoming Account Changes
As the consumer landscape has changed over the past year, we recognized it has become increasingly difficult for our clients to meet the minimum requirements of rewards accounts. To aid in the simplicity of this complicated world, we have streamlined our account options moving forward.
On December 1, all existing account(s) will automatically transition to a new set of products with no action necessary. Account numbers will not change, and debit cards and checks will still be valid. There will be no interruption of service.
If you have any questions about this transition, please contact a personal banker. Thank you for choosing Fortifi Bank and allowing us to serve you.
Frequently Asked Questions
General Inquiries:
When will new account types be available?
New account types will be available to open beginning November 1, 2020.
If I am a current client, when will my account change to the new type(s)?
With no action necessary on your part, your accounts will transition to the new account type on December 1, 2020.
Why did the bank change product offerings?
As the consumer landscape has changed over the past year, we recognized it has become increasingly difficult for the minimum requirements to be met on the Kasasa accounts. To aid in the simplicity of this complicated world, we have streamlined our account options and removed many qualification factors.
Why aren’t rewards accounts offered any longer?
See answer to #3. Many clients shared they were no longer able to meet the debit card swipe requirements due to COVID-19. The current market has made it challenging to offer high-interest rates or rewards on checking accounts.
Can I choose a different account type other than the one selected by Fortifi?
Yes, if you prefer a different account type other than the one selected for you, just talk to your personal banker about qualifications.
Are there account requirements to earn interest on balances?
No, interest earned is no longer tied to any account requirements.
Why is there a monthly maintenance fee?
A fee is collected to offset the costs associated with maintaining an account and only applied if the minimum account requirements are not met.
Why is there a paper statement fee?
A fee is collected to help offset the cost of printing and postage. In addition, we encourage you to remain more secure by eliminating the potential for intercepted postal mail and helping the environment by reducing waste.
Can I opt-out of receiving both paper statements and eStatements?
No. Legally, we are required to provide you with at least one form of a statement.
Will I be auto-enrolled into e-Statements with my transitioned account?
Yes, if you are signed up for eStatements with your current account, that will remain intact when the account transitions. All new accounts will have to follow our regular eStatement signup process.
How can I avoid a paper statement fee?
Sign up for eStatements to avoid a paper statement fee. Also, anyone 55 and older or 18 and younger, in any account, is exempt from paper statement fees.
What counts as an ACH payment? Bill Pay? SPIN P2P?
An ACH payment is any electronic payment set to automatically pull from your account. Bill Pay items that process as an ACH (versus a check electronically drafted) will count. SPIN P2P does not qualify as an ACH payment. You can view whether a Bill Pay item processes electronically under the “Review Activity” tab on the Bill Pay screen in Online Banking after it is paid. Remember, if you’re inputting a card number, it is not an ACH payment.
What does average monthly balance mean? How is it calculated?
The average monthly balance is an average monthly balance that takes the closing balance at the end of each day and divides it by the number of calendar days in the given month for its calculation.
What is considered a qualifying Direct Deposit?
Any regularly scheduled automatic deposit into an account will be considered a qualifying direct deposit. If you are unsure about a specific transaction please check with your personal banker.
How can ATM charges be avoided?
Fortifi does not charge to use an ATM, however, the ATM most likely will have a fee associated with using it. To avoid the terminal fee, you should use a Fortifi Bank ATM or Kwik Trip, who does not currently charge a fee.
Will interest earned in checking accounts automatically sweet to my savings account?
No, the interest will stay in the checking account and will not sweep over.
