Home » Personal » Checking » PayU Checking » PayU Cashback
  • Free checking that pays you 3.00% cash back on debit card purchases*
  • FREE – Ready to use Debit Card, issued at the time of account opening
  • No category restrictions on purchases
  • Earn up to $9 cash back per month
  • ATM fee refunds nationwide (up to $25 monthly)*
  • No Minimum Balance
  • $100 minimum deposit to required to open the account

*See Account Summary and Additional Information tab for details.

Welcome to free checking that pays you for a change. PayU Cashback pays 3% cash back on qualifying debit card purchases (up to $9 per month!). Which means you’ll have a little left over to spend, save, or squander.  To sweeten the deal, we’ll also refund your ATM fees nationwide — so you don’t pay to access your own money. And it’s easy to earn your rewards. Simply do a few things that make account management much easier. Does your bank PayU?

ACCOUNT FEATURES

  • Free checking that pays you 3% cash back
  • No category restrictions on purchases
  • Earn up to $9 cash back per month
  • ATM fee refunds nationwide (up to $25 monthly)
  • May be linked to a free PayU Savings account
  • Transfer PayU Cashback rewards for automatic savings
  • No minimum balance required to earn rewards
  • No monthly service charge
  • Free Internet Banking with Bill Pay
  • Free eStatements

QUALIFICATIONS INFORMATION

The following qualifications, which are subject to change, within the Monthly Qualification Cycle are:

  1. receive internet or email statements,
  2. log into internet or mobile banking at least once, and
  3. twelve (12) posted and settled point-of-sale (POS) transactions within the monthly cycle.

If you don’t qualify for the rewards in a given monthly qualification cycle, don’t worry, your account is still free. You can get back to earning your full rewards in the very next monthly qualification cycle.

INITIAL DEPOSIT REQUIREMENT

A minimum deposit of $100.00 is required to open an account.

QUALIFICATIONS INFORMATION

The following qualifications, which are subject to change, within the Monthly Qualification Cycle are:

  1. receive internet or email statements,
  2. log into internet or mobile banking at least once, and
  3. twelve (12) posted and settled point-of-sale (POS) transactions within the monthly cycle.

Account transactions and activities may take one or more days to post and settle to the account and all must do so during the Monthly Qualification Cycle in order to qualify for the account’s rewards. “Monthly Qualification Cycle” means a period beginning one (1) business day prior to the first day of the current statement cycle through one (1) business day prior to the close of the current statement cycle.

NON-QUALIFICATION INFORMATION

The following activities do not count toward earning account rewards: 1) ATM-processed transactions, 2) transfers between accounts, 3) debit and credit card purchases processed by merchants and received by Bank of St. Elizabeth as ATM transactions, 4) PIN-based, signature-based transactions, non-retail payment transactions and purchases made with debit or credit cards not issued by Bank of St. Elizabeth.

REWARDS & RATE INFORMATION

Rewards vary by account. Depending on what reward account you open, you will receive the following rewards when you meet your account’s qualifications during a Monthly Qualification Cycle:

PayU Cash Back: 3.00% cash back on up to a total of $300.00 PIN-based/signature-based debit card purchases that post and settle to the account during that cycle period. A maximum of $9.00 cash back may be earned per Monthly Qualification Cycle.

PayU Savings: (must be linked to a PayU Interest or PayU Cash Back account): Balances up to $25,000 in your PayU Savings account receive an interest rate of 0.50% (APY of 0.50%) and balances over $25,000 earn 0.10% interest rate (APY of 0.10%) on the portion of balance over $25,000, resulting in a range from 0.10% to 0.50% APY depending on the account’s balance.

ATM Fee Refunds: you will receive reimbursements up to $25 for nationwide ATM fees on your PayU Interest account incurred during the Monthly Qualification Cycle in which you qualified. Any ATM fees on your PayU Savings account are not reimbursed.

These interest rates, APYs, and rewards are variable and may change after the account is opened.

At our discretion, we may change the interest rate and APY for your account for any particular balance or tier at any time.

The interest rate for your account may change daily.

When your PayU account qualifications are not met, cash back payments are not made in PayU Cash Back; all balances in a PayU Savings account earn 0.01% APY, and foreign ATM fees are not reimbursed.

COMPOUNDING AND CREDITING

Rewards and ATM fee reimbursements will be credited to the appropriate account on the last day of the current statement cycle.

Any interest on your PayU Savings account will be compounded and credited on a monthly basis.

EFFECT OF CLOSING AN ACCOUNT

If you close your PayU Savings account before interest is credited, you may receive any accrued interest.

BALANCE COMPUTATION METHOD 

We use the daily balance method to calculate the interest on your PayU Savings account. This method applies a daily periodic rate to the principal in the account each day.

ACCRUAL OF INTEREST ON NONCASH DEPOSITS

For all types of non-cash deposits, your PayU Savings account’s interest will begin to accrue no later than the next business day following the banking day on which the funds were deposited on.

ACCOUNT OWNERSHIP LIMITATIONS

Primary ownership of the account(s) is limited per one (1) social security number.

FEES

There are no recurring monthly maintenance charges or fees to open or close your account.

Refer to the Schedule of Fees and Charges disclosure for any fees that may be charged to each account as a service such as a stop payment, wire transfer, return item (NSF) fee, etc. Any fees associated with a service may reduce earnings.

TRANSACTION LIMITATIONS

The transaction limitations only apply to PayU Savings.

PayU Savings: You may make six (6) transfers from your account each four (4) week or similar period, if by preauthorized or automatic transfer, or telephone, (including data transmission) agreement order or institution or by check, draft, debit card or similar order (including POS transactions) made by the depositor and payable to third parties. Transfers and withdrawals made in person, by messenger, by mail or at an ATM are unlimited.

ADDITIONAL INFORMATION

APY = Annual Percentage Yield. APYs stated above are accurate as of 05/08/2020.

Your account may be changed from a PayU account without a notice to a non-rewards checking and/or savings account if you are no longer eligible.

Contact one of our bank service representatives for additional information, details, restrictions, processing limitations, and enrollment instructions.

Member FDIC.