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Member Rewards Checking Terms & Conditions

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As of June 1, 2023, Member Rewards Checking is no longer available to new customers.


Eligibility Requirement: Member Rewards Checking is available on an invite-only basis to individuals who have obtained a qualifying personal loan through LendingClub Bank that is current and in good standing.  One account per account holder.    

Account Opening & Maintenance 

Minimum Opening Deposit 

$25.00 

Statement Cycle 

Monthly 

Monthly Maintenance Fee 

$0.00 

Abandoned Property 

$50.00 per account1

1An account will not be overdrawn by the Abandoned Property fee.  An abandoned account with a balance of less than $50.00 will be assessed the amount available, reducing the balance to zero.  

ATM & Debit Card Fees 

LendingClub Fee to Use SUM or MoneyPass ATM (“In-Network ATMs”)

$0.00
Plus, no charge by ATM owner

LendingClub Fee to Use an  Out-of-Network ATM  

$0.00 However, fees charged by ATM owners apply 

Currency Conversion Fee 

.20% of the transaction amount2

Cross Border (International) Transaction Fee 

.90% of the transaction amount3

Expedited ATM / Debit Card 

$35.00 

2This charge will be .20% of the non-U.S. dollar denominated transaction amount
3Fee is charged whenever the country of the merchant is different than the country of the cardholder, even if the transaction is initiated within the United States and/or in U.S. dollars.

The Currency Conversion Fee and Cross Border (International) Transaction Fee are charged on International Transactions. International transactions are those transactions made using your ATM or Debit Card in person, online or via telephone with a party located or who processes transactions outside of the United States, even if the transactions are initiated within the United States and/or in U.S. Dollars.

Wire Transfer Fees4

Domestic Outgoing Wire (Consumer) 

$20.00 

International Outgoing Wire 

$40.00 

4For the Elite tier, we will credit up to one domestic wire transfer annually and for the Reserve tier, we will credit up to two domestic wire transfers annually. A refund will be posted to your account the month after the fee is charged.

OTHER MISCELLANEOUS FEES

Stop Payment

$25.00

ZERO BALANCE ACCOUNTS 

If your account reaches and maintains a zero balance for a period of more than 3 months, the Bank reserves the right to either keep the account open or close the account without further notice. 

CHANGES IN NAME AND CONTACT INFORMATION 

You are responsible for notifying us of any change in your name, address, or other information we use to communicate with you. We will attempt to communicate with you only by use of the most recent information you have provided to us. Account owners must have a U.S. address at all times in order to maintain a deposit account with LendingClub Bank. 

How Interest is Earned on Your Account 

Daily Balance Computation Method -- We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Your account earns interest on the entire account balance each day at the interest rate and annual percentage yield in effect for the appropriate balance tier. Accrued interest is credited to the balance in the account on the last business day of the statement cycle.  We use a monthly statement cycle.  Accrued interest that is credited to the balance in the account begins to earn interest no later than the next business day and compounds with each statement cycle.  

If you close your account before accrued interest, if any, is credited you will not receive the accrued interest.   

The following chart shows the annual percentage yield (“APY”) and interest rate effective as of 06/19/2024. Interest rates and the annual percentage yield are variable and are subject to change at any time at the discretion of the bank.  Rates may change prior to funding and any interest being earned. 

Balance to Earn Interest

Interest Rate

APY

$0.00- $2,499.99

0.00%

0.00%

$2,500.00- $99,999.99

0.10%

0.10%

$100,000.00 and above

0.15%

0.15%

$100 BONUS OFFER

By opening a Member Rewards Checking account, you may be eligible to receive a one-time promotional credit of $100 applied toward a Personal Loan (“Loan Bonus”). In order for you to receive the Loan Bonus, the following conditions must be satisfied as of the ninetieth (90th) day after your Member Rewards Checking account opening date (the “Loan Bonus Eligibility Date”): (1) you have at least one Personal Loan with an outstanding balance, (2) no Personal Loans are past due or otherwise not current, and all Personal Loans are otherwise in good standing, (3) your Member Rewards Checking account is open, active, and in good standing, and (4) you have received a total of $1,000 or more from one or more Qualifying Direct Deposits into your Member Rewards Checking account in the calendar month preceding the calendar month in which the Loan Bonus Eligibility Date occurs. If you satisfy each of these conditions as of the Loan Bonus Eligibility Date, the Loan Bonus will be applied toward the unpaid principal balance (not including interest, fees or other charges) of your most recently obtained Personal Loan that has an outstanding principal balance as of the Loan Bonus Eligibility Date (the “Beneficiary Loan”). The Loan Bonus will typically be posted to the Beneficiary Loan within ten (10) business days following the Loan Bonus Eligibility Date. If the unpaid principal balance of the Beneficiary Loan is less than $100 on the date the Loan Bonus is applied (the “Loan Bonus Payout Date”), we may, in our sole discretion, (i) apply the Loan Bonus to the Beneficiary Loan, up to the outstanding principal balance, and deposit the remainder into your Member Rewards Checking account, or (ii) pay the entire Loan Bonus to you via check or another method that we choose. If the status of the Beneficiary Loan changes after the Loan Bonus Eligibility Date but prior to the Loan Bonus Payout Date (for example, if the Beneficiary Loan is closed, charged off or delinquent), we may, in our sole discretion, apply the Loan Bonus to the Beneficiary Loan in any manner that we choose (including but not limited to applying the Loan Bonus towards principal, interest, fees or other charges due on the Beneficiary Loan or another outstanding Personal Loan), or deposit the entire Loan Bonus into your Member Rewards Checking account.LendingClub Bank reserves the right to modify or discontinue the Loan Bonus feature at any time.

CASH BACK REWARDS

The Debit Card Rewards Program (“Cash Back Rewards”) provides 1.00% cash-back on all Qualified Purchases using a debit card tied to an Eligible Account.
Eligible Accounts are: Rewards Checking accounts that meet the following requirements for the calendar month in review:
(1) Maintain an average monthly balance of at least $$1,000.00; or
(2) Receives at least $$1,000.00 in Qualifying Direct Deposits.

Qualified Direct Deposits are defined as: Recurring Automated Clearing House (ACH) credits, including payroll, pension or government payments (such as Social Security) made by your employer, or an outside agency. We may require documentation to verify that credits are Qualifying Direct Deposits. Qualifying Direct Deposits do not include peer-to-peer payments or ACH transfers (funds transfers) from your external accounts.
Qualified Purchases are defined as: Signature-based purchases made using the debit card tied to an Eligible Account. These are “credit” purchases that can be made in stores and online. To make a signature-based purchase, select “credit” rather than debit at point-of-sale kiosks. The “credit” option is most often pre-selected when making purchases online using a debit card. Online subscription payments may not be considered signature-based purchases. The payment transaction type (signature-based or other) is ultimately decided by the merchant and is based on how the transaction is transmitted at the time of processing. Qualified Purchases do not include: (1) any goods or services purchased that are returned or otherwise credited to your Eligible Account; (2) unlawful purchases; or (3) purchases of currency, cash or cash equivalents (including, without limitation, currency from the U.S. Mint, Travelers Checks, gift cards, cryptocurrency, casino chips, peer to peer payments, prepaid debit cards, account openings, loan payments, or other cash equivalents).
We may report the value of Cash Back Rewards to the IRS as required by law. Any client whose tax status would require us to impose tax withholding of any sort will not be eligible for Cash Back Rewards.
Accounts are reviewed after the end of each month. Any earned Cash Back Rewards will be credited to your account by the end of the next calendar month. The Eligible Account must be open and active at the time the Cash Back Reward is credited.

 

CASH BACK ALLOCATION

If you select a loan in Online or Mobile Banking, we will apply your cash back reward (“Reward”) toward the unpaid principal balance (not including interest, fees or other
amounts) of that loan. We will continue to do so until either the principal balance of the selected loan is paid in full, or you later elect to apply your Reward to another loan or your Member Rewards Checking account. Applying a Reward to a loan will not change your monthly payment obligation.

If your Reward is greater than the selected loan’s remaining principal balance, we will apply a portion of the Reward to the loan, up to the remaining principal balance, and deposit the remainder of the Reward to your Member Rewards Checking account. Please keep in mind there may be other amounts (such as interest or fees) that remain unpaid. You will be responsible for paying those other amounts. If the selected loan no longer has an outstanding principal balance, your Reward will be applied to your Member Rewards Checking account by default. To apply future Rewards to another loan, you must return to this page and select another loan.

If the status of your selected loan changes at the time we apply a reward (for example if the loan is closed, charged off, or delinquent) we may, in our sole discretion, apply your Reward to your selected loan, or to another loan, in any manner (including but not limited to applying the Reward towards principal, interest, fees or other charges due on your loan), or deposit the entire Reward amount into your Member Rewards Checking account.

TRANSACTION LIMITS

New Client

Classic

Preferred

Elite

Reserve

Eligibility

Account open for
30 days or less

Account open for
more than 30 days

Accounts that maintain an end of day Relationship Balance of >$2,000 for >7 consecutive calendar days5

Accounts that maintain an end of day Relationship Balance of >$10,000 for >30 consecutive calendar days OR >$30,000 for >7 consecutive calendar days5

Accounts that maintain an end of day Relationship Balance of >$50,000 for >60 consecutive calendar days OR >$150,000 for >7 consecutive calendar days5

Incoming External
Transfers ACH
(daily limit)

$5,000

$5,000

$250,000

$250,000

$250,000

Outgoing External
Transfers ACH
(daily limit)

$5,000

$5,000

$10,000

$50,000

$250,000

Mobile Deposit
(daily limit)

$20,000

$20,000

$50,000

$150,000

$250,000

Debit Card
Transactions
(daily limit)

$500

$2,000 signature-based
(“credit”) transactions
$2,000 PIN-based point
of sale transactions
$500 ATM withdrawal

$2,000 signature-
based (“credit”)
transactions
$2,000 PIN-based point
of sale transactions
$500 ATM withdrawal

$3,000 signature-based
(“credit”) transactions
$3,000 PIN-based point
of sale transactions
$1,000 ATM withdrawal

$4,000 signature-
based (“credit”)
transactions
$4,000 PIN-based
point of sale
transactions
$2,000 ATM withdrawal

5Relationship Balance is the combined balance of your LendingClub deposit accounts.  

For additional terms governing your account, please consult the Personal Deposit Account Agreement.

LendingClub Bank, N.A., Member FDIC
Rev. Date 03/2024  

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    Unless otherwise specified, all credit and deposit products are provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Credit products are subject to credit approval and may be subject to sufficient investor commitment. Credit union membership may be required. Deposit accounts are subject to approval. Deposit products are FDIC-insured up to $250,000 per depositor, per ownership category.

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