REWARDS CHECKING TERMS & CONDITIONS
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 an In-Network ATM (LendingClub, SUM or MoneyPass ATM) | $0.00 |
LendingClub Fee to Use Out-of-Network ATM | $0.00 |
Currency Conversion Fee | .20% of the transaction amount3 |
Cross Border (International) Transaction Fee | .90% of the transaction amount4 |
Expedited ATM / Debit Card | $35.00 |
2ATM Fee Rebate: ATM fees charged by out-of-network ATM owners for all transactions are rebated when using a Rewards Checking debit card. Currency Conversion Fee and Cross Border Transaction Fees are excluded. ATM rebates are credited to your account on the last day of each applicable statement cycle. If you have not received a rebate for a fee that you believe is eligible, please contact Customer Service at 800.242.0272.
3This charge will be .20% of the non-U.S. dollar denominated transaction amount.
4Fee 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 FEES5 | |
|---|---|
Domestic Outgoing Wire (Consumer) | $20.00 |
International Outgoing Wire | $40.00 |
5For 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.
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 12/07/2023. Interest rates and the annual percentage yield are variable and are subject to change without notice at any time, at the sole discretion of the bank.
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 % |
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 $2,500.00; or
(2) Receives at least $2,500.00 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 on or before the 10th calendar day of the next calendar month. The Eligible Account must be open and active at the time the Cash Back Reward is credited.
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 days6 | Accounts that maintain an end of day Relationship Balance of >$10,000 for >30 consecutive calendar days, OR >$30,000 for >7 consecutive calendar days 6 | Accounts that maintain an end of day Relationship Balance of >$50,000 for >60 consecutive calendar days OR >$150,000 for >7 consecutive calendar days 6 |
Incoming External | $5,000 | $5,000 | $250,000 | $250,000 | $250,000 |
Outgoing External | $5,000 | $5,000 | $10,000 | $50,000 | $250,000 |
Mobile Deposit | $20,000 | $20,000 | $50,000 | $150,000 | $250,000 |
Debit Card | $500 | $2,000 signature-based | $2,000 signature- | $3,000 signature-based | $4,000 signature- |
6Relationship 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 08/2023
HIGH YIELD SAVINGS TERMS & CONDITIONS
Account Opening & Maintenance | |
|---|---|
Minimum Opening Deposit | $100.00 |
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 |
LendingClub Fee to Use Out-of-Network ATM | $0.00 |
Currency Conversion Fee | .20% of the transaction amount 2 |
Cross Border (International) Transaction Fee | .90% of the transaction amount3 |
Expedited ATM / Debit Card | $35.00 |
2 This charge will be .20% of the non-U.S. dollar denominated transaction amount
3 Fee 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 6 months, the Bank reserves the right to either keep the account open or close the account without further notice.
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 12/07/2023. 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 - $9.99 | 4.55% | 4.65% |
$10.00- $2,499.99 | 4.55% | 4.65% |
$2,500.00-$24,999.99 | 4.55% | 4.65% |
$25,000 or more | 4.55% | 4.65% |
TRANSACTION LIMITS
Preferred | Elite | Reserve | |
|---|---|---|---|
Eligibility | 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 days 5 | Accounts that maintain an end of day Relationship Balance of >$50,000 for >60 consecutive calendar days OR >$150,000 for >7 consecutive calendar days 5 |
Incoming External Transfers (ACH) (daily limit) | $250,000 | $250,000 | $250,000 |
Outgoing External Transfers (ACH) (daily limit) | $10,000 | $50,000 | $250,000 |
Mobile Deposit (daily limit) | $50,000 | $150,000 | $250,000 |
ATM Withdrawal (daily limit) | $500 ATM withdrawal | $1,000 ATM withdrawal | $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: 11/2023
FOUNDER SAVINGS TERMS & CONDITIONS
Founder Savings is an invite-only offer exclusive to LendingClub Retail Notes Investors and is currently not otherwise available.
Account Opening & Maintenance | |
|---|---|
Minimum Opening Deposit | $0.00 |
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.
WIRE TRANSFER FEES 2 | |
|---|---|
Domestic Outgoing Wire (Consumer) | $20.00 |
International Outgoing Wire | $40.00 |
2 We will credit up to two domestic wire transfers annually. An automatic 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 6 months, the Bank reserves the right to either keep the account open or close the account without further notice.
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. Founders Savings accounts earn interest at the interest rate and annual percentage yield in effect for the portion of the account balance within each appropriate tier. For example, if your account balance is $26,000, you would earn the then current rate for the first balance tier ($0.00 – $19,999.99 for $19,999.99 of the balance. You would earn the then current rate for the second balance tier ($20,0000.00 – $49,999.99) for the remaining $6,000.01 of your account balance.
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 12/07/2023. 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.
Portion of Balance Earning Rate | Interest Rate | APY Range |
|---|---|---|
$0.00 - $19,999.99 | 4.70% | 4.80% |
$20,000.00 - $49,999.99 | 4.70% | 4.80% |
$50,000.00 and more | 4.70% | 4.80% |
WITHDRAWAL TRANSACTION LIMITATIONS
For LendingClub Notes investors who do not have a separate deposit account with. LendingClub Bank as of February 21, 2021, only balances in your Notes account are currently eligible for deposit into the Founder Savings Account, notwithstanding any account-related terms to the contrary that may otherwise apply. This means that (1) LendingClub Bank will not accept external transfers into the Founder Savings Account and (2) the mobile remote deposit capture service via the LendingClub mobile app will be disabled. This restriction also applies to any other deposit account that you may open at LendingClub Bank after you open a Founder Savings Account.
TRANSACTIONS LIMITS | |
|---|---|
| Daily Limit |
Incoming External Transfers (ACH) | $250,000 |
Outgoing External Transfers (ACH) | $250,000 |
Mobile Deposit | $250,000 |
For additional terms governing your account, please consult the Personal Deposit Account
Agreement.
LendingClub Bank, N.A., Member FDIC
Rev. Date 11/2023
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