TurboChecking Frequently Asked Questions
- What are the "benefits" of Turbo Checking?
- What are the requirements that must be met to qualify for the benefits?
- How often must the requirements be met to qualify for the rewards?
- What happens if I do not meet the requirements for Turbo Checking?
- How does the tiered interest rate for Turbo Checking work?
- Can the Interest change on my Turbo Checking account?
- Is this just an "Introductory" rate?
- How is the interest calculated?
- If I meet the requirements, when will I receive my benefits?
- How will I know that I have qualified for my benefits at the end of the Statement Cycle?
- Are fees refunded on ATMs used internationally?
- If my account balance goes negative or is less than $25,000, will I still be able to qualify for my benefits during that Statement Cycle?
- If I fail to meet the requirements during one Statement Cycle, can I still have a chance to qualify during the next Statement Cycle?
- What if my new Visa Debit/Check Card does not arrive until late in the statement cycle and I do not have time to earn my benefits...will I still get them?
- Does Online Bill Pay count towards an ACH Debit or Auto Debit?
- What is my Rewards Cycle?
- What is my Statement Cycle?
- How will I know that I have qualified for my benefits at the end of the Statement Cycle?
- If I have converted my current checking account into a Turbo Checking, will my Statement Cycle change?
ATM/Debit/Check Card Transactions
- Where can I use my ATM card?
- If I use my Debit/Check Card at an ATM, will that transaction count towards my requirements?
- If I use another bank's ATM and pay a fee, when will I get my refund?
- Do I have to do anything in order to get my ATM refund?
- When using my debit card, should I use the credit or debit feature?
- Does a Debit/Check Card credit reversal count toward my requirements?
- May I "carry forward" Debit/Check Card transactions in excess of the required number to the next Reward Cycle?
- Is there a minimum amount that I must spend for the transaction to count toward my 10 debit transaction requirement?
- Will the transactions from this Statement Cycle on my old account count towards the required transactions for this Statement Cycle on my Turbo Checking account?
- How long does it take for debit card transactions to post to my account?
- Do I have to setup e-Statements?
- Must I view my e-Statements online in order to qualify for the benefits?
- Do I receive images or checks back with my Turbo Checking account?
- Can I have a Turbo Checking account if I do not own a computer?
- What if I need a printed copy of my statement and/or check image?
- Is there a limit on the amount of money I can keep in my Turbo Checking account?
- Is there a minimum balance requirement in order to receive my benefits?
- What is the minimum opening balance for a Turbo Checking account?
- Is there a limit on the amount of ATM refunds that I can receive during a Statement Cycle?
- Is my Turbo Account FDIC insured?
- Is Overdraft Privilege available for Turbo Checking accounts?
- Will I be able to use my existing Debit/Check Card, checks, and account number with my Turbo Checking account or will those all change?
- How may I convert my current checking account to a Turbo Checking account?
- Can I open a New Turbo Checking account over the phone?
- Can I open multiple Turbo Checking accounts?
- Can multiple people use the same Turbo Checking account?
- Can a DBA use this account?
- Can this be used as a business account?
- Is there a limit to the number or kind of transactions you can do on a Turbo Checking account?
- If the Turbo checking account is closed within 3 months, will an early closing fee be charged?
- If the account is closed prior to the Statement Cycle, will the customer receive the interest or ATM refund?
- When do I start earning interest on my deposit?
- How do I make deposits into my account?
- What is my routing or ABA number?
- Where can I find my account number online?
- Is my Turbo Account FDIC insured?
Answers to Frequently Asked Questions
Benefits and Requirements
What are the "benefits" of Turbo Checking?
- 6.01%APY
- Free ATMs Nationwide
- No monthly service charge
- A current email address and $100 is needed to open the account
What are the requirements that must be met to qualify for the benefits?
- 13 debit card transactions monthly. ATM transactions do not count toward the minimum 13 (thirteen).
- 1 ACH deposit or withdrawal monthly,
- Examples
- Payroll Direct Deposit, SSA Deposit
- Car Payment, Mortgage Payment, Insurance Payment
- Access Online Banking At Least Once Monthly before month end
- Receive Monthly Bank Statement Online (e-Statement)
How often must the requirements be met to qualify for the rewards?
- Monthly
What happens if I do not meet the requirements for Turbo Checking?
- You will receive .25% APY on the entire balance in your account
- Your ATM fees will not be refunded
- You are eligible to qualify monthly; so if you miss a month, you can meet the requirements the next month to earn the benefits
How does the tiered interest rate for Turbo Checking work?
- If you meet the requirements we will pay 6.01% APY from $.01 to $25,000 and
- Any amount over $25,000 we will pay 1.01% APY
- If you do not meet the requirements, the account still earns .25% APY on the entire balance.
Can the Interest change on my Turbo Checking account?
- Yes, Charter reserves the right to change rates at anytime
Is this just an "Introductory" rate?
- No
How is the interest calculated?
- Daily balance method, compounded daily and paid monthly
If I meet the requirements, when will I receive my benefits?
- At the end of the month with your e-Statement (please refer to the statement/reward cycle section)
How will I know that I have qualified for my benefits at the end of the Statement Cycle?
- You will receive an email confirmation listing the results each month whether you met or missed the requirements
Are fees refunded on ATMs used internationally?
- Not at this time
If my account balance goes negative or is less than $25,000, will I still be able to qualify for my benefits during that Statement Cycle?
- Yes, as long as you meet the four requirements, there is no minimum balance requirement
If I fail to meet the requirements during one Statement Cycle, can I still have a chance to qualify during the next Statement Cycle?
- Yes, you may qualify each and every Statement Cycle
What if my new Visa Debit/Check Card does not arrive until late in the statement cycle and I do not have time to earn my benefits...will I still get them?
- No, you can begin earning benefits in your first full statement cycle.
Does Online Bill Pay count towards an ACH Debit or Auto Debit?
- Yes, as long as the payee accepts electronic payments
- In the event that Charter must send a physical check as a bill payment, your transaction will not count towards the ACH debit or Auto debit requirement
Statement and Reward Cycle
- Your Rewards Cycle is the period in which you have to complete your requirements.
- Your Rewards Cycle ends the second to last business day of each month and begins the first day after your previous cycle is complete.
- Your Statement Cycle is the period in which your monthly Statement is included
- Your Statement Cycle ends the last business day of the month and begins the first day after your last Statement Cycle is complete.
How will I know that I have qualified for my benefits at the end of the Statement Cycle?
- You will receive an email confirmation listing the results each month whether you met or missed the requirements.
If I have converted my current checking account into a Turbo Checking, will my Statement Cycle change?
- Yes, your Statement Cycle will default to the last business day of each month.
ATM/Debit/Check Card Transactions
- You can use your Charter Bank ATM card at any Charter Bank ATM or Wells Fargo branch ATMs (except California) free of charge.
- Remember that you can use your ATM card at ANY ATM nationwide as long as you meet your requirement before the end of your Reward Cycle.
- If you use an ATM that charges a fee it will show on your account during the month. Those fees will be refunded at the end of the month, if you meet the requirements. If you met the requirements for the Reward Cycle, the refund will show on your e-Statement.
If I use my Debit/Check Card at an ATM, will that transaction count towards my requirements?
- No, ATM transactions are not included.
If I use another bank's ATM and pay a fee, when will I get my refund?
- As you use an ATM, it may show a fee on your account.
- Those fees will be refunded at the end of the month, if you meet the requirements.
- If you met the requirements for the Statement Cycle, the refund will show on your e-Statement.
Do I have to do anything in order to get my ATM refund?
- No, it will happen automatically if you meet the monthly requirements.
When using my debit card, should I use the credit or debit feature?
- It is highly recommended that you use the credit feature of the card, however, both features will count toward your 13 debit card transactions per month.
Does a Debit/Check Card credit reversal count toward my requirements?
- No.
May I "carry forward" Debit/Check Card transactions in excess of the required number to the next Reward Cycle?
- No.
Is there a minimum amount that I must spend for the transaction to count toward my 10 debit transaction requirement?
- No, there are no minimum or maximum transaction amounts that count toward your 10 debit transaction requirement.
Will the transactions from this Statement Cycle on my old account count towards the required transactions for this Statement Cycle on my Turbo Checking account?
- No, however, all accounts will qualify their first Statement Cycle.
Note: Transactions are counted as they are posted to your account, NOT the day the purchase was made. We rely on the merchant to present payment to your Charter account. We use the posting date not the transaction date in our count of your transactions.
How long does it take for debit card transactions to post to my account?
- Transactions will generally take between 2-5 business days to post to your account.
- This process depends on how long it takes the merchant to present payment to your Charter account.
e-Statements
Do I have to setup e-Statements?
- Yes.
- You must sign up for e-Statements.
- For information on setting up e-Statements, please refer to the e-Statements user guide included in your Online Banking setup email.
Must I view my e-Statements online in order to qualify for the benefits?
- No, but you do have to access to your online account once during the Reward Cycle before the end of the month.
Do I receive images or checks back with my Turbo Checking account?
- You can look at your checks online, there will be nothing mailed to you.
Can I have a Turbo Checking account if I do not own a computer?
- You must have an email address, but you can use any computer if you do not have your own.
What if I need a printed copy of my statement and/or check image?
- You can print your e-Statement from your online account on your home computer.
Account Limits
Is there a limit on the amount of money I can keep in my Turbo Checking account?
- No, but you will only receive the 6.01% APY on the first $25,000, amounts above $25,000 you will receive 1.01% APY if you meet the requirements.
Is there a minimum balance requirement in order to receive my benefits?
- No.
What is the minimum opening balance for a Turbo Checking account?
- $100
Is there a limit on the amount of ATM refunds that I can receive during a Statement Cycle?
- No.
Is my Turbo Account FDIC insured?
- Charter Bank is a Member FDIC.
- For more information, click here to view a FDIC PDF document or go to www.fdic.gov.
Opening/Converting Account
Is Overdraft Privilege available for Turbo Checking accounts?
- Yes, after the standard 30 day for a new account.
- Existing account may already have the privilege.
- See our Overdraft Privilege Brochure (located at www.charterco.com) for more details.
Will I be able to use my existing Debit/Check Card, checks, and account number with my Turbo Checking account or will those all change?
- Nothing will change.
- Your account will be converted to a Turbo account but everything else remains the same including your account number.
How may I convert my current checking account to a Turbo Checking account?
- Online at www.turbochecking.com or at www.charterco.com.
- In person at any Charter Bank location.
- By phone, 505-291-3777 in Albuquerque, 505-991-1777 in Santa Fe.
Can I open a New Turbo Checking account over the phone?
- No.
Can I open multiple Turbo Checking accounts?
- No, there is a limit of one (1) per household.
Can multiple people use the same Turbo Checking account?
- Yes, they must be authorized signers on the account.
- Yes, as long as it is a personal account or sole proprietor.
- Business accounts are prohibited by federal law to earn interest.
Can this be used as a business account?
- No, as stated above.
Is there a limit to the number or kind of transactions you can do on a Turbo Checking account?
- No.
If the Turbo checking account is closed within 3 months, will an early closing fee be charged?
- Yes.
If the account is closed prior to the Statement Cycle, will the customer receive the interest or ATM refund?
- No.
General Questions
When do I start earning interest on my deposit?
- You start to earn interest the day that deposit is received.
How do I make deposits into my account?
There are various ways to deposit money into your account.
- Mail a check to:
Charter Bank
Attn: Internet Accounts
PO Box 11519
Albuquerque, NM 87192
It is best to make the check payable to Charter Bank. Please include your account number in the memo field. Also remember to endorse the back of your check as follows:
For Deposit Only
(Account #)
- Wire transfer: You must contact your current financial institution to for specific information regarding a Wire Transfer
- Online Transfer: You must contact your current financial institution to for specific information regarding an Online Transfer
- Bill Pay:You must contact your current financial institution to for specific information regarding a Bill Pay transfer
- Direct Deposit: You must contact the party originating the direct deposit for specific information regarding your Direct Deposit
What is my routing or ABA number?
- 307072427
Where can I find my account number online?
- Your full account number does not appear online.
- You are able to view only the last 4 digits of your account number.
- To locate your full account number, refer to the top right hand corner of your signature card or the ten digit number at the bottom of your checks in your check book.
Is my Turbo Account FDIC insured?
- Charter Bank is a Member FDIC.
- For more information, click here to view a FDIC PDF document or go to www.fdic.gov.
