Global Rewards 2021 FAQs

GENERAL QUESTIONS

• What exchange rate will I pay when I use my BFSFCU Visa® credit card outside the United States?
  

  The exchange rate is set by Visa®, and you can use their online tool to calculate it here based on a number of factors. The exchange rate can change daily, so we recommend checking on the date you may be using your card for the most accurate information.

• WHAT IS THE GLOBAL REWARDS PROGRAM?
  

  BFSFCU’s Global Rewards is our new total relationship rewards program for all members in good standing. The program offers access to premium rates on our new Premier Checking account, discounts on rates for personal and auto loans, mortgage cash rewards, and fee rebates for select services, such as ATM surcharges, debit card foreign transaction fees, and wire transfer fees.  There are three levels of rewards, and your rewards level is determined by your Total Relationship Balance with the Credit Union.

• HOW IS MY TOTAL RELATIONSHIP BALANCE CALCULATED?
  

  Your Total Relationship Balance is calculated on the first day of each month by adding together the prior month’s average balances for deposits and month-end balances for loans and credit cards.

• HOW DO I QUALIFY FOR GLOBAL REWARDS?
  

  Members in good standing qualify for Global Rewards and are eligible for the CHOICE, PLUS, or OPTIMUM Rewards level based on their Total Relationship Balance. Only personal accounts are eligible for the Global Rewards program, and we exclude CU Student Choice loan balances.

• DO I NEED TO ENROLL FOR THE GLOBAL REWARDS PROGRAM?
  

  No Enrollment is necessary to join the Global Rewards program, but some Global Rewards benefits will require your action. For example, the Premier Checking Account requires that you notify us if you wish to open a new Premier Checking Account or upgrade an existing checking account to this new account. Another example are loan discounts. For a loan discount to apply, a loan application needs to be submitted and approved. Please review the disclosures and FAQs to obtain further information.

• WHAT ARE THE BALANCE REQUIREMENTS FOR EACH LEVEL?
  

  The three levels of BFSFCU Global Rewards and their qualifying criteria are as follows: 

  1. CHOICE Rewards: No minimum deposit or loan balance required. 
     
     
  2. PLUS Rewards: Total Relationship Balance between $50,000 to $249,999 required on your combined loans and deposits, and a minimum $15,000 balance on an open BFSFCU loan. 
     
     
  3. OPTIMUM Rewards: Total Relationship Balance of $250,000 or more required on your combined loans and deposits. No minimum loan balance required.
• I HAVE A BFSFCU CREDIT CARD. IS IT MY CREDIT LIMIT OR MY MONTHLY BALANCE THAT COUNTS TOWARDS MY TOTAL RELATIONSHIP BALANCE?
  

  The balance on your BFSFCU credit card at the end of each month will be counted towards your Total Relationship Balance calculation.

• HOW DO I MOVE TO A DIFFERENT GLOBAL REWARDS LEVEL?
  

  Your Total Relationship Balance is calculated on the first day of each month, and you may move between Rewards levels each month as your Total Relationship Balance changes. View the balance thresholds and rewards for each level here. 

  Examples:

  Example CHOICE to OPTIMUM:

  If your Total Relationship Balance with BFSFCU is currently less than $50,000 (CHOICE) and you add a $280,000 mortgage loan, you will move from CHOICE to OPTIMUM on the first day of the following month since your Total Relationship Balance now exceeds $250,000.  

  Example CHOICE to PLUS:

  If you have a deposit balance of $40,000 in your Checking account, and you apply and get approved for a $25,000 auto loan, you will move from CHOICE to PLUS on the first day of the following month since your Total Relationship Balance now includes the minimum loan balance required for PLUS and now exceeds $50,000.
  
  Rewards levels are recalculated each month, so be sure to log in to Digital Banking and check your Global Rewards level! Once you log in to Digital Banking, go to ‘Self-Service’ and then click on ‘Global Rewards’ to view the wide variety of valuable rewards that come with each level.

• IF I HAVE ONE OR MORE JOINT ACCOUNTS, WILL THOSE BALANCES COUNT TOWARDS MY TOTAL RELATIONSHIP BALANCE CALCULATION?
  

  Yes, the balances on shared ownership BFSFCU accounts count towards the calculation of your Total Relationship Balance and can move both you and the joint owner to the next Global Rewards level. 

  Examples:

  Example #1:

  If you and the joint borrower share a $280,000 mortgage, the $280,000 balance will be included for each of your Total Relationship Balance calculations, and you will both qualify for OPTIMUM Rewards. 

  Example #2:

  If you and a joint owner have BFSFCU checking and savings accounts with a combined balance of $70,000 and share a $25,000 BFSFCU auto loan, you will both qualify for PLUS Rewards. 

    

• WHO CAN I CONTACT FOR MORE SUPPORT?
  

  For any questions related to the Global Rewards program, send us a secure message using the Self-Service Menu within Digital Banking, and we will be happy to help. You may also reach out to one of the BFSFCU Member Service Representatives or Loan Officers during your next visit to our Branches or Lending Center.

QUESTIONS ABOUT OUR PREMIER CHECKING ACCOUNT 

• WHAT IS THE PREMIER CHECKING ACCOUNT?
  

  Global Rewards Premier Checking is a high yield checking account with a premium dividend rate. View our current rates here. 

• CAN I UPGRADE MY EXISTING BFSFCU CHECKING ACCOUNT TO THE PREMIER CHECKING ACCOUNT?
  

  If you prefer for your checking account number, direct deposits, and any scheduled payments to remain unchanged, simply upgrade your existing checking account to a Premier Checking account. There’s no need to open a new one.

• HOW DO I UPGRADE MY CHECKING ACCOUNT TO A PREMIER CHECKING ACCOUNT?
  

  To upgrade your existing checking account to a Premier Checking account, send us a request via secure message using the Self-Service Menu within Digital Banking or schedule an appointment with one of our Member Services Representatives at one of our branch locations. We offer walk-in, phone and in-person appointments.

• WHAT IS THE DIVIDEND RATE OFFERED ON THE PREMIER CHECKING ACCOUNT?
  

  To view our current rates, visit BFSFCU.org/rates.

• HOW MANY PREMIER CHECKING ACCOUNTS CAN A MEMBER OPEN?
  

  Each qualifying member can have only one Global Rewards Premier Checking account.

• IF I CLOSE MY PREMIER CHECKING ACCOUNT BEFORE THE MONTH'S END, WHAT WILL HAPPEN TO MY EARNED DIVIDEND?
  

  If you close your Premier Checking Account prior to the 3rd of the month, any unpaid Premier Dividends will be forfeited.

QUESTIONS ABOUT REBATES AND REWARDS 

• HOW LONG WILL IT TAKE FOR ME TO RECEIVE THE GAP INSURANCE DISCOUNT REBATE?
  

  The GAP insurance rebate will be credited to your open checking or savings account 120 days after the insurance has been purchased. An open checking or savings account is required for your rebate to be processed and credited.

• HOW WILL I RECEIVE MY MORTGAGE CASH REWARD?
  

  Your reward will be applied as a lender credit at the time of your mortgage closing.

• DO I NEED A SAVINGS OR CHECKING ACCOUNT TO RECEIVE REBATES?
  

  Yes, you must have an open savings or checking account to receive the Global Rewards rebates.