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Introducing Member Loyalty Rewards

Thank you! We mean it.

Thank you for being a Centra Member. We know a lot has changed over the past few months. One thing that hasn’t changed is our commitment to you. As a credit union, Centra exists to serve our Members. We feel the best way to serve our Members is by offering you meaningful rewards when you help contribute to Centra’s success. Beginning Monday, May 17, 2021, Centra’s rewards program will be updated to an all-cash rewards program that you can access anytime through Online and Mobile Banking.

Member Loyalty Account

The new Member Loyalty Rewards program kicks off on Monday, May 17, 2021 with the addition of a Member Loyalty Account (MLA). Every Centra Member with a checking account will receive a new Member Loyalty Account where cash rewards will be deposited. You can view this account and watch your rewards grow through Online and Mobile Banking. You don’t need to do anything – we’ll set up your Member Loyalty Account for you and make an opening deposit as an extra thanks! If you have multiple checking accounts, you will receive a Member Loyalty Account for each checking account. If you want to combine them into one, give us a call to get started.

Member Loyalty contributions

The only requirement to be a part of this program is a Centra checking account. If you don’t have a checking account now, it’s a great time to open one! You can make an appointment to visit a branch or open an account online. Centra offers ClickSWITCH so you can even switch over your automatic payments and direct deposits online when you open your account.

An additional benefit of the Member Loyalty Account is the interest rate. All your cash rewards will earn 3.00% Annual Percentage Yield, which is more than ten times the current average savings account rate! You can withdraw your cash rewards at any time, but you can only add money to your Member Loyalty Account through Centra’s Member Loyalty Rewards.

If you don’t want a Member Loyalty Account, please notify Centra Credit Union prior to Friday, May 14, 2021, by calling 800-232-3642. Please note, without a Member Loyalty Account, we won’t be able to give you your cash rewards.

Round Up to your Member Loyalty Account

Debit Card Round is your virtual change jar! Debit Card Round Up is a new feature available on all Centra Checking accounts that lets you “round up” the change on each debit card purchase to the nearest dollar. For example, if you purchase a tank of gas for $32.50, then $0.50 will be automatically transferred from your checking account to your Member Loyalty Account.

You can opt in or opt out of Debit Card Round Up at any time by visiting your local Centra branch or calling us at 800-232-3642. Once you’ve opted in, all your Round Up transfers will be made in one, single transaction at the start of each calendar day. This transfer includes the Round Up amount for each debit card transaction that posted to your account the prior day. The Round Up transfer will not be made if you don’t have enough money in your checking account for the full transfer.

Here is another example of how Debit Card Round Up can help you save. If you use your debit card 25 times during the month and your average “Round Up” amount is $0.45, then you will save $11.25 during the month. That’s $135 a year, just from rounding up your change! Plus, you’ll earn more on your savings with a 3.00% APY in your Member Loyalty Account.

Cashback Checking Upgrade

We’re making it easy to make sure you’re in the best checking account to meet your needs. All Members who currently have Free Checking, Student Checking, and Rewards Checking will be upgraded to the new Cashback Checking account on Monday, May 17, 2021. This account has no monthly fee and tons of potential to earn cash rewards for your Member Loyalty Account. If you have a Rewards Checking account, you can continue to use the rewards points you’ve earned up to May 17, 2021 until they expire. You can check your current Reward Checking points by logging into your uChoose Rewards account.

Cashback Checking upgrade

You will earn cash rewards based on how you use your account. The more you use your account, the more you get rewarded. At the end of the month, you are assigned a tier based on your total usage. Your rewards are then deposited the last day of the month into your Member Loyalty Account. Your monthly rewards tier will be noted on your Member Loyalty Account in Online and Mobile Banking. We will also send you your tier by email, so please make sure you have an up-to-date email address. Log in to Online or Mobile Banking and go to “My Profile” to check or update your email address. You can also give us a call or drop by your nearest branch.

Learn more about Cashback Tiers

Double Down on Your Certificate Interest

Saving with Centra is a smart choice. You chose to open a certificate with Centra because of the great rates we routinely offer our Members. Now we’re making your savings a little sweeter by allowing you to choose to deposit your certificate interest into your Member Loyalty Account.

Each time your certificate earns monthly interest, you can choose to have the interest you’ve earned moved into your Member Loyalty Account where it will earn a 3.00% APY as long as it remains in the account. For example, if you have $10,000 in a 1-year certificate at a 1.00% rate, you will earn $8.33 in interest monthly, which can be deposited into your Member Loyalty Account to continue earning 3.00% APY!

This option is available on all certificates opened or renewed after Monday, May 17, 2021. IRA Certificates are not eligible. You will have the option to direct interest to your Member Loyalty Account, deposit it into any Centra account, or roll it into your certificate renewal.

Member Loyalty Bonus

Have you ever heard that some cultures believe it’s bad luck to gift someone a purse or wallet without anything in it? We only want to send good luck to our Members, so we’re opening your Member Loyalty Account with a Member Loyalty Bonus! That means all Members with a consumer checking account will be receiving an opening deposit of anywhere from $10 to $50, based on your total relationship with Centra. This includes loan and all deposit relationships, excluding certificates, as well as how long you’ve been a Centra Member. You’re part of our Credit Union’s success, and we want to give back!

When our Members have a great year, we have a great year too! Just like the Member Loyalty Bonus you’re receiving when your Member Loyalty Account is opened, you could earn a Member Loyalty Bonus in future years. The Member Loyalty Bonus is awarded based on your total relationship with Centra, including length of Membership as well as any lending and deposit relationships. Periodically, Centra will evaluate performance to determine if another bonus is possible. The payment of any future Member Loyalty Bonus can also be impacted by the economy, which affects our Credit Union’s overall success. You can help Centra grow and be successful in many ways – using your Centra debit and credit card, signing up for eStatements, using direct deposit, working with Centra on your lending and savings needs, and referring your friends and family to Centra.

High Interest, Money Market, & Advantage Checking

High Interest, Money Market, and Advantage Checking accounts will be simplified into a single High Interest Checking account. It will be similar to the current High Interest Checking account, but we’re removing the requirement to complete 15 debit card transactions per month. 

High Interest Upgrade

If you have a High Interest Checking account, you are more than welcome to switch to the new Cashback Checking account. Your High Interest Checking account will not be automatically upgraded on Monday, May 17, 2021, but you can request an upgrade to the Cashback Checking account at any time (and keep the same account number!). 

If you have an Opportunity Checking account, we have great news for you too! All Opportunity Checking accounts will be reviewed every six months and automatically upgraded to the Cashback Checking Account if you are eligible. 

Why We’re Giving Back

The reason Centra is offering these cash rewards is because we are a credit union. Credit unions are cooperatives, which means profits go back to the Members. When you open an account at Centra, you have a share of ownership in the Credit Union, and your voice matters. By using eStatements and direct deposit, you save Centra money. When you actively use your debit card, you help our Credit Union earn more. We are taking these savings and earnings and sharing them back with you in the form of cash rewards. You make Centra successful, so we want to help you build your savings!

Learn about the credit union difference

Other Centra Rewards

When the new Member Loyalty Rewards program begins on Monday, May 17, 2021, our current rewards programs will end. If you have rewards points through a Rewards Checking account, you can continue to redeem points through their original expiration date.

You are welcome to use your Member Loyalty Account balance any way you want, including for Centra services such as check orders, Cashier’s Checks, or money orders. While the Silver, Gold, Platinum, and Platinum Plus Rewards are ending, the new Member Loyalty Rewards are designed to let you choose how to use your rewards.

Thank you again for being a Centra Member. It’s loyal Members like you that have made Centra successful for the past 80 years. 

Member Loyalty Questions

Member Loyalty Bonus

The Member Loyalty Bonus is a cash reward Centra is paying Members with checking accounts when the new Member Loyalty Rewards kick off on Monday, May 17, 2021.

Everyone with a Member Loyalty Account (MLA) is eligible for the bonus. The only requirement to be a part of the Member Loyalty Rewards program is having an active Centra checking account. If you don’t have a checking account now, it’s a great time to open one! You can Make An Appointment to visit a branch or open an account online. Centra offers ClickSwitch so you can even switch over your automatic payments and direct deposits online when you open your account.

We want to kick-off our Member Loyalty Rewards program with an extra token of appreciation for the support of you, our Members!

The bonus will range from $10 to $50. The bonus will be awarded to Members based on their total relationship with Centra. This includes your loan and deposit relationships as well as how long you’ve been a Centra Member.

Periodically, Centra will evaluate performance to determine if another bonus is possible. The payment of any future Member Loyalty Bonus can also be impacted by the economy, which affects our Credit Union’s overall success. You can help Centra grow and be successful in many ways – using your Centra debit and credit card, signing up for eStatements, using direct deposit, working with Centra on your lending and savings needs, and referring your friends and family to Centra.

Joint Accounts

Joint checking account owners will share a joint Member Loyalty Account. All joint owners will have full access to the account and can earn cash rewards to be deposited into your MLA.

Yes, you will both have the same access to the account.

If you are a joint owner who would like an MLA separate from the MLA associated with your joint account, you just need to open another checking account with yourself as the primary account owner. Not sure if you’re the joint over or primary owner? Give us a call!

Yes! Both the primary and joint owners’ cards will count towards the tier and debit card rewards.

Debit Card Round Up

Round Up is a feature available on checking accounts that lets you “Round Up” the change from a debit card purchase. It’s a lot like the digital version of keeping a change jar on your dresser. You save small amounts each time you make a purchase, and they add up over time.

Your Debit Card Round Up savings will automatically go to your Member Loyalty Account (MLA), where they will begin earning interest.

Your Debit Card Round Up savings will be totaled daily and posted as a single transfer from your checking account to your MLA. These transfers will happen at the start of each calendar day, and includes the Round Up amount for each debit card transaction that posted to your account the prior day.

No. We hope you will choose to enroll in Debit Card Round Up to help boost your savings and make the most of your MLA, but the choice to enroll is yours.

You can enroll in Debit Card Round Up by calling us at 800-232-3642, visiting your nearest Centra branch, or completing the form in Online and Mobile Banking. If you ever want to unenroll, you can do this same way you enrolled.

We never want Debit Card Round Up to cause you to overdraft. If you do not have enough money in your account for the full Round Up amount, there will not be any transfer. No partial transfers will be made so that we can help you maintain a positive checking account balance.

There is not a limit on the number of transactions or total amount you can Round Up.

Opting into Round Up is optional. You can still earn rewards for your MLA without being enrolled into Round Up.

You may cancel at any time by visiting any Centra location, calling us at 1-800-232-3642, or completing the form in Online and Mobile Banking.

Debit Card Round Up is available for all consumer checking accounts, except HSA checking accounts.

Yes, if the joint owner has a debit card, Round Up transfers will occur with the joint Member’s transactions too. All Round Up transfers will be credited to the MLA associated with the checking account.

No, all debit cards are used for Round Up when enrolled into this program.

Right now, Debit Card Round Up can only be used to transfer money from a checking account into your MLA.

eServices

eStatements are your current bank statements delivered electronically. You can always access these statements through Online Banking. If you are already signed up for Online Banking, you can opt in to eStatements there. Log in with your username and password and choose ‘eStatement Preference’ under ‘My Profile.’ The screen will show all your accounts available for an eStatement. On the righthand side under ‘Delivery Preference,’ choose electronic. Give us a call or visit your nearest branch, and a Centra Team Member can help you get signed up for eStatements.

There are a couple different options to sign up for Online Banking. First, you can visit www.centra.org to register. Be sure to have your name, Social Security Number, birth date, and email address readily available. On the home page under ‘Online Banking,’ click ‘Register’ and follow the on-screen prompts. You can also call our Contact Center or visit your nearest Centra branch to request a user ID and a temporary password. You can then log in at www.centra.org and finalize the process by following the prompts on the screen.

You can sign up for direct deposit through your employer. All you will need is your account number and Centra’s routing number (274972883). A Centra Team Member can also help you with a direct deposit letter that has all your information that you can take directly to your employer. We have another easy option as well. If you have an established direct deposit at another bank you’d like to move to your Centra account, a Centra Team Member can help you switch your deposits from the current financial institution to Centra in just one click with ClickSwitch.

Yes, the account will be available on Centraphone and all other channels you use to access your accounts with Centra.

High Interest, Advantage, & Money Market Checking

It’s easy! Call us at 800-232-3642 or visit your nearest Centra location and a Centra Team Member will help you.

Beginning on Monday, May 17, 2021, High Interest, Advantage or Money Market Checking accounts will all receive the interest rate structure of the High Interest Checking Account, provided you meet the account requirements noted on the website. You will no longer need to make 15 or more debit card transactions to earn the higher interest rate on this account!

There is no monthly maintenance fee and no minimum balance for the Cashback Checking Account! Unlike your current High Interest Checking Account, you will not be assessed a monthly service charge if you do not meet the minimum account requirements. You simply will not earn rewards during that month.

No! We can upgrade your account without changing your account number or issuing a new debit card.

Yes. All Members with an active Centra checking account will receive an MLA. However, until you upgrade to Cashback Checking, you will have fewer options to earn rewards and build your MLA balance.

With Cashback Checking, you would immediately have access to our new cash back rewards, including earning 3.00% Annual Percentage Rate on your rewards funds through your Member Loyalty Account. Each Member’s situation is different based on usage behavior, but we have structured our new rewards to return exceptional value back to all of our Members with a checking account!

No. Your High Interest Checking Account Interest will continue to be credited to the High Interest Checking Account.

Cashback Checking was designed to give you the most rewards possible while also avoiding a monthly maintenance fee. We conducted thorough research and Member surveys to make sure we were giving you the best possible checking account. To prevent a burden on our technology and Team Members, we cannot continue to offer all of our old accounts with the new account.

As of Monday, May 17, 2021, All Advantage Checking, Money Market Checking, and High Interest Checking Accounts will be converted to the new High Interest Checking Account. You are welcome to upgrade to the Cashback Checking Account at any time to begin earning debit card rewards!

Cashback Checking

Great question! Cashback Checking is incredibly flexible. If you want an account that’s simple and free, Cashback Checking is for you. The more you do use your Cashback Checking Account, the more cash rewards you earn! For instance, when you sign up for eStatements and Direct Deposit, then use your debit card 15 times or more, you will earn $0.05 every single time you use your debit card. Plus, you will automatically be refunded ATM fees another financial institution charges you into your Member Loyalty Account up to $5 each month you meet these requirements. If you sign up for eStatements and Direct Deposit, then use your debit card 25 times or more, and maintain an average daily balance of $500 in your account, you will earn $0.07 every time you use your debit card. You will also automatically be refunded ATM fees another financial institution charges you into your Member Loyalty Account up to $7 each month you meet these requirements. All your rewards will be calculated at the end of the month, based on your tier, and deposited into your MLA as one transaction.

It’s easy! Once you meet the basic requirements of signing up for eStatements and direct deposit, you can move to the next tier by using your Centra debit card more and maintaining a higher balance in your account. You can also save more in your MLA by using Debit Card Round Up! 

You can check your MLA balance and deposits each month to see how much you’re earning. If you have an up-to-date email address on file with Centra, you will also get a monthly email notifying you of what tier you are in.

See our ‘Accessing your Member Loyalty Account’ tab for all the options!

If you have a valid email address on file with Centra, you will receive an email each month with your tier and the rewards you earned during the month. It will also be on your MLA account name Online and Mobile Banking.

There is no cap on the rewards you can earn through debit card transactions. Each time you use your card, excluding ATM transactions, you will earn the cashback reward. ATM fee refunds are capped at $5 per month for Tier Two and $7 per month for Tier Three. All your rewards will be calculated at the end of the month, based on your tier, and deposited into your MLA as one transaction.

Free Checking, Student Checking, and Rewards Checking will be automatically upgraded to the new Cashback Checking Account. High Interest Checking, Money Market Checking, and Advantage Checking Account Holders can request an upgrade to this account at any time. Opportunity Accounts will be automatically upgraded in to the Cashback Checking Account as soon as they are eligible.

An Opportunity Checking account will be automatically upgraded to Cashback Checking after six months of good account management, which includes six direct deposits (at least one per month), six or less overdrafts, no check returns, and 36 or more non-ATM debit card transactions.

High Interest Checking, Money Market Checking, and Advantage Checking Account Holders can request an upgrade to Cashback Checking at any time. Otherwise, these accounts will all become High Interest Checking Accounts and will earn interest based on the terms of the High Interest Checking Account. High Interest Checking Accounts will no longer require 15 or more debit card transactions per month to earn a higher interest rate.

There is no monthly maintenance fee or minimum balance for your Cashback Checking Account. Please refer to Centra’s fee schedule for any other service charges that may apply.

Great question! Your tier is based on how much you use your account. Once you’re signed up for eStatements, have a direct deposit into your account, and start using your Centra debit card, you’ll start earning rewards! Keep an average daily balance of at least $500 and use your debit card more than 25 per month, and you’ll earn even more for each debit card transaction.

Centra did extensive research on the best ways to give back to our Members in a way that was simple for you and sustainable for our Credit Union. This account was designed based on feedback from Members with your best interests in mind. We hope you’ll love the account. From a resource and technology standpoint, we can only manage so many types of accounts, so we’re offering the checking accounts that best meet our Members’ needs.

While you do not earn interest on your Cashback Checking Account, you will earn 3.00% APY on your cash rewards in your Member Loyalty Account. This interest rate is more than ten times above the average savings account rate, so your rewards grow even faster.

Centra aims to offer highly competitive loan rates to all Members and therefore we found this discount did not offer much value to Members. It is being discontinued and replaced by the all-cash Member Loyalty Rewards.

No. Your account number will not change. You will not need to order new checks or get a new debit card.

Foreign ATM Fee Refunds

Any ATM that does not have Centra’s logo or is not a part of Centra’s free CO-OP ATM Network is generally considered a foreign ATM. The owner of the ATM may charge you a fee for using their machine.

Your refund will be deposited into your Member Loyalty Account (MLA).

You can expect your refund within the first few days of the month for the ATM fees incurred the previous month, based on your Checking Tier. Refunds will be processed once per month.

If you are in Tiers 2 or 3, you will get the full $4 back.

If you are in Tiers 2 or 3, you will get the $3 fee back as this ATM would be considered a foreign ATM.

The maximum amount of foreign ATM fee refunds you can receive is $5 if you are in Tier 2 and $7 if you are in Tier 3. Until you reach these Tiers in a Cashback Checking Account, you will not receive foreign ATM fee refunds.

Accessing Your Member Loyalty Account

You can access your Member Loyalty Account (MLA) in the same ways you access any other savings account. The only difference is that you cannot transfer or deposit money into your MLA except through Centra’s Member Loyalty Rewards program. You can withdraw or transfer money out of your MLA at any time for any reason.

You can check your up-to-the-minute MLA balance online and on your smartphone to see how much you’re earning. If you have an up-to-date email address on file with Centra, you will also get a monthly email with your tier for the month.

If you would like to use your MLA rewards balance to pay a bill in BillPayer or to send money using Zelle, you can transfer the money to your checking account to cover the transaction. BillPayer and Zelle are only available on Centra checking accounts.

Since the MLA is a savings account, you will not have a debit card for the account. However, you can quickly and easily transfer money from your MLA to your checking account to use for purchases from your checking account. If you do not have a debit card for your checking account, come see us! We can order you a debit card or print an Instant Issue debit card in just a few minutes.

If you would like to withdraw cash from your MLA at an ATM, simply transfer the money from your MLA to your checking account in Online or Mobile Banking and make a cash withdrawal from your checking account at the ATM. Like other sub-savings accounts, you will not be able to access your MLA directly at an ATM.

The MLA is not available for Overdraft Protection. You can transfer money from your MLA to another account that is linked for Overdraft Protection.

The only way you can add to your MLA is through Centra’s Member Loyalty Rewards program. You can transfer money out of the account or make withdrawals at anytime, but you won’t be able to deposit or transfer money into the account except through the rewards program.

There is not a limit on withdrawals. You will have full access to the account and funds at your convenience. Just remember, you can only add money to this account through the Member Loyalty Rewards Program.

Centra worked to develop a sustainable rewards program for Members that rewards them when they help save or earn money for our Credit Union. To keep the very high interest rate on the MLA sustainable, we limited the ways Members could add money to this account. If we allowed unlimited deposits, we could no longer offer a high interest rate on the account.

No! You will have full access to your cash rewards through your current Online and Mobile Banking Login

You will be able to access the cash rewards in your Member Loyalty Account through Online and Mobile Banking, Centraphone, calling the Contact Center, or visiting your local Centra branch.

If you share a joint account but are not the primary owner of the account, then the primary owner can request to add you to the joint account MLA. Both owners’ debit card transactions will contribute to the card swipe rewards. If you are the primary owner of any account, you will receive an MLA for that account.

This account has a very low risk of fraud since certain transactions are restricted. You can help prevent fraud by protecting your account number and Online and Mobile Banking login information. Unfortunately, all accounts have some risk of fraud. In the event of this happening with your MLA, you would visit your local branch or call the Contact Center and fill out the correct paperwork to file a dispute against the charges.

Debit Card Rewards

Yes, there is a minimum amount of debit card transactions you must obtain per month to qualify for cashback rewards. Round Up is also based on your debit card usage. If you would like a debit card, please call our Contact Center at 800-232-3642 to order one or visit any Centra branch to receive a new debit card today!

If you have a checking account, you will be eligible for a Member Loyalty Account and Member Loyalty Bonus. However if you only have an ATM Card and not a Debit Card, you will miss out on many of the great rewards opportunities! Visit your nearest branch to have an Instant Issue Debit Card added to your account.

No, the more you use your debit card, the more you will be rewarded. There is no maximum or limit on your Debit Card Rewards.

No, you don’t need a new card. You can continue to use your current card. If you don’t have a debit card for your account, you can visit any Centra branch to receive a new debit card today!

As long as you’re using your card for non-ATM purchases, it counts! Swipe, insert, online, and over the phone all count!

ATM withdrawals do not count towards your total swipes for the month. Some merchants may process your purchase as an ATM transaction. Check and see if the merchant you’re using allows you to change the transaction type.

You must use your card for at least 15 purchases throughout the month to earn a reward for card swipes. See the Cashback Checking FAQs for more information on how to earn more with each card transaction.

You will continue to earn rewards points on your Centra Visa Credit Card. You can continue to redeem your old rewards points through the CU Rewards Mall up until their original expiration date. You will not lose points!

You will continue to earn rewards points on your Centra Rewards Debit Card up until the date this new program launches. Then, you will begin earning cash rewards. You can continue to redeem your old rewards points through the UChoose Rewards up until their original expiration date. You will not lose points!

You will continue to earn rewards programs through the start of the new Member Loyalty Rewards program. You can redeem those points through CU Rewards or Uchoose Rewards until their original expiration date, typically 5 years from when you earned them. 

You may continue to redeem any rewards points you earn until the new Member Loyalty Rewards Program launches. At that time, you can choose to use your cash rewards to cover any of the old rewards or anything else you’d like!