BATON ROUGE, La. - The $357-million Campus Federal has begun to offer a free checking product that offers higher dividend rates and ATM fee refunds, along with other premiums.
The product, called “Lagniappe Checking,” was developed in conjunction with BancVue, which provides technology to help the credit union to maximize efficiency and reduce operating expenses. Account holders can earn 5.01% APY on account balances between one cent and $25,000. Balances above $25,000 earn 1.00% APY. They also receive refunds on ATM fees up to $30 per cycle. All that is required to get the rewards is for account holders to make 15 debit card transactions per statement cycle, enrollment in paperless statements and a direct deposit or ACH auto debit.
When all the requirements during the statement cycle are not met, the account holder’s APY reverts to 0.15%.
“Lagniappe,” incidentally, is a regional word of French derivation that means a small gift given to a customer by a merchant at the time of a purchase.
