Our New Member Loyalty Program

Rewards+ is a new loyalty benefits package for Members that will replace the current Value+ package. There is a new Rewards+ widget in Digital Banking to allow all Members to quickly and easily see their Rewards+ status.

      

Having a Rewards Checking Account is the gateway to this exciting program. Once you have Rewards Checking, you only need THREE additional monthly criteria from the following list to qualify for the program:

• $750 in electronic deposits
• 12 debit card purchases
• An auto loan
• $25,000 average daily balance
• Any mortgage loan

 
To illustrate, here are four different relationships that would all qualify for Rewards+:

1. Rewards Checking, at least $750 total monthly electronic deposits, 12 debit card purchases a month, and an auto loan
2. Rewards Checking, $25,000 average daily balance, HELOC, and an auto loan
3. Rewards Checking, at least $750 total monthly electronic deposits, 12 debit card purchases, and $25,000 average daily balance
4. Rewards Checking, at least $750 total monthly electronic deposit, $25,000 average daily balance, and an auto loan

Any form of regularly scheduled electronic deposits into a CU SoCal Rewards Checking Account (only) that total at least $750 in a calendar month fulfills the direct deposit criteria for Rewards+. You can download our direct deposit form, here.

Only qualified purchases with the Rewards Checking Visa   Card transactions count toward the required 12 monthly debit card swipes criteria for Rewards+. Qualified purchases are all transactions except ATM withdrawals, balance transfers, convenience checks, quasi-cash (purchases that are directly convertible to cash such as casino gaming chips, money orders, wire transfers, and travelers’ checks), finance charges, fees, credit insurance, purchases made by or for a business, and unauthorized/fraudulent transactions.

Any auto loan (new or used automobiles) will meet the Rewards+ criteria for an auto loan.

In order to qualify for Rewards+ for the following month, you need to maintain an average daily balance of $25,000 over the course of a calendar month, including the last day of the month.

A first trust deed mortgage, a home equity loan, or a home equity line of credit (HELOC) all fulfill the Rewards+ criteria for a mortgage.

Once you qualify for Rewards+ during any given month, the following month you receive these benefits:

• Waived $5 monthly Rewards Checking fee
• Waived $2.50 non-Co-op ATM fee
• Waived $7 overdraft transfer fee
• 10% annual bonus on debit card CU SoCal Dream Points
• Up to .25% rate discount on newly funded auto loans
• One free box of checks per year

Since some of the criteria allows Members to qualify for Rewards+ are fluid and may change over the month (such as average daily balance), we wait until the end of the month to determine if criteria have been met. If you qualified on the last day of the month, you have locked in your Rewards+ benefits for the following month. If you continually qualify for Rewards+ each month, you will enjoy uninterrupted benefits.

The Rewards+ widget in Online and Mobile Banking allows you to quickly see your status. The widget also indicates whether you are active as a Rewards+ Member in the current month. Within the widget, scrolling below the program details will reveal status bars for all possible qualifying criteria. This is how your Rewards+ status is tracked for the following month. For example, if your status at the top of the Rewards+ widget is “Active,” that means you qualified for Rewards+ in the previous month, and you are receiving benefits in the current month. The status bars indicate your progress during the current month in qualifying for Rewards+ for the following month.

To qualify for Rewards+, all criteria must be on a single Membership account. Qualifying criteria cannot be spread out over multiple Membership accounts.

Yes! We want all Members to see their qualifying status within the various criteria. This way, Members will always know how close they are to receiving Rewards+ benefits. Remember that having a Rewards Checking Account is the first step to Rewards+, and receiving benefits is not possible without it.

No, you can convert your existing Classic Checking Account to a Rewards Checking Account in any branch or by calling our Member Care Center at 866.287.6225.

Rewards+ benefits trail the month in which they were earned. If your status at the top of the widget says “Inactive,” that means that you did not qualify for Rewards+ the previous month.

The widget has three statuses: 1) “Inactive” means you are not currently receiving the benefits of Rewards+. 2) “Pending Activation” means you were inactive but have now met the qualifications and will start receiving Rewards+ benefits on the 1st of the following month. 3) “Active” means you are currently receiving the Rewards+ benefits.

Yes, as long as your auto loan is funded on or after April 12, 2023! To qualify for Rewards+, you need a Rewards Checking Account and three additional criteria, one of which is an auto loan. So, if an auto loan gives you three criteria, you will receive up to a .25% rate reduction AND become a Rewards+ Member at the same time. For new auto loans, the adjusted rate will be effective and viewable on the next business day.

Yes! Auto loan rate reductions can be combined if the combined reduction does not go below CU SoCal’s floor rate. CU SoCal will advise you of this when you are processing your auto loan.

Yes. Once your auto loan is no longer part of your CU SoCal relationship, your Rewards+ status would become “Inactive” unless you replaced the auto loan with either another auto loan or another qualifying criteria that you don’t already have.
 
A Member needs THREE of the following monthly criteria to qualify for Rewards+:
 

• $750 in electronic deposits
• 12 debit card purchases
• An auto loan
• $25,000 average daily balance
• Any mortgage loan

No, the rate on your current auto loan will remain the same. The Rewards+ discount only applies to new/used auto loans that are funded when you are an active Rewards+ Member.

Your auto loan discount will take effect in the month you become eligible to receive Rewards+ benefits. Auto loan rate discount is up to .25% and applies to loans funded on or after April 12, 2023. The rate discount starts in the month you become eligible to receive Rewards+ benefits. If you are eligible for Rewards+ benefits at the time of funding, the loan discount will be reflected the following day. For auto loans funded after April 12, 2023, on an account that did not qualify for Rewards+ at the time of funding but then subsequently qualifies, the auto loan rate will adjust on the first of the following month in alignment with all other benefits.

Yes! For the months that you are an active Rewards+ Member, the $5 monthly Rewards Checking fee is waived.

As a Rewards+ Member, you will not pay the $2.50 fee that CU SoCal charges to use an ATM outside of CU SoCal’s Co-op Network. The fee waiver does not cover any fees that an outside institution may charge for using its ATM network or international fees.

The overdraft transfer fee refers to the charge incurred when CU SoCal pulls available funds in another CU SoCal account to avoid non-sufficient funds (NSF) in your checking account (this fee is not applicable if you have eStatements).

The 10% annual bonus on CU SoCal Dream Points earned with your Reward Checking Visa® Debit Card means you will receive 10% extra points for months you qualify for Rewards+. (Example: If you qualify for Rewards+ each month during one calendar year and accumulate 30,000 Dream Points over that one-year period, you’ll receive an extra 3,000 points.) Note, bonus Dream Points for qualifying months will be credited annually within 60 days of account opening anniversary date.

Debit card purchases will appear in your Rewards+ widget when they post, which may take a day or longer after your actual debit card purchase. For this reason, we recommend that you make your debit card purchases well before the end of the month to ensure you get credit for them.