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Laurel Road Linked Checking offers you the ability to receive a discount off your Laurel Road student loan refinance, while Laurel Road Loyalty Checking offers you a monthly cash reward – both with qualifying direct deposits. Both share many of the same online checking benefits and features, such as access to over 40,000 no-fee ATMs nationwide,* $0 to open the account, $0 maintenance fee, free debit card and paper checks, mobile and online banking, and much more.
Unlike other checking accounts that simply pay minimal interest rate on your balance, a Laurel Road Loyalty Checking account pays you simply for depositing your paychecks (or other qualifying direct deposits) into your account each month. For example, if you have a checking account that pays 1% APY, you will only earn $100 in interest if you have $10,000 in your account for an entire year. But with our Loyalty Checking, you can earn up to $540 in the first year and $120 every year after for the life of the checking account. Click here for more information.
To earn monthly rewards, you must make qualifying ACH deposits into your Laurel Road Loyalty Checking account totaling at least $2,500 during the statement period. Qualifying ACH direct deposit transactions include most payroll, Social Security, pension and government benefits deposits. Rewards will be deposited into your Laurel Road Loyalty Checking account in the statement period after they are earned.
Effective April 1, 2022
Laurel Road CheckingSMAccount
Laurel Road Loyalty CheckingSM Account
Laurel Road Linked CheckingSM Account
All fees, services and rates are applicable to all three accounts mentioned above.
|Minimum Deposit Needed to Open Account||$0.00|
|Monthly Maintenance Service Charge||$0.00|
|Pays Interest||Yes||Variable rate of interest. See the “Interest Information” section below.|
|ATM Fees*||$0.00||Each time you use a KeyBank ATM|
|$0.00||Each time you use your KeyBank Debit Mastercard at an ATM within the Allpoint ATM Network|
|$3.00||Regional ATM Withdrawal Fee or Regional ATM Inquiry Fee: charged separately for each transaction at another bank’s ATM within the U.S. Assessed at the end of each statement period. Transactions include balance inquiries, transfers, cash withdrawals, and purchases made at an ATM.|
|$5.00||International ATM Withdrawal Fee or International ATM Inquiry Fee: charged separately for each transaction at an ATM outside the U.S. Assessed at the end of each statement period. Transactions include balance inquiries, transfers, cash withdrawals, and purchases made at an ATM.|
|$1.50||ATM Key Mini Statement Fee|
|Foreign Transaction Fee||0%||Fee charged on the amount posted for each Debit Card or ATM transaction processed in a foreign currency or outside the U.S., in addition to any fee added by a network or charged by an ATM owner. Exchange Rate may affect posted amount.|
|Chargeback Fee||$15.00||For each check deposited to your Account that is returned to us unpaid. Assessed at the end of each statement period.|
|Stop Payment Charge||$34.00||For each stop payment or to renew a stop payment on a check or withdrawal or on multiple checks in sequence|
|Charge for Account Early Close- out||$25.00||For closing your Account within 180 days after opening|
|Other Service Charges||Please consult the Other Service Charges section of this document for a list of additional service charges|
*Please refer to the KeyBank Disclosure Statement and Terms and Conditions for Electronic Fund Transfer Transactions for additional information.
|Standard Overdraft Services1||We MAY choose to pay/process certain items into overdraft. You may ask us not to pay/process any of these items into overdraft:
We DO NOT authorize and pay the items listed below into overdraft. However, you may ask us to pay these items into overdraft:
If we DO NOT authorize and pay an overdraft, your transaction will typically be declined.
|Overdraft Item (OD) and Return Item (NSF) Charges||Per Item Charge||We assess these fees based on the number of times NSF items have occurred in the current period plus the previous 11 statement periods.|
|Tier 1:||$33.00||First 2|
|Tier 2:||$38.50||3 and above|
|Daily OD and NSF Charge Cap||5||Based on transactions posted to the account each day2|
|Monthly OD Charge Cap||20||If you have more than 20 OD item charges during your statement period, we will stop paying items into overdraft for the remainder of the period|
|Recurring Overdraft Service Charge||$28.50||If your Account remains overdrawn for five consecutive business days|
|Overdraft Protection Plans3||
|Cost per transfer from your Laurel Road:
^If you have NOT asked us to pay ATM transactions and everyday debit card transactions into overdraft, the following information applies to all other types of transactions:
If we pay an item into overdraft during each of four consecutive statement periods, AND during your next statement period an item is presented that Laurel Road pays into overdraft, the standard overdraft service provided with your Account will be terminated. Items will no longer be paid into overdraft when you have insufficient funds in your Account. The standard overdraft service will not be reinstated until the first day after the end of three consecutive statement periods following the day we terminated the service AND your Account has a positive available account balance.
The order in which specific deposit and withdrawal transaction posting categories post within Prior Day and Current Day processing groups.
|Sort Order for primary posting categories:
We post ATM and debit card transactions based on authorization date/time; if the authorization date and time are not available we will use settlement date and time. We post checks, if applicable, in check number order. For all other types of items within each posting category we will post items from lowest dollar amount to highest dollar amount.
|Deposit Hold Policy:
When funds deposited to your Account become available
|For all personal deposit accounts our policy is to make funds from cash and check deposits available on the first business day after the day we receive the deposit with certain exceptions.|
^^Please see the Deposit Account Agreement and Funds Availability Policy for details.
|Dispute Resolution Agreement||Please see the Deposit Account Agreement and Funds Availability Policy for the Arbitration Provision which includes important information concerning your right to reject arbitration.|
|Balance Tier||Interest Rate¤||Annual Percentage Yield (“APY”)¤|
|$.01 – $2,499.99||0.010 %||0.01 %|
|$2,500 – $4,999.99||0.010 %||0.01 %|
|$5,000 – $9,999.99||0.010 %||0.01 %|
|$10,000 – $24,999.99||0.010 %||0.01 %|
|$25,000 – $49,999.99||0.010 %||0.01 %|
|$50,000 – $99,999.99||0.010 %||0.01 %|
|$100,000 – $249,999.99||0.010 %||0.01 %|
|$250,000 – $499,999.99||0.010 %||0.01 %|
|$500,000 – $999,999.99||0.010 %||0.01 %|
|$1,000,000 and above||0.010 %||0.01 %|
Please note that there could be more than one interest rate balance tier earning interest at the same interest rate.
¤The Interest Rates quoted and corresponding Annual Percentage Yields (“APY”) are those which were in effect on the day the Account was opened or an inquiry was made. The applicable Interest Rate applies to the entire balance in the Account. Rates are guaranteed only to the extent specified in this Personal Checking Account Fees and Disclosures.
Current Interest Rate information may be obtained by contacting Laurel Road customer service at 1-833-427-2265, or writing Laurel Road
P.O. Box 191, Bridgeport, CT 06601. For clients using a TDD/TTY device, please call 1-800-539-8336.
This Account pays interest at a variable interest rate and rates may vary based on the balance in your Account. We may change the interest rate and APY at our discretion and as often as daily. There are no limits on the amount that the interest rate or APY may change.
The Daily Balance is the balance in your Account each day. We use the Daily Balance method to compute interest on Accounts. This method applies a daily percentage rate to the balance in the Account each day. To determine the daily percentage rate, we divide the interest rate by the actual number of days in the year. Interest begins to accrue on non-cash items, like checks, presented to us no later than the business day we receive credit for the deposit. Interest is compounded daily and credited to your Account monthly.
If you close your Account within ten business days after the last interest payment date, the accrued but not yet credited interest will not be paid. If you close your Account after the tenth business day, interest accrued up to, but not including, the day of withdrawal will be paid at closing.
|Paper Statement Fee||$0.00||To receive your Account statement on paper instead of electronically. This charge is assessed per monthly statement period.|
|Returned Statement Handling Charge||$10.00||For statements returned to the bank due to an incorrect address.|
|Monthly Statement Information Safekeeping Fee||$10.00||For each month that follows (months two through a maximum of 12 consecutive months) where a current address has not been provided.|
|Charge for Each Additional Copy of Statement||$6.00||Fee for each copy of a statement requested from a bank representative.|
|Duplicate Statement Service Charge||$10.00||For a duplicate copy of your deposit account statement. For combined deposit statements only your primary Account will be assessed the monthly charge.|
|Statement Special Handling Service Charge||$10.00||For special handling of your deposit account statement per monthly statement period. For combined deposit statements only your primary Account will be assessed the monthly charge.|
|Miscellaneous Other Charges|
|Card Replacement||$0.00||Standard delivery: 3-5 business days|
|$25.00||Rush delivery: 2-3 business days|
|Inactive Fee and Interest Reduction||$0.00||Your Account will be charged the fee and your interest rate will be changed to .01% if:
This fee is in addition to any other normal account service charges incurred. A notice will be mailed prior to your Account being classified as inactive.
|Assisted Account to Account Transfers||$3.00||Charge will be assessed to the Account from which the funds are transferred for transfers between accounts completed by a Bank representative.|
|Fedwire Service Charge||$20.00
|Each Incoming Domestic and International
Each Domestic Outgoing
Each International Outgoing
|Repetitive Outgoing Wire Transfers||Repetitive wire transfers are those in which debit and credit transfer parties remain the same (date and dollar amount may be different) and will be discounted $10.00 from the standard Fedwire Service Charge prices.|
|Charge for Copy of Items||No Charge
|For digital images of checks held by KeyBank:
For Imaged Items Statement:
This charge may appear as Charge for Misc Photocopies.
|Litigation Fee||Up to $100.00||For processing court orders served against you such as Garnishments, Levies, or Delinquent Child Support Orders.|
|Limits are based on the card you use. Separate withdrawal and purchase limits apply. Total withdrawals or purchases in any one day may not exceed the separate Daily Limits for a single Card number, regardless of the number of Accounts that a single Card may access. These are the standard limits that come with your card, but you can request a different ATM or Purchase Limit.|
|Debit Cards||Daily Signature/PIN Purchase Limit||Daily ATM Withdrawal Limit||Allpoint ATM Network Eligible|
|Laurel Road World Debit Mastercard ®||$10,000.00||$1,000.00||Yes|
|At some types of ATMs, the withdrawal amount may be limited due to machine constraints, and multiple transactions may be necessary to obtain the total amount desired.|
This Personal Checking Account Fees and Disclosures (“Disclosure”) provides information about deposit accounts we offer. While this Disclosure is accurate as of the effective date above, specific product features may be changed from time to time. A copy of the current Disclosure may be obtained upon request by contacting us.
Your Account is also subject to our Deposit Account Agreement and Funds Availability Policy.
Primary account holder is eligible to earn monthly rewards of $20/month from the second through thirteenth statement periods, which is considered your “first year.” From the fourteenth statement period onward, the eligible reward will be $10/month for as long as the Laurel Road Loyalty Checking account (“Account”) is open. To earn monthly rewards, you must make qualifying Automated Clearing House (ACH) direct deposits into the Account totaling at least $2,500 during the statement period. Qualifying ACH direct deposit transactions include most payroll, Social Security, pension and government benefits deposits. Rewards will be deposited into your Account in the statement period after they are earned. Only one Loyalty Checking account per primary account holder. Cannot be combined with other checking bonus, reward, or rate discount offers, excluding any promotional offer for opening the Account. The value of the monthly rewards will be reported to the IRS on Form 1099-INT. Accounts closed within first 180 days will be charged a $25 early closure fee. Accounts closed at the time of monthly rewards payment are not eligible. Offer is subject to change without notice.
You must open a Laurel Road Loyalty Checking account by 12/31/2022 at 11:59 p.m. (ET) and make one or more qualifying direct deposits via an Automated Clearing House (ACH) transaction into the Laurel Road Loyalty Checking account totaling at least $2,500 within the first 60 days after account opening to receive the $300, which will be deposited into your account within 60 days of meeting requirements. Click here for current Laurel Road Loyalty Checking Rates. Normal account service charges and miscellaneous charges may apply to the Laurel Road Loyalty Checking, which may reduce earnings. Qualifying ACH direct deposit transactions include most payroll, Social Security, pension and government benefits deposits. Limit one bonus per qualifying account and per individual. If you were the primary owner on any Laurel Road checking account within the prior 24 months before opening the new checking account, you are not eligible for the bonus offer. The value of the bonus will be reported to the IRS on Form 1099-INT. If you close your account within the first 180 days of account opening, you will be charged a $25 account early closure fee. Accounts closed at the time of bonus payment are not eligible. Offer is subject to cancellation without notice and cannot be combined with any other checking account bonus offer. Laurel Road is not responsible for, and will not honor, promotional offers that appear on third-party websites that are not authorized by Laurel Road.
No surcharge when using your Laurel Road debit card at KeyBank ATMs or Allpoint ATMs located within the 50 United States and Washington D.C. Click Here to Find Your ATMs
Available to bank account holders in the U.S. only. If your recipient is not yet registered with Zelle, it could take between 1 and 3 days once they complete registration. To receive money in minutes, the recipient’s email address or mobile number must already be registered with Zelle.
Zelle and the Zelle-related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
Deposits are insured up to the maximum allowable limit. Laurel Road is a brand of KeyBank N.A. All single accounts owned by the same person at KeyBank N.A. are added together and insured up to the maximum allowable limit. To learn more, contact the FDIC toll-free at 1.877.ASK.FDIC (1.877.275.3342) or visit www.fdic.gov.
Fees may reduce earnings on the account. National average Annual Percentage Yield (APY) reported by the FDIC as of 5/16/2022 (fdic.gov/regulations/resources/bankers/national-rates).
The variable Annual Percentage Yield (APY) indicated is accurate today only and is subject to change before or after account opening. No minimum balance is required to earn the APY. Fees may reduce earnings on the account. Click here for current rates.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of June 16, 2022. Information and rates are subject to change without notice.
STUDENT REFINANCING LOAN – TERMS AND CONDITIONS
ELIGIBILITY & ELIGIBLE LOANS
Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements).
Borrowers may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school.
Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment. Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for more information.
For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing.
There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.