Many workplaces have a company HR portal where you can easily update which bank account you use for your paycheck direct deposit. Reach out to your company’s HR department if you need assistance. Laurel Road has also created a guide on how to switch banks to help you with the process, learn more here.
Members who open a Laurel Road Checking account in conjunction with an application to refinance their student loans will receive an introductory 3-month 0.25% interest rate discount on their Laurel Road student loan, which will be applied during the first three billing cycles of the student loan. Starting with the 4th billing cycle, and continuing with each billing cycle thereafter, the interest rate discount applied during a billing cycle will be based on the amount deposited via an Automated Clearing House (ACH) transaction into the Laurel Road Checking℠ account during the preceding calendar month, according to the table below.
Note: To continue to receive the discount for the 4th billing cycle, you must begin making ACH deposits to your Laurel Road Checking account during the second full month after your loan funds.
|Direct Deposit Amount||3-Month Intro Discount||Post-Intro Discount*|
|$0 - $2,499||0.25%||0.00%|
|$2,500 - $7,499||0.25%||0.25%|
*Potential discount after three months and qualifying monthly direct depositsExample: If your first payment due date is June 15th, you will receive the introductory 0.25% interest rate discount for the first three billing cycles (e.g. May 16th – June 15th, June 16th – July 15th, and July 16th – August 15th). The discount for the fourth billing cycle (from August 16th – September 15th) will be based on the amount deposited via an ACH transaction into your Laurel Road Checking account during the preceding calendar month (July in this example). Consistent with the table above, for subsequent billing cycles your discount will be based on the amount deposited via ACH in your Laurel Road Linked Checking account for the previous calendar month.