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Checking - FAQ

Loyalty Checking

  • I missed my last monthly direct deposit, can I still earn the reward?
    If you miss your qualifying direct deposit one month, you will unfortunately also miss out on earning the reward for that month. But once you start making qualifying direct deposits again, you can earn a reward for the next statement period. Note, the introductory $20/month reward can only be earned for the first 12 full statement cycles after account opening. If you miss the last qualifying direct deposit of this introductory 12-month period, then starting with your 13th full statement cycle you will be able to earn the $10/monthly reward with qualifying direct deposits and can continue earning this $10/monthly reward for as long as your account is open. For more information, click here.
  • What benefits does Laurel Road Loyalty Checking offer that my current checking account may not?
    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.    
  • What is the difference between Laurel Road Linked Checking and Laurel Road Loyalty Checking account?
    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.
    • *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 ATMs near you.
     
  • How do I earn the monthly cash reward for Loyalty Checking and when will I get the reward?
    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.
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Linked Checking

  • Can I switch my existing Linked Checking account to a Loyalty Checking account?
    • Yes, if you currently have a Linked Checking account, once you have paid off your student loan, your Linked Checking can be converted into a Loyalty Checking account.
    • If you want to open a Loyalty Checking prior to paying off your student loan, you will need to close the Linked Checking account and open a new Loyalty Checking account. For assistance, you can call our premium care service team at (833) 427-2265. For TDD/TTY (for the hearing impaired), call 1-800-539-8336.
    • Note that if you were the primary account holder on another Laurel Road Checking account within the last 24 months, your Loyalty Checking monthly cash reward will start at $10 beginning with the second statement period after account opening. You would not be eligible to receive the $20/month reward for the first year of holding the account. You also will not be eligible for the $300 welcome bonus for new members.
  • Can I have both Laurel Road Linked Checking and Laurel Road Loyalty Checking accounts at the same time?
    • No, you can only have either a Linked Checking or a Loyalty Checking account open at the same time.
    • You may open a standard Laurel Road Checking account and have that account open at the same time as a Loyalty Checking or Linked Checking. However, the additional account will not be eligible for the rewards component (either the student loan discount or the cash reward).
  • What is the student loan refinance interest rate discount I will receive for opening a Laurel Road Linked Checking account?
    Members who open a Laurel Road Linked 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 Linked 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 Linked 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%
    $7,500+ 0.25% 0.55%

    *Potential discount after three months and qualifying monthly direct deposits

    Example: 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 Linked 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 Linked Checking account for the previous calendar month.
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Account Management

  • Why should I set up direct deposits for my checking account?
    We have designed our checking accounts with rewards that best fit the needs of our members. When you set up qualifying monthly direct deposits, such as your paycheck, we can provide you with extra benefits such as a student loan rate discount (with Laurel Road Linked Checking) or monthly cash rewards (with Laurel Road Loyalty Checking). To take advantage of these benefits, we recommend setting up recurring direct deposits, like your paycheck, to help you earn all your eligible rewards. You can still open and use our checking account without setting up direct deposits and still enjoy all the convenience and benefits of your digital checking account.
  • Can I deposit cash into my Laurel Road Checking account?
    No, you cannot deposit cash directly into your Laurel Road Checking® account, however there are several ways you can add money to your account. You can deposit checks via our mobile app. And through online banking, you can set up an online transfer, direct deposit, or wire transfer to add funds to your account.  
  • How do I order paper checks for my Laurel Road Checking account?
    You can order paper checks anytime through your online banking account, or by calling us at (833) 427-2265. For TDD/TTY (for the hearing impaired), call 1-800-539-8336.
  • How can I add a joint account owner to my checking account?
    To request the addition of a joint account owner, please contact us at (833) 427-2265. For TDD/TTY (for the hearing impaired), call 1-800-539-8336.
  • When will my funds be available after I make a deposit?
    The availability of funds depends on the type of deposit you make and how it is deposited.
    • Same-day availability: Direct deposits of electronic payments (such as Social Security benefits and payroll), wire transfers received by 6:00 p.m. ET on a business day.
    Next-Day availability: U.S. Treasury checks payable to you, wire transfers received after 6:00 p.m. ET on a business day will be available for withdrawal on the next business day. Exceptions There are a few exceptions that may delay your availability of funds. If we delay your ability to withdraw funds for any of these reasons, we will notify you and inform you when the funds will be available. Reasons for delay include:
    • We believe a check you deposit will not be paid.
    • You deposit checks totaling more than $5,000 on any one day.
    • You redeposit a check that has been returned unpaid.
    • You have overdrawn your account repeatedly in the last six months.
    • There is an emergency, such as failure of computer or communications equipment or other conditions beyond our control.
    • You are a new client with a checking account open for fewer than 30 days.
    In case of a delay, your funds will generally be available for withdrawal no later than the fifth business day after your deposit. For more information, see our funds availability policy.    
  • How do I view activity in my checking account?
    You can view your checking account activity in the following ways:
    • Sign in to Online Banking
    • Use the Laurel Road mobile app (you must be enrolled in Online Banking)
    • Check your monthly statement online (you may request to receive statements by mail)
    • Call (833) 427-2265, or TDD/TTY (for the hearing impaired): 1-800-539-8336.
     
  • Can I pay my bills online using my Laurel Road Checking account?
    Yes, you can pay your bills online with your Laurel Road Checking® account. With online bill pay, you don’t have to worry about writing paper checks, buying stamps, or going to the post office.
  • How do I switch my paycheck direct deposit from my old bank to my Laurel Road checking account?

    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.

  • How do I add money to my checking account?
    You can add money to your account by depositing checks through online banking or our mobile app, or by setting up an online transfer or direct deposit.
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Using Your Debit Card

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