ANNUAL PERCENTAGE YIELD AND ACCOUNT TERMS DISCLOSURE
VELO by East West Bank
Velo Premier Checking
||Annual Percentage Yield
|$0.00 to $9,999.99
|$10,000.00 to $24,999.99
|$25,000.00 to $49,999.99
|$50,000.00 to $99,999.99
|$100,000.00 to $249,999.99
|$250,000.00 to $499,999.99
|$500,000.00 to $999,999.99
|$1,000,000.00 and above
Variable Rate Account
Your interest rate is variable and may be changed at any time, at our discretion and without prior notice.
Interest Accrual / Payment Frequency
Interest begins to accrue on the day you make your deposit, and is credited to your account on a monthly basis.
Interest Compounding / Computation
Your interest is compounded daily on an actual/365 day basis. We use the daily balance method, which applies a daily periodic rate to the principal in the account each day.
Terms and Conditions
Minimum Opening Balance
Account must be funded within 90 days of opening.
Minimum Average Balance Required to Avoid the Monthy Maintenance Fee
The average balance you must maintain in your account each statement cycle to avoid a Monthly Maintenance Fee.
Monthly Maintenance Fee
Charged per monthly statement cycle if the minimum average balance maintained in the account during the statement cycle does not meet the required minimum.
Additional Terms and Conditions
Limited to individuals 18 years of age or older. One account per customer.
Subject to Bank Approval
Account applications are subject to verification and approval. Submission of an application does not guarantee that Velo by East West Bank will open an account for you.
Account Title and Contact Information
By submitting an application you are requesting to open a Velo Premier Checking account at East West Bank, a United States financial institution. If approved, a Velo Premier Checking account will be opened in your name, as sole owner. Your contact e-mail address, mobile phone number, primary residence address and alternate account mailing address will be defined based on the information you agreed to share with us. If an alternate account mailing address was not provided, we will use your residence address as the mailing address for your account.
Your Velo by East West Bank account will NOT have checks automatically issued. If you would like to order checks you may contact us at 1.833.GOT.VELO.
Check Imaging is a process of capturing, indexing, storing and retrieving electronic images of checks. Imaging systems replace the handling, distribution and storage of checks with electronic images. The images are retained by us for a period of seven years from the date of posting.
By using your account you agree to this procedure and authorize us to destroy the original items and check. You agree to allow any imaged document, or copy thereof, to serve as an original item for any and all purposes, including charging your account or determining the validity of any signatures or otherwise.
Debit Card Issuance / ATM Access
A Velo Debit Card will NOT be automatically issued. If you would like to request a Velo Debit Card you may may request a card in the Velo App or contact us at (CN) +86.400.080.5290 or (U.S.) +1.833.468.8356.
If requested, your Velo Debit Card will be issued in your name and mailed to the address associated with your Velo Premier Checking account or, for international shipments, to the one-time shipping address you provided and verified at the time of request. For cards delivered to an international address, a shipping fee will apply. Please refer to the Velo by East West Bank Fee Schedule for additional details.
Your Velo Premier Checking account will be linked as the primary account that can be accessed using the Velo Debit Card.
ATM Withdrawal Fees
There is no charge for using a proprietary East West Bank ATM.
East West Bank will not charge you for the first two non-proprietary ATM withdrawals per statement cycle, but will assess a $1.00 fee for each withdrawal thereafter. Additionally, 3rd party ATM usage fees may be charged to your account at the request of the provider operating the non-proprietary ATM.
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