CashRewards Checking
We offer one checking account because this one checking account is all you'll ever need.
Most banks offer a confusing array of multiple checking accounts. We don't see any benefit in confusing people. That's not the Vermont way. Instead, we have loaded up one account with everything you need to manage your finances. It's simple, straightforward and jam packed with tools, access and rewards.
What you get from CashRewards℠ Checking:
24/7 Access
- Surcharge-Free ATM usage at over 43,000 Merchants Bank and Allpoint ATMs–including hundreds in Vermont.
- Free Online Banking-so you can do your banking anytime from your computer.
- Automated Phone Banking with 24/7 access to check balances, transfer funds, make loan payments and more.
Money Back
- We pay cash back* on all Debit Card purchases–everything from groceries and gas to movie tickets and hardware stores. If you use your Debit Card, we pay you money. It's that simple.
- Sign up for Online Banking and you can take advantage of our Purchase Rewards program.
- If you use a non-Merchants Bank ATM we will automatically rebate the Merchants Bank foreign ATM fee.
Mobile Convenience
- Enjoy the secure and convenient way to check account balances, make payments, transfer money and more when you access your account through your smartphone with Mobile Banking.
- Check account balances, recent activity and more with Text Banking through any cell phone.
Local Support
- Talk to an experienced, friendly person right here in Vermont.
- Live Online Banking help is also available via email and live chat.
- Customer Call Center representatives are available 6 days a week. Click here for hours.
- Our statewide network of branches and ATMs make it easy for you to connect with your money and us.
Helpful Tools
- The digital convenience of eStatements.
- Free bill payment and presentment-the easy way to see a bill before it's paid.
- Free access to FinanceWorks-a comprehensive financial management tool.
- Free Debit Card usage for POS purchases anywhere MasterCard is accepted.
Account Details
- The account has a monthly average balance requirement of $1,000.00.
- There is a $5.00 monthly service charge if your monthly average balance is below $1,000.00. Primary accountholders 21 years and younger or 62 years and older are exempt from this monthly service charge.
- Statements and check images are free in Online Banking. A $3.00 charge is assessed for each paper statement. You can opt to receive only e-statements once you sign in to Online Banking.
*Annual cash rewards of $600 or more require 1099 reporting.
Connect With Us
Questions?
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What are the fees?
What are the fees?
There are no hidden fees with this account. There is, however, a $5.00 monthly service charge if you do not meet the monthly average balance requirement of $1,000.
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What is the balance requirement?
What is the balance requirement?
For CashRewards Checking, the monthly average balance requirement is $1,000.00. Many other banks in Vermont require a daily balance requirement
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Does this account earn interest?
Does this account earn interest?
No, this account does not earn interest.
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Is the balance requirement just for checking?
Is the balance requirement just for checking?
Yes, the monthly average balance requirement is satisfied through the balance of your CashRewards account alone.
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How do the rebates for Debit Card usage work?
How do the rebates for Debit Card usage work?
Use your Merchants Bank Debit Card for purchases or payments and we will rebate you .5% of the total. (This rate is variable and can change at any time.)
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Do I have to pay for statements?
Do I have to pay for statements?
For paper statements there is a $3.00 charge for each paper statement period. However, statements and check images are free through Online Banking.
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How do I order checks?
How do I order checks?
Ordering checks can happen online - whether you have changes or not.
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Do I have to have direct deposit?
Do I have to have direct deposit?
Direct deposit is not a requirement for this account.
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How do I get overdraft coverage?
How do I get overdraft coverage?
The quickest way is to fill out a simple form.
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Do I need to live or work in Vermont to open an account or loan?
Do I need to live or work in Vermont to open an account or loan?
Merchants Bank opens accounts or loans for people living or working in Vermont or communities adjacent to our offices.
Allpoint ATM Network
Access over 43,000 surcharge-free ATMs around the world-with hundreds right here in Vermont. Learn more.
Online Bill Payment
Pay your bills and do your banking all from your computer–anytime of day or night, any day of the week. Try our free demo or sign up online today.
Bi-Weekly Mortgages
Make one half of your monthly mortgage payment every two weeks and you reduce your principal, interest paid and length of repayment. Learn more.