Your Banking Statement is Changing (...for the better)
In early December, AcceleRate Financial members will see a change in banking statements; the way they look, when they are received, and the information that appears on them.
AcceleRate Financial will be transitioning to something called “Relational Statements”. That means the information presented on your statement is inclusive and personalized to you, the member, and therefore, based on accounts in which you have an ownership role, including any joint accounts you may be a part of.
We encourage all members to read the following so you can better understand your banking statement.
How You Will Receive Your Statement
If you currently have at least one statement set to view via ‘e-Statement’ and do not have an account set to ‘do not mail’, your entire brand-new statement will be available to view only via online banking.
On November 20, all members under the age of 59 with personal accounts with an active e-agreement (meaning access to online banking), would be automatically switched to receiving their statement via online banking.
If you currently have all of your statements set to ‘print only’ and do not have access to online banking, your statement will be mailed to your home.
When You Will Receive Your Statement
Currently, there are two different statement cycles for AcceleRate Financial members. With our new statements, there will only be one monthly cycle, meaning every member will receive their statement at the same time at month-end. Here is a schedule of when you will receive your last current statement and when you will receive your brand-new relational statement:
- If you are an AcceleRate member and receive a statement at month-end, you will receive your current statement for the period of October 1 – 31. Then, you will receive your brand-new statement for the period of November 1 – November 30. Easy!
- AcceleRate members will no longer receive a quarterly statement. That information will now be presented on your new monthly relational statement. Transaction details from October 1 to November 30 will be captured on the first monthly statement and then monthly thereafter.
How to Read Your New Statement
Download the PDF below for the new AcceleRate Financial statements and how to read them.
There are a lot of important benefits of relational statements. Here are a few of them:
- Each member will receive one monthly statement with a summary of all accounts they have an ownership role on, reducing the number of statements required for each member.
- Relational statements are much easier to read and understand because they only contain accounts, investments, and products that you are an owner (or joint owner) of.
- Our new statements are all on a month-end cycle making it easier to reconcile monthly budgets and expenses for members.
- Savings accounts with interest cycles greater than monthly, including registered variable accounts, will now display the accrued interest.
- Registered accounts will now display the contract number attached to the account.
- A spousal indicator and contributor name will now display on registered spousal plan accounts.
Have more questions?