PURCHASE, N.Y.– Quorum Credit Union said it has expanded its suite of deposit products with the launch of two new checking accounts “designed to meet the evolving needs of modern professionals and families.”

The $1.1-billion credit union said the two new offerings include:

• “QFlex Checking,” which it said is a “first-of-its-kind account, offering unprecedented flexibility, including access to direct deposits up to five days early—empowering members with greater control over their cash flow.” The product includes early direct deposit by offering access to paychecks up to five days in advance.
• “QBoost Checking,” which it said is a “ high-yield, performance-based account that rewards everyday banking activity, allowing members to earn competitive interest while maintaining easy access to their funds.”

‘Ambitious Lifestyles’

“High-achieving professionals require financial tools that empower their ambitious lifestyles,” President and CEO Jeff Pachter said in a statement. “QFlex offers unparalleled flexibility, providing the control and accessibility necessary to manage complex financial lives and optimize cash flow. Our first-of-its kind feature, five-day early access to direct deposit, allows you to stay ahead of expenses and maximize every dollar. And features like unlimited ATM fee reimbursements and overdraft forgiveness grant the financial agility needed to maintain a high level of liquidity and support your strategic financial goals.”

The Specifics

Specifically, Quorum said QFlex Checking offers:

• Access to paychecks five days early (based on regular, ongoing direct deposit
• Unlimited ATM fee reimbursements
• $0 Overdraft fees, with overdraft protection up to $200
• 1.25% APY on balances over $10,0001

QBoost Checking offers:

• A 4.00% APY on balances up to $5,000, as long as members fulfil the requirement of 10 or more Quorum Debit Mastercard purchases per month. The rate on balances above $5,000 is 0.50% APY.)
• No minimum balance requirements
• Up to $20 in monthly ATM fee refunds (if members happen to go outside Quorum’s network of over 90,000 fee-free ATMs nationwide)
• Two-day early direct deposit