QFlex Checking: A Bank On-certified checking account from Quorum

A hard pull or soft pull can occur when you open a new checking or savings accounts from an online banking, credit union, or financial institution. A hard pull (which typically happens when a lender checks your credit report to make a lending decision; for instance, when applying for a mortgage) can (temporarily) slightly lower your credit score, and will typically stay on your credit report for two years. A soft pull, on the other hand, is an inquiry performed by a financial institution on your credit report, but does not affect your credit score in any way.

When Quorum reviews a checking or savings account application, we may perform a soft pull on an applicant’s credit report through one of the three major credit reporting agencies (TransUnion, Experian, Equifax) for verification purposes, and also run the name through ChexSystems to see if there is a report in their system. Neither of these actions will impact an applicant’s credit score in any way.

To initiate a direct deposit through your employer, use our ABA Routing & Transit Number 221981335 and your Quorum checking or savings account information when setting up this service with your employer.

Please use the following account number formats to ensure the funds are deposited/withdrawn appropriately:

• For savings accounts: Provide your account number (also known as your member number) and suffix without dashes. For example, your account number is 123456 and your savings account suffix is 0000, you would use 1234560000. You can view your suffix(es) in online banking. The suffix is the four-digit number listed after the dash in the number under each account name.
• For checking accounts: Provide the 14-digit account number located on the bottom of your Quorum checks. (You do not need your member number or suffix.) You can also find this in online banking by clicking on your checking account, then the “Account Details” tab above your transaction history.

Once you’ve completed direct deposit requirements and we’ve validated at least two direct deposits with an aggregate balance of at least $500, you’ll start receiving your paychecks five days earlier than scheduled as an advance from Quorum. 

When payday officially rolls around, we’ll adjust your account by deducting the amount we advanced to you, ensuring that we do not provide an overpayment. It’s important to remember that timing is essential, so please make sure that your direct deposits are active or that you have enough funds in your account when we reconcile the advance.

You can expect to see up to three transactions related to QFlex:

1. QFLEX EARLY DD – A transaction with this starting item name indicates that your 5-Day Early Access to Direct Deposit has kicked in. Your account will receive funds from Quorum that is equal to the direct deposit you set up for QFlex approximately five days prior to receiving your actual direct deposit from your funding source.
2. Actual Direct Deposit – This is the actual direct deposit transaction from your funding source (employer, etc.)
   QFLEX ADV REPAY – A transaction with this starting item name indicates that we’ve debited back the amount that is equal to your advance (i.e., QFLEX EARLY DD). This amount will be taken from your account once the actual direct deposit transaction from your funding source comes in, or, if we do not receive the funding source at the scheduled date of direct deposit. This transaction ensures that we don’t overpay your account.

If you have any questions related to the transactions on your account, please log in to your account via our mobile banking app or online banking and send us a Secure Message.

QFlex Checking waives any fees associated with transactions that cause your account to go negative by providing you with two levels of overdraft protection at no cost to you:

• Automatic Overdraft Transfers – This is a free service that authorizes Quorum to automatically transfer funds from any of your eligible existing Quorum savings accounts to your QFlex Checking account to cover transactions that cause your account to go negative.
• Courtesy Pay – If you do not have funds available for transfer in your other Quorum accounts, our Courtesy Pay service will kick in. Courtesy Pay is a free service for QFlex in which Quorum will consider paying your checks, ACH, recurring debit transactions, and everyday debit and ATM transactions that overdraft your account, up to $200.

Once these two levels of protection have been depleted, any transactions that may cause your account to go further negative will be automatically declined. Quorum will not charge any fees for declined transactions, returned items, or overdrafts related to QFlex Checking.

The 5-Day Early Access to Direct Deposits feature only allows for up to two funding sources per QFlex Checking account.

There is no limit to the number of direct deposits you’re allowed to receive as long as the direct deposits are coming from the two eligible funding sources. If you have more than two funding sources, you can choose which two funding sources should receive this benefit by calling (800) 874-5544, Monday through Friday between 8:30 a.m. – 7:00 p.m. ET.

QFlex checks that are declined/returned due to insufficient funds will not appear on your account transaction screen and you will not be charged a fee for these returned items. However, a Nonsufficient Fund (NSF) eNotice is generated for every returned transaction. You can access this notification within online or mobile banking under “Statements/Docs” which you will find under the “Accounts” menu.

QFlex Checking requires two monthly direct deposits of at least $500 for each direct deposit. If you can no longer satisfy this, you will not be able to take advantage of the five-day early direct deposit feature.

In order to keep taking advantage of QFlex benefits, reestablish the account requirements for QFlex by setting up the required direct deposits.