Frequently Asked Questions
BankFive debit card holders have access to Purchase Rewards, a debit card rewards program that offers cash back on everyday purchases at participating retailers. Specific questions about Purchase Rewards are answered below, but if you have a question that is not answered here, please don't hesitate to contact us via the button below, or by calling us at (774) 888-6100.
Are my cash back rewards taxed?
No, the rewards are not taxed as income.
Can I change which Checking account is linked to Purchase Rewards?
No. Once you have linked a Checking account to the program, the only way to unlink it is to opt out of the program. You cannot change which Checking account is enrolled in the program, nor can we change this Checking account for you. We also cannot add additional Checking accounts to your Purchase Rewards program for you.
Do I need an Online Banking account to participate in the Purchase Rewards program?
Yes. Because the offers must be activated via Online Banking or the BankFive mobile app, you must be a registered Online Banking user in order to participate in the Purchase Rewards program. If you are not registered for Online Banking, please visit our Online Banking page to learn more about our Online Banking platform and access a link to our Online Banking Registration Form.
How do I opt out of the Purchase Rewards program?
You can opt out of the program at any time. In Online Banking, open the Purchase Rewards program by clicking the "View All Offers" button, then scroll to the bottom of the page and click the "Opt-Out" link in the footer. In the BankFive mobile app, select Purchase Rewards from the "More" menu, then click "View All Offers" and select "Opt-Out" from the menu. Please note that if you opt out you will have 30 days to to view your Purchase Rewards account and rejoin. If you rejoin after 30 days you will need to reactivate your previously chosen offers.
How do I sign up for Purchase Rewards?
To enroll, simply log into Online Banking and click the "Join Purchase Rewards" button, or log into the BankFive mobile app, click the "More" button, then click "Purchase Rewards" and "Join Purchase Rewards". If you have more than one Checking account, you'll be prompted to select which account you'd like to tie to the Purchase Rewards program. Once enrolled, you'll then be able to activate offers in Online Banking or Mobile Banking via Purchase Rewards.
How do I use Purchase Rewards?
Review your available offers in Online Banking or the BankFive mobile app, and activate the ones that interest you. We recommend reading the details associated with each individual offer, as each offer has different specifications and requirements associated with it. Then, redeem your offers by shopping at those retailers with the debit card (or debit cards) tied to your Purchase Rewards account. Your cash back rewards will be automatically deposited into your account within the month following your qualified purchases.
How old do I have to be to use Purchase Rewards?
You must be 16 years or older to enroll in the Purchase Rewards program.
I forgot which Checking account I linked Purchase Rewards to. Is there a way I can check?
Yes. Open Purchase Rewards and view your Active Offers. If you do not yet have any Active Offers, activate one of the offers that is available to you. Next, click the "More Details" button under any of your Active Offers (or hit the downward pointing arrow next to the offer if using the BankFive mobile app) and you will see the name of the account that is linked to Purchase Rewards, and the date that you linked the account.
If I have more than one account, will I see the same offers for both accounts?
No. If you have multiple Checking accounts under the same Online Banking account, you will only be able to earn cash back through Purchase Rewards using one of your Checking accounts. You will choose which account you'd like to enroll when you join Purchase Rewards. Offers can only be linked to this Checking account and only qualifying transactions made using the debit card(s) tied to this Checking account will be eligible for cash back. We cannot change this Checking account after you have enrolled, nor can we add additional Checking accounts to the Purchase Rewards program for you.
If I return an item, do I lose the reward?
No. If a return is made, there is no adjustment to the reward - the reward remains in your account. This is because we do not share your personal information with the retailers that participate in the Purchase Rewards program.
If there are two debit cards on the same account, can both receive the same reward?
No. Offers and rewards are based on the enrolled Checking account, not the debit card(s) associated with the account. If an offer is available in an account that has more than one debit card, whichever debit card redeems the offer first will trigger the reward, and the reward will be marked as "used".
Is my personal information shared with the participating retailers?
No. We do not share any of your personal information with the retailers that participate in the Purchase Rewards program.
Is the Purchase Rewards program free?
Yes. There is no cost associated with Purchase Rewards. This program is just another benefit of using your BankFive debit card.
Is there a limit to how many offers I can activate or how much cash back I can earn?
No. There is no limit to the rewards you can earn. Activate as many offers as you like!
What is Purchase Rewards?
Purchase Rewards is a program that lets you earn cash back by using your BankFive debit card at participating retailers. With the Purchase Rewards program, you receive targeted offers within your Online Banking or Mobile Banking account. Activate the offers that interest you, then make qualifying purchases online or in-store with your BankFive debit card and receive cash back in your BankFive Checking account.
When will I receive cash back for the offers I redeem?
Your cash back rewards will typically be deposited into your account by the end of the month following the month in which the offer was redeemed. In other words, if you redeemed an offer in September, you should see the cash back reward credited to your BankFive Checking account by the end of October. You can keep track of your redemptions via the "Earn Summary" feature. In Online Banking click the "View All Offers" button to open Purchase Rewards, then click the "Earn Summary" link. In the BankFive mobile app, select "Purchase Rewards" from the "More" menu, then click "View All Offers" and select "Earn Summary" from the menu.