First Arkansas Bank & Trust (FABaT) has started a reward checking account called FirstNet Checking that pays 6.06% APY on all balances and refunds ATM fees if the following monthly requirements are met:

1.  10 point of sale debit card transactions
2. One monthly direct deposit or ACH auto debit or make one online bill payment
3. Receive e-statements
4. Sign in to your online banking account.

If these are not met, the rate falls to 0.05%. The minimum opening balance is $100. There are no minimum balance requirements or monthly fees.

The bank has set up a special website with more details on this account. Some important points from their FAQ include:

• No free checks
• All account holders receive the reward yield during the first statement cycle
• They will email you at the end of each statement cycle to notify you if you have qualified for the reward yield
• All ATM refunds will be automatically credited at the end of the statement cycle if all requirements have been met
• No limits on ATM refunds
• ATM fees assessed anywhere in the world are refunded
• DBAs (sole-proprietorship accounts), non-profit organizations, governmental units and funds held by a fiduciary may use this account

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