Kasasa Cash with Kasasa Saver® Disclosure
Kasasa Cash: A free variable rate consumer checking account with no minimum balance that rewards accountholders with interest and nationwide ATM withdrawal fee refunds when they meet minimum qualifications during the account’s Monthly Qualification Cycle.
Kasasa Saver is a free, variable rate, deposit account with no minimum balance that rewards accountholders with interest when they meet the minimum qualifications associated with their linked Kasasa Cash checking account during each Monthly Qualification Cycle.
Rewards, Interest Rate & Annual Percentage Yield (APY)
Kasasa Cash: When your Kasasa Cash account qualifications are met during a Monthly Qualification Cycle, daily collected balances up to and including $10,000 in your Kasasa Cash account earn an interest rate of 2.00% resulting in a non-compounding APY* of 2.02%; and daily collected balances over $10,000 earn an interest rate of 0.25% on the portion of the daily collected balance over $10,000, resulting in a non-compounding range from $2.02% to 0.41% APY depending on the account’s daily collected balance.
*Interest in Kasasa Cash does not compound because it is automatically transferred to the Kasasa Saver account within one day.
Kasasa Saver: When your Kasasa Cash account qualifications are met during a Monthly Qualification Cycle, daily collected balances up to and including $25,000.00 in your Kasasa Saver account earn an interest rate of 0.75% resulting in an APY of 0.75% and daily collected balances over $25,000 earn an interest rate of .25% on the portion of the daily collected balance over $25,000, resulting in a range from 0.75% to 0.35% APY depending on the Kasasa Saver account’s daily collected balance.
You will receive reimbursements up to an aggregate total of $20.00 for nationwide ATM withdrawal fees incurred within your Kasasa Cash account during that Monthly Qualification Cycle.
Automatic Savings: Interest earned on your Kasasa Cash and ATM withdrawal fee reimbursements will be credited to your Kasasa Cash account on the last day of the current statement cycle. The interest paid and ATM fee reimbursements will be automatically transferred to your Kasasa Saver account on the first business day of your next statement cycle. Note: Automatic transfers may cause an overdraft to your Kasasa Cash account, if the account’s balance is less than the transferred amount when the transfer occurs.
A Kasasa Cash account is required to have a Kasasa Saver account. A Kasasa Saver is required for automatic savings. If, for whatever reason the Kasasa Saver portion of your account is closed, your account will automatically be converted to a stand alone Kasasa Cash account.
Interest earned on your Kasasa Saver will be credited to your Kasasa Saver account on the last day of the current statement cycle.
If you close your account before the interest and ATM Fee reimbursements (if any) are credited, you will not receive the accrued interest or ATM fee reimbursements.
When Kasasa Cash qualifications are not met during a monthly qualification cycle, ATM withdrawal fees are not refunded and the APY earned on the daily collected balances in the Kasasa Cash and Kasasa Saver account will be 0.05%.
To earn your rewards, the following enrollments must be in place and all transactions and activities must post and settle to your Kasasa Cash account during each Monthly Qualification Cycle:
- At least 1 direct deposit, ACH credit, or ACH payment transaction
- At least 15 debit card purchases.
- Be enrolled in online banking
- Be enrolled in and have agreed to receive e-statements rather than paper statements
- Maintain a valid email address on record with bank
Account transactions and activities may take one or more days to post and settle to the account and all must do so during the Monthly Qualification Cycle in order to qualify for the account’s rewards.
The minimum deposit required to open a Kasasa Cash account is $100.00.
The minimum deposit required to open a Kasasa Saver account is $50.00.
Monthly Electronic Statement and Qualification Cycle
Statement Cycle: Your Kasasa Cash and Kasasa Saver statement will be generated on the last business processing day (Monday – Friday) of each month.
Qualification Cycle: To qualify for the rewards, all qualifying transactions must be settled and posted to your Kasasa Cash account one business day before the last processing day (Monday-Friday) of the month.
Processing Day: Any day, Monday – Friday, that the bank is open for substantially all business transactions
Transactions posting the last processing day of the month will count towards the qualification requirements of the next month.
Savings accounts are limited to 6 withdrawals per month for electronic transactions or any other withdrawals that you do not make in person at the bank. This limitation includes transactions such as ATM withdrawals, Internet or mobile transfers, direct Bill payments, etc.
Compounding & Crediting
Interest on your Kasasa Saver account will be compounded on a monthly basis. Interest on your Kasasa Cash and your Kasasa Saver account begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).
APY = Annual Percentage Yield. APY calculations are based on an assumed collected balance of $10,000 + $100,000 in your Kasasa Cash account and $25,000 + 100,000 and an assumed statement cycle of thirty-one (31) days. The annual percentage yield assumes interest remains on deposit. A withdrawal of the interest will reduce earnings.
We use the daily collected balance method to calculate the interest on your Kasasa Cash and Kasasa Saver account. This method applies a periodic rate to the daily collected balance in the account for the period. The daily collected balance is calculated by adding the collected principal in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the Statement Cycle.
Rates and rewards are variable and may change after account is opened without notice to you. You may inquire as to the current rate and rewards on your account by calling 573-392-3381 or 573-378-5464.
No minimum balance is required to earn or receive the account’s rewards. Rewards less than a penny cannot be distributed. Fees may reduce earnings. You will automatically qualify for the account’s rewards during your account’s first statement cycle. If the account is closed before rewards are credited, you will forfeit the rewards.
Debit Card and ACH Transactions: The following activities do not count toward earning account rewards: ATM-processed transactions, transfers between accounts, debit card purchases processed by merchants and received by our bank as ATM transactions, ACH transactions that originated as check transactions, non-retail payment transactions and purchases made with debit cards not issued by our bank. Transactions bundled together by merchants and received by our bank as a single transaction count as a single transaction for the purpose of earning account rewards.
ATM Fee Refunds: We reimburse ATM withdrawal fees based on estimates when the withdrawal information we receive does not identify the ATM withdrawal fee. If you have not received an appropriate reimbursement, we will adjust the reimbursement amount if we receive the transaction receipt within sixty (60) calendar days of the withdrawal transaction.
Purpose and Expected Use of Account
Account approval, conditions, qualifications, limits, timeframes, enrollments, and other requirements apply
This account is intended to be the accountholder’s primary checking account in which payroll transactions and day-to-day spending activities are posted and settled. Limit of one account per social security number. This account is not to be used for commercial purposes.
Commensurate with the spending activities identified above, we expect the account’s debit card to be used frequently throughout each month and for transaction amounts to reflect a wide dollar range. Small debit card transactions conducted on the same day at a single merchant and/or multiple transactions made during a condensed time period particularly near the end of a Monthly Qualification Cycle are not considered normal, day-to-day spending behavior. These types of transactions appear to be conducted with the sole purpose of qualifying for the account’s rewards and thus will be deemed inappropriate transactions and may not count toward earning the account’s rewards.
Citizens Bank reserves the right to determine if the account is being maintained for a purpose other than day-to-day, consumer primary use. Accountholders who do not use the account for the intended purpose or who persist in making debit card transactions in a calculated and limited fashion in order to meet their monthly qualifications may have their accounts converted to a different checking account or closed altogether. We also reserve the right to convert the account to a different checking account if the account does not have consistent active use over 3 consecutive Statement Cycles.
We have the right to close this account at any time, with proper notice. Our decision to close the account will not affect your existing obligations to us including any obligation to pay fees or charges incurred prior to termination. No deposits will be accepted and no checks will be paid after the account is closed. If the account is closed, you will forfeit any rewards that have not been credited to your account. A Citizens Bank check for the remaining balance, if applicable, will be mailed to accountholder at the address indicated on our current records. Upon termination of your Kasasa Cash account, any optional add-on products / services associated with this account will also be terminated at the same time.
There are no recurring monthly maintenance charges or fees to open or close this account.
Other Charges That May Apply
|Return Item Fee||$20.00 per check or electronic withdrawal|
|Overdraft Fee||$20.00 per check, in-person withdrawal, ATM withdrawal or any other electronic withdrawal drawn against insufficient funds.|
|Stop Payment Charge||$20.00 per check|
|Account Activity Printout||$2.00 per printout|
|Account Monitoring||$25.00 per month|
|Money Order Fee||$2.00|
|Cashiers Check Fee||$4.00|
|Outgoing Domestic Wire||$15.00|
|Collection Item Fee||$20.00|
|Statement Copies||$2.00 per month|
|Personalized Checks||Prices will vary depending on style|
|Research Fee||$35.00 per hour|
|Garnishments or Levies||$25.00|
|ATM or Debit Card Replacement||$5.00 each|
|Cash Management||$5.00 per transfer|
|Over 6 withdrawals per month from Kasasa Saver||1.00 per withdrawal over 6 per month.|
This disclosure contains the rules that govern your deposit account as of 1/31/20.
Member FDIC. Kasasa and Kasasa Cash are trademarks of Kasasa, Ltd., registered in the U.S.A.