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Free Kasasa Cash Checking:

This disclosure contains the rules that govern your deposit account as of 3/1/21.

Account Overview:

Kasasa Cash: A free variable rate checking account with no minimum balance that rewards accountholders with dividends and nationwide ATM withdrawal fee refunds when they meet minimum qualifications during the account's Monthly Qualification Cycle.

Purpose and Expected Use of Account

This account is intended to be the accountholder's primary share draft account in which payroll transactions and day-to-day spending activities including but not limited to grocery, gasoline, apparel, shopping, dining, sporting and entertainment transactions are posted and settled.

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 will not count toward earning the account's rewards.

Chessie Federal Credit Union reserves the right to determine if the account is being maintained for a purpose other than day-to-day, primary use. Accountholders 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 share draft account or closed altogether. We also reserve the right to convert the account to a different share draft account if the account does not have consistent active use over 12 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 Chessie Federal Credit Union 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.

Dividend Rate & Annual Percentage Yield (APY)

Compounding & Crediting:

Dividends will be compounded on average daily basis. Dividends will be credited to your Kasasa Cash account on the first week of the next statement cycle.  If you close your account before the dividends are credited, you will not receive the accrued dividends. Dividends begin(s) to accrue on the day you deposit noncash items (for example, checks).

"Statement Cycle" means the period of time for which Chessie Federal Credit Union provides a summary of the financial activities and transactions that post and settle to the accountholder's account. See our website or contact one of our branch service representatives for specific Statement Cycle dates.

Balance Computation Method:

We use the average daily balance method to calculate the dividends on your Kasasa Cash account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the 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.

Dividend Rate & Annual Percentage Yield:

When your Kasasa Cash account qualifications are met during a Monthly Qualification Cycle average daily balances up to and including $15,000.00 in your Kasasa Cash account earn a dividend rate of 1.7361% resulting in an APY of 1.75%; and average daily balances over $15,000.00 earn a dividend rate of .2497% on the portion of the average daily balance over $15,000.00, resulting in a range from 0.45% to 1.75% APY depending on the account's average daily balance.

When Kasasa Cash qualifications are not met, ATM withdrawal fees are not refunded and the dividend rate earned on the entire average daily balance in the account will be 0.05% resulting in an APY of 0.05%;

Qualification Information:

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:

  • Login into Home Banking or Mobile Banking
  • Sign up for E-statements
  • At least 15 signature-based debit card purchases, each $5.00 or more
  • Be enrolled in and have agreed to receive e-statements rather than paper statements

For clarity, in order to count as a qualifying transaction for the purpose of earning the account's rewards signature-based debit card purchases must be at least $5.00

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 following activities do not count toward earning account rewards: ATM-processed transactions, transfers between accounts, PIN-based, debit card purchases less than $5.00, credit card purchases, debit and credit card purchases processed by merchants and received by our credit union as ATM transactions, non-retail payment transactions and purchases made with debit or credit cards not issued by our credit union. Transactions bundled together by merchants and received by our institution as a single transaction count as a single transaction for the purpose of earning account rewards.

"Monthly Qualification Cycle" means the current statement cycle.

See our website or contact one of our branch service representatives for specific Monthly Qualification Cycle dates.

"Statement Cycle" means the period of time for which our credit union provides a summary of the financial activities and transactions that post and settle to the accountholder's account. See our website or contact one of our branch service representatives for specific Statement Cycle dates.

Reward Information:

When your Kasasa Cash account qualifications are met during a Monthly Qualification Cycle, average daily balances up to and including $15,000.00 in your Kasasa Cash account earn a dividend rate of 1.7361% resulting in an APY of 1.75%; and average daily balances over $15,000.00 earn a dividend rate of .2497% on the portion of the average daily balance over $15,000.00, resulting in a range from 0.45% to 1.75% APY depending on the account's average daily balance.

You will receive reimbursements up to $25.00 for nationwide ATM withdrawal fees incurred within your Kasasa Cash account during the Monthly Qualification Cycle in which you qualified.

When your Kasasa Cash qualifications are not met, the dividend rate earned on the account's entire average daily balance will be 0.05% resulting in an annual percentage yield of 0.05% and ATM withdrawal fees are not refunded.

Dividends will be credited to your Kasasa Cash account on the last day of the current statement cycle.

Nationwide ATM withdrawal fee reimbursements will be credited to your account on the first week of the next statement cycle.

APY = Annual Percentage Yield. APY calculations are based on an assumed balance of $15,000.00 + $100,000 in your Kasasa Cash account and an assumed statement cycle of thirty-one (31) days. Rates, rewards, and bonuses, if any, are variable and may change after account is opened without notice to you. 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.

Additional Information:

Account approval, conditions, qualifications, limits, timeframes, enrollments, log-ons and other requirements apply. $25.00 minimum deposit is required to open the account. Enrollment in online banking or mobile banking, sign up for E-statements is a condition(s)] of these account(s). Enrollment in electronic services (e.g. online banking, e-statements) and log-ons may be required to meet some of the account's qualifications. There are no recurring monthly maintenance charges or fees to open or close this account. This account is not to be used for commercial purposes. If the account is closed, you will forfeit any rewards that have not been credited to your account. Contact one of our credit union service representatives for additional information, details, restrictions, reward calculations, processing limitations, cycle dates and enrollment instructions. Federally insured by NCUA, Your Savings Insured To $250,000 Per Account, Kasasa and Kasasa Cash are trademarks of Kasasa, Ltd., registered in the U.S.A.

Free Kasasa Cash Back Checking:

Qualification Information:
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 following activities do not count toward earning account rewards: ATM-processed transactions, transfers between accounts, PIN-based, signature based debit card purchases less than $5.00, debit card purchases processed by merchants and received by our credit union as ATM transactions, non-retail payment transactions and purchases made with debit cards not issued by our credit union. Transactions bundled together by merchants and received by our institution as a single transaction count as a single transaction for the purpose of earning account rewards.

"Monthly Qualification Cycle" means the current statement cycle.

See our website or contact one of our branch service representatives for specific Monthly Qualification Cycle dates.

"Statement Cycle" means the period of time for which our credit union provides a summary of the financial activities and transactions that post and settle to the accountholder's account. See our website or contact one of our branch service representatives for specific Statement Cycle dates.

Reward Information:
Depending on what Kasasa account you have, you will receive the following rewards when you meet your account's qualifications during a Monthly Qualification Cycle:

Kasasa Saver: average daily balances up to and including $25,000.00 in your Kasasa Saver account earn an APY of 1.00%and average daily balances over $25,000.00 earn a dividend rate of .2497% on the portion of the average daily balance over $25,000.00, resulting in a range from 0.40% to 1.00% APY depending on the account's average daily balance.

You will receive reimbursements up to $25.00 for nationwide ATM withdrawal fees incurred within your Kasasa Cash or Kasasa Cash Back account during the Monthly Qualification Cycle in which you qualified.

Depending on your Kasasa account, when your qualifications are not met, cash back payments are not made, nationwide ATM withdrawal fees are not reimbursed and:

Kasasa Saver: the entire average daily balance in the Kasasa Saver account earns 0.05% APY.

Dividends will be credited to your Kasasa Cash and Kasasa Saver accounts on the first week of the next statement cycle.

The cash back payments and nationwide ATM withdrawal fee reimbursements earned in your Kasasa Cash Back account will be credited to your Kasasa Saver account on the first week of the next statement cycle.

If Kasasa Cash or Kasasa Cash Back are linked to Kasasa Saver, the following also apply:

Kasasa Cash: When linked to a Kasasa Saver account, the dividends earned within the Kasasa Cash account do not compound since it, along with any nationwide ATM withdrawal fee reimbursements are, automatically transferred to the Kasasa Saver account within one day. This automatic transfer may cause an overdraft to your Kasasa Cash account, if the account balance is less than the transferred amount when the transfer occurs.

Kasasa Cash Back: When linked to a Kasasa Saver account, the cash back payments and nationwide ATM withdrawal fee reimbursements earned in your Kasasa Cash Back account will be credited to your Kasasa Saver account on the first week of the next statement cycle.

APY = Annual Percentage Yield.

APYs accurate as of 8/27/19.

APY calculations are based on an assumed balance of 25,000.00 + $100,000 in your Kasasa Saver account and an assumed statement cycle of thirty-one (31) days.

Rates, rewards, and bonuses, if any, are variable and may change after account is opened without notice to you. 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.

Additional Information:
Membership restrictions may apply.

Account approval, conditions, qualifications, limits, timeframes, enrollments, log-ons and other requirements apply.

A $25.00 minimum deposit is required to open the account.

Enrollment in online banking or mobile banking, Sign up for E-statements is a condition of Kasasa Saver's linked Kasasa Cash or Kasasa Cash Back account.

Enrollment in electronic services (e.g. online banking, e-statements) and log-ons may be required to meet some of Kasasa Saver's linked Kasasa Cash or Kasasa Cash Back account's qualifications.

There are no recurring monthly maintenance charges or fees to open or close this account.

This account is not to be used for commercial purposes. If the account is closed, you will forfeit any rewards that have not been credited to your account.

A Kasasa Cash or Kasasa Cash Back account is required to have a Kasasa Saver account.

A linked Kasasa Saver account is required for automatic savings.

Advertised information and rewards are based on all account qualifications being met during each cycle period.

Contact one of our credit union service representatives for additional information, account details, restrictions, reward calculations, processing limitations, cycle dates and enrollment instructions.

Federally insured by NCUA, Your Savings Insured To $250,000 Per Account.

Trademarks:
Kasasa, Kasasa Cash, Kasasa Cash Back and Kasasa Saver are trademarks of Kasasa, Ltd., registered in the U.S.A.

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