Kasasa Cash Back - Truth In Savings Disclosure
contains the rules that govern your deposit account as of October 1, 2018.
Kasasa Cash Back: A free variable reward checking account
with no minimum balance that rewards accountholders with cash back on their PIN-based/signature-based
debit card purchases and nationwide ATM withdrawal
fee refunds when they meet minimum qualifications during the account's Monthly
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
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.
Square 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 Union Square 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 Back account, any optional add-on products/services
associated with this account will also be terminated at the same time.
To earn your rewards, the following enrollments must be in
place and all transactions and activities must post and settle to your Kasasa
Cash Back account during each Monthly Qualification Cycle:
At least 1 direct
deposit or ACH payment transaction(s)
At least 12
PIN-based/signature-based debit card purchases
Be enrolled in and
have agreed to receive e-statements rather than paper statements
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,
credit card purchases, 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 a period
beginning one (1) banking day prior to the first day of the current statement
cycle through one (1) banking day prior to the last business day of the current
statement cycle. "Banking Day" means any business day on which an office
of the credit union is open to the public for the purpose of carrying out
substantially all of its banking functions. "Business Day" means a
calendar day other than a Saturday or a Sunday, January 1, the third Monday in
January, the third Monday in February, the last Monday in May, July 4, the
first Monday in September, the second Monday in October, November 11, the
fourth Thursday in November, or December 25. If January 1, July 4, November 11,
or December 25 falls on a Sunday, the next Monday is not a Business Day.
"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.
Kasasa Cash Back qualifications are met during a Monthly Qualification Cycle,
you will receive 4% cash back on up to a total of $250.00 PIN-based/signature-based
debit card purchases that post and settle to the
account during that cycle period. A maximum of $10.00 cash back payments may be
earned per Monthly Qualification Cycle.
You will receive reimbursements up to an aggregate total of
$25.00 for nationwide ATM withdrawal fees (up to $4.99 per transaction)
incurred within your Kasasa Cash Back account during that Monthly Qualification
Cycle. 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.
When your Kasasa Cash Back account qualifications are not
met, no cash back payments are made and ATM withdrawal fees are not refunded.
Cash back payments and nationwide ATM withdrawal fee
reimbursements will be credited to your Kasasa Cash Back account on the last
day of the current statement cycle.
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. If the account is closed before rewards are credited,
you will forfeit the rewards.
Account approval, conditions, qualifications, limits,
timeframes, enrollments, log-ons and other requirements apply. A $100 minimum deposit is
required to open the account. At the discretion of the
credit union, a monthly Direct
Deposit may be used to meet the minimum deposit
condition of this account. See accompanying Fee Schedule for fees that may apply to
this account. Enrollment in electronic services (e.g. online banking,
e-statements) and log-ons may be required to meet some of the account's
qualifications. If electronic services are elected, you will need to maintain a
valid email address on record with the credit union. Limit of one (1) account per Social
Security Number or Tax Identification Number. There
are no recurring monthly maintenance charges or fees to open 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. Kasasa and Kasasa Cash Back are trademarks
of Kasasa, Ltd., registered in the U.S.A.