Truth In Savings Disclosure
This disclosure contains the rules that govern your deposit account as of May 1, 2023.
Account Overview
Kasasa Cash Back – Multi Level: A free variable reward checking account with no minimum balance that rewards accountholders with cash back on their debit card purchases 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 checking 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. For example, five debit card transactions, each for a dollar, conducted at a convenience store, two days before the end of the cycle would not be considered by our institution as normal, day-to-day spending behavior. These types of transactions, and other activities that appear to be conducted with the sole purpose of qualifying for the account’s rewards and will be deemed inappropriate transactions and may not count toward earning the account’s rewards.
NextStep 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 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 6 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 NextStep 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 Back- Multi-Level account, any optional add-on products / services associated with this account will also be terminated at the same time.
Qualification Information
To earn your account’s rewards, the following enrollments must be in place and all transactions and activities must post and settle to your Kasasa Cash Back – Multi Level account during each Monthly Qualification Cycle:
- Kasasa Cash Back – Principal Qualifications:
- At least 12 debit card purchases
- Be enrolled in and log into online banking
- Be enrolled in and have agreed to receive e-statements rather than paper statements
- Kasasa Cash Back – Enhanced Qualifications:
- At least 40 debit card purchases
- At least 1 direct deposit, ACH credit or ACH payment transaction(s)
- Be enrolled in and log into online banking
- Be enrolled in and have agreed to receive e-statements rather than paper statements
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, debit card purchases processed by merchants and received by our institution as ATM transactions, non-retail payment transactions and purchases made with debit cards not issued by our institution. 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. Visit our website or speak to one of our branch service representatives for specific Monthly Qualification Cycle dates.
“Banking Day” means any 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 or for processing.
“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, June 19, 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. Visit our website or speak to one of our branch service representatives for specific Statement Cycle dates.
Reward Information
When Kasasa Cash Back-Multi Level account qualifications are met during a Monthly Qualification Cycle, you will receive:
- Kasasa Cash Back – Principal Rewards: You will receive 4% cash back on up to a total of $300 debit card purchases that post and settle to the account during that cycle period. A maximum of $12 cash back payments may be earned per Monthly Qualification Cycle. In addition, you will receive the ATM rewards as articulated below.
or
- Kasasa Cash Back – Enhanced Rewards: You will receive 5% cash back on up to a total of $300 card purchases that post and settle to the account during that cycle period. A maximum of $15 cash back payments may be earned per Monthly Qualification Cycle. In addition, you will receive the ATM rewards as articulated below.
and
- ATM Rewards: You will also receive reimbursements up to the aggregate total of $20 for nationwide ATM withdrawal fees incurred within your Kasasa Cash Back-Multi Level 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-Multi Level 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-Multi Level account on the first processing/business day of the following statement cycle.
Rates, rewards, and bonuses, if any, are variable and may change after account is opened; rates may change 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.
Additional Information
Account approval, conditions, qualifications, limits, timeframes, enrollments, log-ons and other requirements apply. $0 minimum deposit is required to open the Kasasa Cash Back – Multi Level account. Limit 1 account per social security number. There are no recurring monthly maintenance charges or fees to open or close this account. Certain transaction and service fees may apply. 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 service representatives for additional information, details, restrictions, reward calculations, processing limitations, cycle dates and enrollment instructions. Member FDIC. Kasasa and Kasasa Cash Back-Multi Level are trademarks of Kasasa, Ltd., registered in the U.S.A.
Cycle Date Information:
The following dates apply to your Kasasa Cash Back – Multi Level account. Our Monthly Qualification Cycle dates are not the same as our Statement Cycle dates. To qualify for your account’s rewards, all of the transactions and activities identified within the above Qualification Information section must post and settle to your Kasasa Cash Back – Multi Level account with these Monthly Qualification Cycle dates.
Monthly Qualification Cycle
| Monthly Qualification Cycle | Statement Cycle | ||||
|---|---|---|---|---|---|
| Month | Year | Begin | End | Begin | End |
| January | 2023 | 01/01/2023 | 01/31/2023 | 01/01/2023 | 01/31/2023 |
| February | 2023 | 02/01/2023 | 02/28/2023 | 02/01/2023 | 02/28/2023 |
| March | 2023 | 03/01/2023 | 03/31/2023 | 03/01/2023 | 03/31/2023 |
| April | 2023 | 04/01/2023 | 04/30/2023 | 04/01/2023 | 04/30/2023 |
| May | 2023 | 05/01/2023 | 05/31/2023 | 05/01/2023 | 05/31/2023 |
| June | 2023 | 06/01/2023 | 06/30/2023 | 06/01/2023 | 06/30/2023 |
| July | 2023 | 07/01/2023 | 07/31/2023 | 07/01/2023 | 07/31/2023 |
| August | 2023 | 08/01/2023 | 08/31/2023 | 08/01/2023 | 08/31/2023 |
| September | 2023 | 09/01/2023 | 09/30/2023 | 09/01/2023 | 09/30/2023 |
| October | 2023 | 10/01/2023 | 10/31/2023 | 10/01/2023 | 10/31/2023 |
| November | 2023 | 11/01/2023 | 11/30/2023 | 11/01/2023 | 11/30/2023 |
| December | 2023 | 12/01/2023 | 12/31/2023 | 12/01/2023 | 12/31/2023 |
Multi Level Rewards – Truth In Savings Disclosure
This disclosure contains the rules that govern your deposit account as of May 1, 2023.
Account Overview
Kasasa Cash Back – Multi Level: A free variable reward checking account with no minimum balance that rewards accountholders with cash back on their debit card purchases 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 checking 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. For example, five debit card transactions, each for a dollar, conducted at a convenience store, two days before the end of the cycle would not be considered by our institution as normal, day-to-day spending behavior. These types of transactions, and other activities that appear to be conducted with the sole purpose of qualifying for the account’s rewards and will be deemed inappropriate transactions and may not count toward earning the account’s rewards.
NextStep 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 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 6 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 NextStep 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 Back- Multi-Level account, any optional add-on products / services associated with this account will also be terminated at the same time.
Qualification Information
To earn your account’s rewards, the following enrollments must be in place and all transactions and activities must post and settle to your Kasasa Cash Back – Multi Level account during each Monthly Qualification Cycle:
- Kasasa Cash Back – Principal Qualifications:
- At least 12 debit card purchases
- Be enrolled in and log into online banking
- Be enrolled in and have agreed to receive e-statements rather than paper statements
- Kasasa Cash Back – Enhanced Qualifications:
- At least 40 debit card purchases
- At least 1 direct deposit, ACH credit or ACH payment transaction(s)
- Be enrolled in and log into online banking
- Be enrolled in and have agreed to receive e-statements rather than paper statements
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, debit card purchases processed by merchants and received by our institution as ATM transactions, non-retail payment transactions and purchases made with debit cards not issued by our institution. 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. Visit our website or speak to one of our branch service representatives for specific Monthly Qualification Cycle dates.
“Banking Day” means any 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 or for processing.
“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, June 19, 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. Visit our website or speak to one of our branch service representatives for specific Statement Cycle dates.
Reward Information
When Kasasa Cash Back-Multi Level account qualifications are met during a Monthly Qualification Cycle, you will receive:
- Kasasa Cash Back – Principal Rewards: You will receive 4% cash back on up to a total of $300 debit card purchases that post and settle to the account during that cycle period. A maximum of $12 cash back payments may be earned per Monthly Qualification Cycle. In addition, you will receive the ATM rewards as articulated below.
or
- Kasasa Cash Back – Enhanced Rewards: You will receive 5% cash back on up to a total of $300 card purchases that post and settle to the account during that cycle period. A maximum of $15 cash back payments may be earned per Monthly Qualification Cycle. In addition, you will receive the ATM rewards as articulated below.
and
- ATM Rewards: You will also receive reimbursements up to the aggregate total of $20 for nationwide ATM withdrawal fees incurred within your Kasasa Cash Back-Multi Level 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-Multi Level 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-Multi Level account on the first processing/business day of the following statement cycle.
Rates, rewards, and bonuses, if any, are variable and may change after account is opened; rates may change 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.
Additional Information
Account approval, conditions, qualifications, limits, timeframes, enrollments, log-ons and other requirements apply. $0 minimum deposit is required to open the Kasasa Cash Back – Multi Level account. Limit 1 account per social security number. There are no recurring monthly maintenance charges or fees to open or close this account. Certain transaction and service fees may apply. 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 service representatives for additional information, details, restrictions, reward calculations, processing limitations, cycle dates and enrollment instructions. Member FDIC. Kasasa and Kasasa Cash Back-Multi Level are trademarks of Kasasa, Ltd., registered in the U.S.A.
Cycle Date Information:
The following dates apply to your Kasasa Cash Back – Multi Level account. Our Monthly Qualification Cycle dates are not the same as our Statement Cycle dates. To qualify for your account’s rewards, all of the transactions and activities identified within the above Qualification Information section must post and settle to your Kasasa Cash Back – Multi Level account with these Monthly Qualification Cycle dates.
Monthly Qualification Cycle
| Monthly Qualification Cycle | Statement Cycle | ||||
|---|---|---|---|---|---|
| Month | Year | Begin | End | Begin | End |
| January | 2023 | 01/01/2023 | 01/31/2023 | 01/01/2023 | 01/31/2023 |
| February | 2023 | 02/01/2023 | 02/28/2023 | 02/01/2023 | 02/28/2023 |
| March | 2023 | 03/01/2023 | 03/31/2023 | 03/01/2023 | 03/31/2023 |
| April | 2023 | 04/01/2023 | 04/30/2023 | 04/01/2023 | 04/30/2023 |
| May | 2023 | 05/01/2023 | 05/31/2023 | 05/01/2023 | 05/31/2023 |
| June | 2023 | 06/01/2023 | 06/30/2023 | 06/01/2023 | 06/30/2023 |
| July | 2023 | 07/01/2023 | 07/31/2023 | 07/01/2023 | 07/31/2023 |
| August | 2023 | 08/01/2023 | 08/31/2023 | 08/01/2023 | 08/31/2023 |
| September | 2023 | 09/01/2023 | 09/30/2023 | 09/01/2023 | 09/30/2023 |
| October | 2023 | 10/01/2023 | 10/31/2023 | 10/01/2023 | 10/31/2023 |
| November | 2023 | 11/01/2023 | 11/30/2023 | 11/01/2023 | 11/30/2023 |
| December | 2023 | 12/01/2023 | 12/31/2023 | 12/01/2023 | 12/31/2023 |
Kasasa Cash
Truth In Savings Disclosure
This disclosure contains the rules that govern your deposit account as of November 1, 2023.
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.
NextStep 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 6 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 NextStep 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 a monthly basis. Dividends will be credited to your Kasasa Cash account on the first processing/business day of the following 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 banking day you deposit noncash items (for example, checks).
“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 NextStep Federal Credit Union provides a summary of the financial activities and transactions that post and settle to the accountholder’s account. See our website, NextStepFCU.org 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
This is a variable rate account. The dividend rate and annual percentage yield may change. The dividend rate is determined at our discretion and we may change the dividend rate on your account at any time, without any limitations, and without notice to you.
When your Kasasa Cash account qualifications are met during a Monthly Qualification Cycle average daily balances up to and including $10,000 in your Kasasa Cash account earn a dividend rate of 2.95952% resulting in a non-compounding APY* of 3.00%; and average daily balances over $10,000 earn a dividend rate of 0.2497% on the portion of the average daily balance over $10,000, resulting in a non-compounding range from 3.00% to 0.50% 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 Back account during each Monthly Qualification Cycle:
At least 12 debit card purchases
Be enrolled in and log into online banking
Be enrolled in and have agreed to receive e-statements rather than paper statements
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, debit card purchases processed by merchants and received by our credit union as ATM transactions; 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
When your Kasasa Cash account qualifications are met during a Monthly Qualification Cycle, average daily balances up to and including $10,000 in your Kasasa Cash account earn a dividend rate of 2.95952% resulting in a non-compounding APY of 3.00%; and average daily balances over $10,000 earn a dividend rate of 0.2497% on the portion of the average daily balance over $10,000, resulting in a non-compounding range from 3.00% to 0.50% APY depending on the account’s average daily balance.
You will receive reimbursements up to an aggregate total of $20 for nationwide ATM withdrawal fees incurred within your Kasasa Cash 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. NOTE: ATM fee reimbursements only apply to Kasasa Cash, Kasasa Cash Back, or Kasasa Tunes transactions via ATM; Kasasa Saver ATM transaction fees are not reimbursed nor refunded.
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 first processing/business day of the following statement cycle.
Nationwide ATM withdrawal fee reimbursements will be credited to your account on the first processing/business day of the following statement cycle.
APY = Annual Percentage Yield. APY calculations are based on an assumed balance of $10,000 + $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; rates may change 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. 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. No minimum deposit is required to open the account. No minimum deposit is required to open the account. Monthly enrollment & logon to online banking and eStatements, is a condition of 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. Limit of one account per Member. 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 to $250,000 Per Account. Kasasa and Kasasa Cash are trademarks of Kasasa, Ltd., registered in the U.S.A.
Cycle Date Information:
The following dates apply to your Kasasa Cash account. Our Monthly Qualification Cycle dates are not the same as our Statement Cycle dates. To qualify for your account’s rewards, all of the transactions and activities identified within the above Qualification Information section must post and settle to your Kasasa Cash account with these Monthly Qualification Cycle dates.
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, non-retail payment transactions and purchases made with debit cards not issued by our institution. 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
| Monthly Qualification Cycle | Statement Cycle | ||||
|---|---|---|---|---|---|
| Month | Year | Begin | End | Begin | End |
| January | 2023 | 01/01/2023 | 01/31/2023 | 01/01/2023 | 01/31/2023 |
| February | 2023 | 02/01/2023 | 02/28/2023 | 02/01/2023 | 02/28/2023 |
| March | 2023 | 03/01/2023 | 03/31/2023 | 03/01/2023 | 03/31/2023 |
| April | 2023 | 04/01/2023 | 04/30/2023 | 04/01/2023 | 04/30/2023 |
| May | 2023 | 05/01/2023 | 05/31/2023 | 05/01/2023 | 05/31/2023 |
| June | 2023 | 06/01/2023 | 06/30/2023 | 06/01/2023 | 06/30/2023 |
| July | 2023 | 07/01/2023 | 07/31/2023 | 07/01/2023 | 07/31/2023 |
| August | 2023 | 08/01/2023 | 08/31/2023 | 08/01/2023 | 08/31/2023 |
| September | 2023 | 09/01/2023 | 09/30/2023 | 09/01/2023 | 09/30/2023 |
| October | 2023 | 10/01/2023 | 10/31/2023 | 10/01/2023 | 10/31/2023 |
| November | 2023 | 11/01/2023 | 11/30/2023 | 11/01/2023 | 11/30/2023 |
| December | 2023 | 12/01/2023 | 12/31/2023 | 12/01/2023 | 12/31/2023 |
Truth In Savings Disclosure
This disclosure contains the rules that govern your deposit account as of November 1, 2023.
Account Overview
Kasasa Cash Back – Multi Level: A free variable reward checking account with no minimum balance that rewards accountholders with cash back on their debit card purchases and nationwide ATM withdrawal fee refunds when they meet minimum qualifications during the account’s Monthly Qualification Cycle.
Kasasa Saver: A free, variable rate, deposit account with no minimum balance that rewards accountholders with dividends when they meet the minimum qualifications associated with their linked Kasasa Cash Back-Multi Level checking account during each Monthly Qualification Cycle.
Purpose and Expected Use of Account
This account is intended to be the accountholder’s primary checking 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. For example, five debit card transactions, each for a dollar, conducted at a convenience store, two days before the end of the cycle would not be considered by our institution as normal, day-to-day spending behavior. These types of transactions, and other activities that appear to be conducted with the sole purpose of qualifying for the account’s rewards and will be deemed inappropriate transactions and may not count toward earning the account’s rewards.
The NextStep 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 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 6 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 NextStep 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 Back-Multi-Level with Kasasa Saver account, any optional add-on products / services associated with this account will also be terminated at the same time.
If, for whatever reason the Kasasa Saver portion of your account is closed, your account will automatically be converted to a standalone Kasasa Cash Back-Multi Level account and only the Kasasa Cash Back-Multi Level terms and conditions articulated within this disclosure will apply. If, for whatever reason the Kasasa Cash Back-Multi Level portion of your account is closed, your account will automatically be converted to a standalone regular savings account and you will receive terms and conditions that will apply to that account.
Kasasa Saver – Dividend Rate & Annual Percentage Yield (APY)
Compounding & Crediting
Dividends will be compounded on a monthly basis. Dividends will be credited to your Kasasa Saver account on the first processing/business day of the following statement cycle. If you close your account before the dividends are credited, you will not receive the accrued dividends. Dividends begins to accrue on the banking day you deposit noncash items (for example, checks).
“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, June 19, 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. Visit our website or speak to 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 Saver 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
This is a variable rate account. The dividend rate and annual percentage yield may change. The dividend rate is determined at our discretion, and we may change the dividends rate on your account at any time, without any limitations, and without notice to you.
When your Kasasa Cash Back-Multi Level account qualifications are met during a Monthly Qualification Cycle average daily balances up to and including $25,000 in your Kasasa Saver account earn a dividend rate of 3.92849% resulting in an APY of 4.00%; and average daily balances over $25,000 earn a dividend rate of 0.2497% on the portion of the average daily balance over $25,000, resulting in a range from 4.00% to 1.00% APY depending on the account’s average daily balance.
When your Kasasa Cash Back-Multi Level account qualifications are not met during a Monthly Qualification Cycle, the entire average daily balance in the Kasasa Saver account earns a dividend rate of 0.05% resulting in an annual percentage yield of 0.05% APY.
Qualification Information
To earn your account’s rewards, the following enrollments must be in place and all transactions and activities must post and settle to your Kasasa Cash Back-Multi Level with Kasasa Saver account during each Monthly Qualification Cycle:
- Kasasa Cash Back – Principal Qualifications:
- At least 12 debit card purchases
- Be enrolled in and log into online banking
- Be enrolled in and have agreed to receive e-statements rather than paper statements
- Kasasa Cash Back – Enhanced Qualifications:
- At least 40 debit card purchases
- At least 1 direct deposit, ACH credit or ACH payment transaction(s)
- Be enrolled in and log into online banking
- Be enrolled in and have agreed to receive e-statements rather than paper statements
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, debit card purchases processed by merchants and received by our institution as ATM transactions, non-retail payment transactions and purchases made with debit cards not issued by our institution. 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. Visit our website or speak to one of our branch service representatives for specific Monthly Qualification Cycle dates.
“Banking Day” means any 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 or for processing.
“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, June 19, 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. Visit our website or speak to one of our branch service representatives for specific Statement Cycle dates.
Reward Information
When Kasasa Cash Back-Multi Level account qualifications are met during a Monthly Qualification Cycle, you will receive:
- Kasasa Cash Back – Principal Rewards: You will receive 4% cash back on up to a total of $300 debit card purchases that post and settle to the account during that cycle period. A maximum of $12 cash back payments may be earned per Monthly Qualification Cycle. In addition, you will receive the ATM rewards as articulated below.
or
- Kasasa Cash Back – Enhanced Rewards: You will receive 5% cash back on up to a total of $300 card purchases that post and settle to the account during that cycle period. A maximum of $15 cash back payments may be earned per Monthly Qualification Cycle. In addition, you will receive the ATM rewards as articulated below.
and
- ATM Rewards: You will also receive reimbursements up to the aggregate total of $20 for nationwide ATM withdrawal fees incurred within your Kasasa Cash Back-Multi Level 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. Note: ATM fee reimbursements only apply to Kasasa Cash Back-Multi Level transactions via ATM; Kasasa Saver ATM transaction fees are not reimbursed nor refunded.
and
- Kasasa Saver Rewards: average daily balances up to and including $25,000 in your Kasasa Saver account earn a dividend rate of 3.92849% resulting in an APY of 4.00%; and average daily balances over $25,000 earn a dividend rate of 0.2497% on the portion of the average daily balance over $25,000, resulting in a range from 4.00% to 1.00% APY depending on the account’s average daily balance.
When your Kasasa Cash Back account qualifications are not met, no cash back payments are made, ATM withdrawal fees are not refunded, and the entire average daily balance in the Kasasa Saver account earns a dividend rate of 0.05% resulting in an annual percentage yield of 0.05% APY.
Dividends will be credited to your Kasasa Saver account on first processing/business day of the following statement cycle. The cash back payments and nationwide ATM withdrawal fee reimbursements earned in your Kasasa Cash Back – Multi Level account will be credited to your Kasasa Saver account on first processing/business day of the following statement cycle.
APY = Annual Percentage Yield. APY calculations are based on an assumed balance of $125,000 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; rates may change 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. 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. $0 minimum deposit is required to open the Kasasa Cash Back – Multi Level account. $25 minimum deposit is required to open the corresponding Kasasa Saver account. Limit 1 account per social security number. There are no recurring monthly maintenance charges or fees to open or close this account. Certain transaction and service fees may apply. 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 Back–Multi Level account is required to have a Kasasa Saver account. A Kasasa Saver account is required for automatic savings. Contact one of our service representatives for additional information, details, restrictions, reward calculations, processing limitations, cycle dates and enrollment instructions. Member FDIC. Kasasa, Kasasa Cash Back- Multi Level, and Kasasa Saver are trademarks of Kasasa, Ltd., registered in the U.S.A.
Cycle Date Information:
The following dates apply to your Kasasa Cash Back – Multi Level with Kasasa Saver account. Our Monthly Qualification Cycle dates are not the same as our Statement Cycle dates. To qualify for your account’s rewards, all of the transactions and activities identified within the above Qualification Information section must post and settle to your Kasasa Cash Back – Multi Level with Kasasa Saver account with these Monthly Qualification Cycle dates.
Monthly Qualification Cycle
| Monthly Qualification Cycle | Statement Cycle | ||||
|---|---|---|---|---|---|
| Month | Year | Begin | End | Begin | End |
| January | 2023 | 01/01/2023 | 01/31/2023 | 01/01/2023 | 01/31/2023 |
| February | 2023 | 02/01/2023 | 02/28/2023 | 02/01/2023 | 02/28/2023 |
| March | 2023 | 03/01/2023 | 03/31/2023 | 03/01/2023 | 03/31/2023 |
| April | 2023 | 04/01/2023 | 04/30/2023 | 04/01/2023 | 04/30/2023 |
| May | 2023 | 05/01/2023 | 05/31/2023 | 05/01/2023 | 05/31/2023 |
| June | 2023 | 06/01/2023 | 06/30/2023 | 06/01/2023 | 06/30/2023 |
| July | 2023 | 07/01/2023 | 07/31/2023 | 07/01/2023 | 07/31/2023 |
| August | 2023 | 08/01/2023 | 08/31/2023 | 08/01/2023 | 08/31/2023 |
| September | 2023 | 09/01/2023 | 09/30/2023 | 09/01/2023 | 09/30/2023 |
| October | 2023 | 10/01/2023 | 10/31/2023 | 10/01/2023 | 10/31/2023 |
| November | 2023 | 11/01/2023 | 11/30/2023 | 11/01/2023 | 11/30/2023 |
| December | 2023 | 12/01/2023 | 12/31/2023 | 12/01/2023 | 12/31/2023 |
Truth In Savings Disclosure
This disclosure contains the rules that govern your deposit account as of November 1, 2023.
Account Overview
Kasasa Cash Back: 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.
Kasasa Saver is a free, variable rate, deposit account with no minimum balance that rewards accountholders with dividends when they meet the minimum qualifications associated with their linked Kasasa Cash Back checking account during each 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.
NextStep 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 6 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 NextStep 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 with Kasasa Saver account, any optional add-on products / services associated with this account will also be terminated at the same time.
If, for whatever reason the Kasasa Saver portion of your account is closed, your account will automatically be converted to a standalone Kasasa Cash account and only the Kasasa Cash terms and conditions articulated within this disclosure will apply.
Dividend Rate & Annual Percentage Yield (APY)
Compounding & Crediting
Dividends will be compounded on a monthly basis. Dividends will be credited to your Kasasa Cash with Kasasa Saver account on the first processing/business day of the following 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 banking day you deposit noncash items (for example, checks).
“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 NextStep Federal Credit Union provides a summary of the financial activities and transactions that post and settle to the accountholder’s account. See our website, NextStepFCU.org 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 with Kasasa Saver 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
This is a variable rate account. The dividend rate and annual percentage yield may change. The dividend rate is determined at our discretion and we may change the dividend rate on your account at any time, without any limitations, and without notice to you.
When your Kasasa Cash account qualifications are met during a Monthly Qualification Cycle:
Kasasa Cash: average daily balances up to and including $10,000 in your Kasasa Cash account earn a dividend rate of 2.95952% resulting in a non-compounding APY* of 3.00%; and average daily balances over $10,000 earn a dividend rate of 0.2497% on the portion of the average daily balance over $10,000, resulting in a non-compounding range from 3.00% to 0.50% APY depending on the account’s average daily balance.
Kasasa Saver: average daily balances up to and including $25,000 in your Kasasa Saver account earn a dividend rate of 3.92849% resulting in an APY of 4.00%; and average daily balances over $25,000 earn a dividend rate of 0.2497% on the portion of the average daily balance over $25,000, resulting in a range from 4.00% to 1.00% APY depending on the account’s average daily balance.
When your Kasasa Cash account qualifications are not met during a Monthly Qualification Cycle:
Kasasa Cash: ATM withdrawal fees are not refunded and the entire average daily balance in the account earns an dividend rate of 0.05% resulting in a non-compounding annual percentage yield of 0.05%.
Kasasa Saver: the entire average daily balance in the Kasasa Saver account earns an dividend rate of 0.05% resulting in an annual percentage yield of 0.05%.
* Interest in Kasasa Cash does not compound because it is automatically transferred to the Kasasa Saver account within one day. Note: Automatic transfer may cause an overdraft to your Kasasa Cash account, if the account’s balance is less than the transferred amount when transfer occurs.
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 Back account during each Monthly Qualification Cycle:
At least 12 debit card purchases
Be enrolled in and log into online banking
Be enrolled in and have agreed to receive e-statements rather than paper statements
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, debit card purchases processed by merchants and received by our credit union as ATM transactions; 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
When your Kasasa Cash account qualifications are met during a Monthly Qualification Cycle, average daily balances up to and including $10,000 in your Kasasa Cash account earn a dividend rate of 2.95952% resulting in a non-compounding APY of 3.00%; and average daily balances over $10,000 earn a dividend rate of 0.2497% on the portion of the average daily balance over $10,000, resulting in a non-compounding range from 3.00% to 0.50% APY depending on the account’s average daily balance.
In addition, average daily balances up to and including $25,000 in your Kasasa Saver account earn a dividend rate of 3.92849% resulting in an APY of 4.00%; and average daily balances over $25,000 earn a dividend rate of 0.2497% on the portion of the average daily balance over $25,000, resulting in a range from 4.00% to 1.00% APY depending on the Kasasa Saver account’s average daily balance.
You will receive reimbursements up to an aggregate total of $20 for nationwide ATM withdrawal fees incurred within your Kasasa Cash 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. NOTE: ATM fee reimbursements only apply to Kasasa Cash, Kasasa Cash Back, or Kasasa Tunes transactions via ATM; Kasasa Saver ATM transaction fees are not reimbursed nor refunded.
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 a non-compounding annual percentage yield of 0.05% and ATM withdrawal fees are not refunded. In addition, the entire average daily balance in the Kasasa Saver account earns a dividend rate of 0.05% resulting in an annual percentage yield of 0.05%.
Dividends will be credited to your Kasasa Cash and Kasasa Saver account on the first processing/business day of the following statement cycle.
Nationwide ATM withdrawal fee reimbursements will be credited to your account on the first processing/business day of the following statement cycle.
APY = Annual Percentage Yield. APY calculations are based on an assumed balance of $10,000 + $100,000 in your Kasasa Cash account and $25,000 + $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; rates may change 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. 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. No minimum deposit is required to open the account. No minimum deposit is required to open the account. Monthly enrollment & logon to online banking and eStatements, are a conditions of these accounts. Enrollment in electronic services (e.g. online banking, e-statements) and log-ons may be required to meet some of the account’s qualifications. Limit of one account per Member. 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 account is required to have a Kasasa Saver account. If, for whatever reason the Kasasa Saver portion of your account is closed, your account will automatically be converted to the associated standalone Kasasa Cash account and that account’s terms and conditions articulated within their specific disclosure will apply. A linked Kasasa Saver account is required for automatic savings.
Account Limitations: If Kasasa Saver Is Established As A Savings Account: Transfers or withdrawals from a Kasasa Saver account to (a) another account of the same depositor at our institution or to (b) a third party or an account of the same depositor at another bank, if made by preauthorized transfer, automatic transfer, telephone, fax or internet banking service and (c) transfers or withdrawals to a third party or to an account of the depositor to another account at another bank made by check, draft, debit card are limited to an aggregate total of six (6) per calendar month. There is no limit to the number of transfers or withdrawals from your Kasasa Saver account to repay loans at our institution or are made in person, by mail, by messenger or at an ATM. These transactions are considered made on the date the transaction posts and settles to your account, not the date the withdrawal request was initiated.
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 to $250,000 Per Account. Kasasa, Kasasa Cash and Kasasa Saver are trademarks of Kasasa, Ltd., registered in the U.S.A.
Cycle Date Information:
The following dates apply to your Kasasa Cash and Kasasa Saver accounts. Our Monthly Qualification Cycle dates are not the same as our Statement Cycle dates. To qualify for your account’s rewards, all of the transactions and activities identified within the above Qualification Information section must post and settle to your Kasasa Cash and Kasasa Saver accounts with these Monthly Qualification Cycle dates.
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, non-retail payment transactions and purchases made with debit cards not issued by our institution. 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
| Monthly Qualification Cycle | Statement Cycle | ||||
|---|---|---|---|---|---|
| Month | Year | Begin | End | Begin | End |
| January | 2023 | 01/01/2023 | 01/31/2023 | 01/01/2023 | 01/31/2023 |
| February | 2023 | 02/01/2023 | 02/28/2023 | 02/01/2023 | 02/28/2023 |
| March | 2023 | 03/01/2023 | 03/31/2023 | 03/01/2023 | 03/31/2023 |
| April | 2023 | 04/01/2023 | 04/30/2023 | 04/01/2023 | 04/30/2023 |
| May | 2023 | 05/01/2023 | 05/31/2023 | 05/01/2023 | 05/31/2023 |
| June | 2023 | 06/01/2023 | 06/30/2023 | 06/01/2023 | 06/30/2023 |
| July | 2023 | 07/01/2023 | 07/31/2023 | 07/01/2023 | 07/31/2023 |
| August | 2023 | 08/01/2023 | 08/31/2023 | 08/01/2023 | 08/31/2023 |
| September | 2023 | 09/01/2023 | 09/30/2023 | 09/01/2023 | 09/30/2023 |
| October | 2023 | 10/01/2023 | 10/31/2023 | 10/01/2023 | 10/31/2023 |
| November | 2023 | 11/01/2023 | 11/30/2023 | 11/01/2023 | 11/30/2023 |
| December | 2023 | 12/01/2023 | 12/31/2023 | 12/01/2023 | 12/31/2023 |
Truth In Savings Disclosure
This disclosure contains the rules that govern your Kasasa Saver deposit account as of November 1, 2023 when it is linked to either a Kasasa Cash, Kasasa Cash Back or Kasasa Tunes account. Please refer to both this AND the corresponding Kasasa Cash, Kasasa Cash Back or Kasasa Tunes Truth In Savings disclosure to ensure you have all of the information that is associated with your accounts.
Account Overview
Kasasa Saver: Linked with a Kasasa Cash, Kasasa Cash Back or Kasasa Tunes account, this is a free, variable rate deposit account with no minimum balance that rewards accountholders with dividends when they meet the minimum qualifications associated with their linked account during that account’s Monthly Qualification Cycle. In addition, the (a) dividends, (b) cash back dollars, (c) reimbursements of iTunes, Amazon.com and Google Play purchases and (d) the nationwide ATM withdrawal fee refunds earned through the linked checking account are transferred into the Kasasa Saver account at the end of the cycle period to help the consumer save.
Dividend Rate & Annual Percentage Yield (APY)
Compounding & Crediting
Dividends will be compounded on a monthly basis. Dividends will be credited to your Kasasa Saver account on the first processing/business day of the following 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 banking day you deposit noncash items (for example, checks).
“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 NextStep 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 Saver 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
This is a variable rate account. The dividend rate and annual percentage yield may change. The dividend rate is determined at our discretion and we may change the dividend rate on your account at any time, without any limitations, and without notice to you.
The dividend rate and Annual Percentage Yield (APY) associated with your Kasasa Saver account when linked to either a Kasasa Cash, Kasasa Cash Back or Kasasa Tunes account is documented below. Please refer to the appropriate Kasasa Cash, Kasasa Cash Back or Kasasa Tunes Truth In Savings Disclosure for specific account qualification information.
When your linked Kasasa Cash, Kasasa Cash Back or Kasasa Tunes qualifications are met during a Monthly Qualification Cycle:
Kasasa Saver: average daily balances up to and including $25,000 in your Kasasa Saver account earn a dividend rate of 3.92849% resulting in an APY of 4.00%; and average daily balances over $25,000 earn a dividend rate of 0.2497% on the portion of the average daily balance over $25,000, resulting in a range from 4.00% to 1.00% APY depending on the account’s average daily balance.
When your linked Kasasa Cash, Kasasa Cash Back or Kasasa Tunes qualifications are not met during a Monthly Qualification Cycle: the entire average daily balance in the Kasasa Saver account earns 0.05% APY.
Dividends will be credited to your Kasasa Saver account on the first processing/business day of the following statement cycle.
Kasasa Cash When Linked To Kasasa Saver: When linked to Kasasa Saver and your Kasasa Cash account’s qualifications are met during a Monthly Qualification Cycle, average daily balances up to and including $10,000 in your Kasasa Cash account earn a dividend rate of 2.95952% resulting in a non-compounding APY* of 3.00%; and average daily balances over $10,000 earn a dividend rate of 0.2497% on the portion of the average daily balance over $10,000, resulting in a non-compounding range from 3.00% to 0.50% APY depending on the account’s average daily balance.
When your linked Kasasa Cash account’s qualifications are not met during a Monthly Qualification Cycle: ATM withdrawal fees are not refunded and the entire average daily balance in the account earns a dividend rate of 0.05% resulting in a non-compounding APY of 0.05%. Dividends will be credited to your Kasasa Cash account on the first processing/business day of the following statement cycle.
* Dividends in Kasasa Cash do not compound because it is automatically transferred to the Kasasa Saver account within one day. Note: Automatic transfer may cause an overdraft to your Kasasa Cash account, if the account’s balance is less than the transferred amount when transfer occurs.
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 Back account during each Monthly Qualification Cycle:
At least 12 debit card purchases
Be enrolled in and log into online banking
Be enrolled in and have agreed to receive e-statements rather than paper statements
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, debit card purchases processed by merchants and received by our credit union as ATM transactions; 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.
APY = Annual Percentage Yield. APY calculations are based on an assumed balance of $25,000 + $100,000 in your Kasasa Cash account and $10,000 + $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; rates may change 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. If the account is closed before rewards are credited, you will forfeit the rewards.
Reward Distribution
Kasasa Cash Back When Linked To Kasasa Saver: 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 first processing/business day of the following statement cycle.
Additional Information
Account approval, conditions, qualifications, limits, timeframes, enrollments, log-ons and other requirements apply. No minimum deposit is required to open the account. No minimum deposit is required to open the account. Monthly enrollment & logon to online banking and eStatements, are condition(s)] of 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. Limit of one account per Member. 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. If, for whatever reason the Kasasa Saver portion of your account is closed, your account will automatically be converted to the associated standalone Kasasa Cash, Kasasa Cash Back or Kasasa Tunes account and that account’s terms and conditions articulated within their specific disclosure will apply.
Linked Accounts: You must have a linked Kasasa Cash, a linked Kasasa Cash Back, or a linked Kasasa Tunes account in order to open a Kasasa Saver account, and the linked Kasasa Cash, Kasasa Cash Back or Kasasa Tunes account must remain open throughout the period that you hold the Kasasa Saver account. A linked Kasasa Saver account is required for automatic savings.
Account Limitations: If Kasasa Saver Is Established As A Savings Account: Transfers or withdrawals from a Kasasa Saver account to (a) another account of the same depositor at our institution or to (b) a third party or an account of the same depositor at another bank, if made by preauthorized transfer, automatic transfer, telephone, fax or internet banking service and (c) transfers or withdrawals to a third party or to an account of the depositor to another account at another bank made by check, draft, debit card are limited to an aggregate total of six (6) per calendar month. There is no limit to the number of transfers or withdrawals from your Kasasa Saver account to repay loans at our institution or are made in person, by mail, by messenger or at an ATM. These transactions are considered made on the date the transaction posts and settles to your account, not the date the withdrawal request was initiated.
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 to $250,000 Per Account. Kasasa, Kasasa Cash, Kasasa Cash Back, Kasasa Tunes and Kasasa Saver are trademarks of Kasasa, Ltd., registered in the U.S.A.
Cycle Date Information:
The following dates apply to your Kasasa Saver account. Our Monthly Qualification Cycle dates are not the same as our Statement Cycle dates. To qualify for your account’s rewards, all of the transactions and activities identified within the above Qualification Information section must post and settle to your Kasasa Saver account with these Monthly Qualification Cycle dates.
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, non-retail payment transactions and purchases made with debit cards not issued by our institution. 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
| Monthly Qualification Cycle | Statement Cycle | ||||
|---|---|---|---|---|---|
| Month | Year | Begin | End | Begin | End |
| January | 2023 | 01/01/2023 | 01/31/2023 | 01/01/2023 | 01/31/2023 |
| February | 2023 | 02/01/2023 | 02/28/2023 | 02/01/2023 | 02/28/2023 |
| March | 2023 | 03/01/2023 | 03/31/2023 | 03/01/2023 | 03/31/2023 |
| April | 2023 | 04/01/2023 | 04/30/2023 | 04/01/2023 | 04/30/2023 |
| May | 2023 | 05/01/2023 | 05/31/2023 | 05/01/2023 | 05/31/2023 |
| June | 2023 | 06/01/2023 | 06/30/2023 | 06/01/2023 | 06/30/2023 |
| July | 2023 | 07/01/2023 | 07/31/2023 | 07/01/2023 | 07/31/2023 |
| August | 2023 | 08/01/2023 | 08/31/2023 | 08/01/2023 | 08/31/2023 |
| September | 2023 | 09/01/2023 | 09/30/2023 | 09/01/2023 | 09/30/2023 |
| October | 2023 | 10/01/2023 | 10/31/2023 | 10/01/2023 | 10/31/2023 |
| November | 2023 | 11/01/2023 | 11/30/2023 | 11/01/2023 | 11/30/2023 |
| December | 2023 | 12/01/2023 | 12/31/2023 | 12/01/2023 | 12/31/2023 |