Kasasa Cash Back – Truth In Savings Disclosure
This disclosure contains the rules that govern your deposit account as of May 01, 2021.
Kasasa Cash Back: A free variable reward checking account with no minimum balance
that rewards accountholders with cash back on their PIN-based or signature-based 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 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.
Upward 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 3 consecutive
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. An Upward 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
- At least 12 PIN-based or signature-based debit card purchases ,each $5.00 or more
- Be enrolled in and log into online banking
- Be enrolled in and have agreed to receive e-statements rather than paper statements
- Maintain a valid email address on record with credit union
For clarity, in order to count as a qualifying transaction for the purpose of earning the
account’s rewards PIN-based or signature-based debit card purchases must be at least
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, credit card purchases of any amount, 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) day prior to the first
banking day of the current statement cycle through one (1) day prior to the last banking
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
When Kasasa Cash Back qualifications are met during a Monthly Qualification Cycle,
you will receive 1.00% cash back on up to a total of $350.00 PIN-based or signature2
based debit card purchases that post and settle to the account during that cycle period. A
maximum of $3.50 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 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
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 first processing day of the following
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. 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.
Account approval, conditions, qualifications, limits, timeframes, enrollments, log-ons and
other requirements apply. No minimum deposit is required to open the account.
Enrollment in online banking and e-statements are a 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. Limit of 1 account per primary 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. Your account is insured to at least $250,000. Kasasa and Kasasa Cash
Back are trademarks of Kasasa, Ltd., registered in the U.S.A.