Kasasa Cash® Truth-in-Savings Disclosure
Account Opening and Usage
Minimum Amount to Open the Account
$100
Kasasa Cash Qualifications
To qualify for “Kasasa Cash” preferred rates and receive refunds on your ATM fee surcharges, you must perform the following during the monthly qualification cycle:
- Have at least 15 debit card purchases post and settle (see below)
- Have at least 1 automatic payment (ACH) debit from the account post and settle. Automatic payments do not include recurring payments using your debit card number. Recurring payments from a debit card would be considered a debit card purchase.
- Be enrolled and agree to receive e-statement notices (see below)
- Be enrolled and log into online banking (see below)
Please note that the following activities do not count toward earning account rewards:
- ATM-processed transactions,
- Transfers between accounts,
- Debit Card transactions processed by merchants and received by Sunrise Banks as ATM transactions.
ATM Fee Refund
If you have met your qualifications during the Monthly Qualification Cycle, we will refund you for ATM fees imposed during the Monthly Qualification Cycle by our institution and other U.S. financial institutions up to $20 per statement cycle.
ATM fee refunds will be credited to your account on the last business day of your statement cycle. If you close your account before the ATM fee refunds are credited to it, you will not receive the reimbursements.
When Kasasa Cash qualifications are not met, ATM fees are not refunded.
Monthly Qualification Cycle
“Monthly Qualification Cycle” means a period beginning one business day prior to the first day of the current statement cycle through one business day prior to the close of the current statement cycle. Your account will be automatically qualified on that one day prior to the first day of the current statement cycle. What this means for you is if you did not qualify for the higher preferred rate, you might notice a slightly higher than the base rate APY earned on your statement due to the one day (the last day) being calculated with the higher preferred rate.
Post and Settle of Debit Card Purchases
Please note that transactions MUST post and settle to your account during the monthly qualification cycle. They may not be in a pending state to qualify as one of the qualifications. Transactions may take one or more business days from the date the transaction was made to post and settle to an account. Typically, the timing of settlement is dependent on the retailers processing of the transaction.
Online Banking and Electronic Statement (e-Statement) Enrollment
Please visit sunrisebanks.com Off Site Link to enroll in online banking and e-statements. For enrollment questions please contact (651) 265-5600.
Definitions
- “Statement Cycle” means the period of time for which Sunrise Banks provides a summary of the financial activities and transactions that post and settle to the accountholder’s account.
- “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.
Account Limitations
This account is not to be used for commercial purposes.
Overdraft* – Paid Item Fee
- $35 per item – for items greater than $5
- $5 per item – for items $5 or less
Nonsufficient Funds (NSF)* – Returned Item Fee
- $35 per item – for items greater than $5
- $5 per item – for items $5 or less
Continuous Overdraft Fee*
$30 after the 5th business day of having an overdrawn account and each consecutive 5 business day period the account is overdrawn.
Stop Payment Fee
$25 per item – You may stop a payment by notifying us one business day prior to the day the item is presented to the bank for payment. You will not be required to sign a stop payment form; however, you will be sent a notice to verify the accuracy of this stop payment. You should review this notice immediately and if there are any inaccuracies please contact us at the number on the notice.
Please consult our service fee schedule for a detailed listing of all bank fees that could be charged in connection with this account.
*Overdraft and Nonsufficient fund fees apply to overdrafts created by check, in-person withdrawal, electronic debit, or other electronic means. Rates and rewards may change after account is opened. Fees may reduce earnings.
Interest and Annual Percentage Yield Information
Interest Rate and Annual Percentage Yield (APY) when Kasasa Cash Qualifications are Not Met
When the Kasasa Cash monthly qualifications are not met, the interest rate on your account will be .0100% and the annual percentage yield will be .01%.
Interest Rate and Annual Percentage Yield (APY) when Kasasa Cash Qualifications are Met (“Preferred Rate”)
When the Kasasa Cash monthly qualifications are met, the interest rate on your account and corresponding annual percentage yield will be tiered. If your daily balance is $7,500 or less, the interest rate paid on the entire balance will be 1.9819% with an annual percentage yield of 2.00%. An interest rate of .2478% will be paid only for that portion of your daily balance that is greater than $7,500. The annual percentage yield for this tier will range from 2.00% to .37%, depending on the balance in the account.
This interest rate and annual percentage yield noted above are accurate as of 12/06/2019.
If you would like more current interest rate and yield information please call 651-265-5600.
Interest Rate Determination
Variable Rate – Your interest rate and annual percentage yield may change.
Determination of Rate
At our discretion we may change the interest rate on your account.
Frequency of Rate Changes
Your rate may change daily.
Frequency of Interest Compounding
Monthly
Frequency of Interest Crediting
Interest will be credited the last business day of your statement cycle.
Effect of Closing the Account
If you close your account before interest is credited to the account, you will not receive the accrued interest.
Balance Computation Method for Interest Calculation
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. The period we use is the Statement Cycle.
Accrual of Interest on Non-Cash Deposits
Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example checks).
We reserve the right to at any time require not less than 7 days notice in writing before any withdrawal from an interest bearing account.
Kasasa and Kasasa Cash are trademarks of BancVue, Ltd., registered in the U.S.A.