Account Overview

Kasasa is a free checking account with no minimum balance. There are three types of Kasasa accounts:

  • Kasasa Cash® rewards accountholders with dividends and nationwide ATM fee refunds when they meet minimum qualifications during the account’s Monthly Qualification Cycles. See Section 1 for specific reward details.
  • Kasasa Cash Back® rewards accountholders with cash back on their debit card purchases and nationwide ATM fee refunds when they meet minimum qualifications during the account’s Monthly Qualification Cycle. See Section 2 for specific reward details.
  • Kasasa Tunes® rewards accountholders with reimbursements on iTunes, Amazon.com and Google Play purchases and nationwide ATM fee refunds when they meet minimum qualifications during the account’s Monthly Qualification Cycle. See Section 3 for specific reward details.

The following statements apply to all Kasasa accounts.

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. 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.

Sun Federal Credit Union reserves the right to determine if the account is being maintained for a purpose other than day‐to‐day, primary use. Account holders 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 [3] 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 Sun Federal CU check for the remaining balance, if applicable, will be mailed to account holder 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 may also be terminated at the same time.

Qualifications
To earn your rewards complete the following transactions and activities in your Kasasa account during each Monthly Qualification Cycle:

  • Have at least 12 debit card purchases post and settle
  • Be enrolled in and agree to receive eStatements
  • Be enrolled in and log into online banking

Transactions and activities may take one (1) or more Banking Days from the date the transaction or activity occurred to post and settle to the account. 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 Sun Federal CU as ATM transactions, non‐retail payment transactions and purchases made with non‐Sun Federal CU issued debit cards.

“Statement Cycle” means the period of time for which Sun Federal Credit Union provides a summary of the financial activities and transactions that post and settle to the accountholder’s account.

“Qualification Cycle” ends one day prior to the last banking day of the Statement Cycle unless the statement cycle ends on a weekend.

Additional Information
No minimum deposit is required to open the account. Monthly enrollment in online banking and receipt of electronic statements are conditions of this account. This account is not to be used for commercial purposes and there is a limit of [1] account per social security number. There are no fees to open or close this account. There are no recurring monthly service charges associated with this account. See accompanying Account Fee Schedule for fees that may apply to this account. Contact a Sun Federal CU member service representative for additional information, details and enrollment instructions. Federally insured by NCUA.

Kasasa Cash, Cash Back & Tunes are trademarks of BancVue, Ltd., registered in the U.S.A. iTunes is a registered trademark of Apple, Inc. Amazon.com is a registered trademark of Amazon.com. Google Play is a registered trademark of Google, Inc. Apple Inc., Amazon.com and Google, Inc. are not participants in or sponsors of this program.

Overdraft Protection
Sun Federal CU offers optional overdraft protection plans to protect you from overdrafts and declined transactions. The following fees are applicable: Paid Insufficient Funds Fee $30.00 for each item we pay with Overdraft Privilege Plus; Returned NSF Item Fee $30.00 for each item we do not pay; and Overdraft Protection Transfer Fee (if you are enrolled) $5.00 for each transfer over 6 free per month.  The fee may be imposed for covering overdrafts created by check, ACH, Online Bill Pay, recurring debit card transactions, ATM withdrawal, or by other electronic means. Sun Federal CU reserves the right to require the accountholder to pay an overdraft immediately or on demand and requires accountholder to bring their account to a positive balance within every 30 day period for a minimum period of 24 hours. We typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, or if you have too many overdrafts.

Section 1: Kasasa Cash

Dividend Rate & Annual Percentage Yield (APY)
Compounding & Crediting:  Dividends will be compounded on a daily basis. Dividends will be credited to your account on the last day of the current Statement Cycle. If you close your account before the dividends are credited, you will not receive the accrued dividends. Dividends begin 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.

Balance Computation Method:
Daily Balance Method: We use the daily balance method to calculate the dividends on your account.  This method applies a periodic rate to the principal in the account each day for the period.  The period we use is the Statement Cycle.

Dividend Rate & Annual Percentage Yield:  When  your Kasasa Cash account qualifications are met during a Monthly Qualification Cycle, Tier 1: A dividend rate of 1.99% will be paid on the portion of your daily balance that is less than $15,000. The annual percentage yield for this tier is 2.00%. Tier 2: A dividend rate of 0.25% will be paid on the portion of your daily balance that is greater than $15,000. The annual percentage yield for this tier is 0.25%. The annual percentage yield for the combined tiers will range from 0.25% to 2.00%, depending on the balance in the account. When your Kasasa Cash account qualifications are not met, the dividend rate paid on the entire balance will be 0.05% with an annual percentage yield of 0.05%.

Rewards
When Kasasa Cash qualifications are met during a Monthly Qualification Cycle, (1) a dividend rate of 1.99% will be paid on the portion of your daily balance that is less than $15,000 and the annual percentage yield for this tier is 2.00%. A dividend rate of 0.25% will be paid on the portion of your daily balance that is greater than $15,000 resulting in annual percentage yield for the combined tiers ranging from .25% to 2.00%, depending on the account’s balance and, (2) you will receive unlimited reimbursements (less than $5.00 per single transaction) for nationwide ATM fees incurred during the Monthly Qualification Cycle in which you qualified. If you believe you have not been reimbursed the correct amount of ATM fees you must contact us within sixty (60) calendar days after the Statement Cycle where the reimbursement was applicable in order to receive a refund.

When Kasasa Cash qualifications are not met, the dividend rate paid on the entire balance will be 0.05% with an annual percentage yield of 0.05% and ATM fees are not refunded.

Dividends and ATM fee reimbursements will be credited to the account on the last day of the current Statement Cycle.

Rates and rewards are variable and at our discretion may change after account is opened without notice to you. Fees may reduce earnings. No minimum balance is required to earn or to receive the account’s rewards. Rewards less than a penny cannot be distributed.

Section 2: Kasasa Cash Back

When Kasasa Cash Back qualifications are met during a Monthly Qualification Cycle, you will receive (1) 2.00% cash back on up to a total of $400.00 in debit card purchases that post and settle to the account during that cycle period up to a maximum cash back earned of $8.00 per Monthly Qualification Cycle, as well as (2) unlimited reimbursements (less than $5.00 per single transaction) for nationwide ATM fees incurred during the Monthly Qualification Cycle in which you qualified. If you believe you have not been reimbursed the correct amount of ATM fees you must contact us within sixty (60) calendar days after the Statement Cycle where the reimbursement was applicable in order to receive a refund.

Cash back payments and ATM refunds will be credited to the account on the last day of the current Statement Cycle / first day of the following Statement Cycle.

When Kasasa Cash Back qualifications are not met, you will not receive cash back on debit card purchases and ATM fees are not refunded.

Rates and rewards are variable and at our discretion may change after account is opened without notice to you. Fees may reduce earnings. No minimum balance is required to earn or to receive the account’s rewards. Rewards less than a penny cannot be distributed.

Section 3: Kasasa Tunes

Sign-Up Bonus: You will be refunded up to an aggregate total of $20.00 (which includes any applicable taxes) for iTunes, Amazon.com or Google Play purchases, made with your Sun Federal CU debit card, that post and settle to your account during the first 60 days after your initial account is opened.  Transactions may take one (1) or more Banking Days from the date the transaction occurred to post and settle to the account. This refund will be credited to your account on the last day of the current Statement Cycle in which your aggregate iTunes, Amazon.com and Google Play purchase threshold of $20.00 posts and settles to your account.  Any portion of the Sign-Up Bonus that is not used within the stated time period will be forfeited. No minimum balance is required to obtain the bonus. Limit [1] one Sign-Up Bonus per account.

Rewards
When Kasasa Tunes qualifications are met during a Monthly Qualification Cycle: (1) you will earn up to an aggregate total of $8.00 (which includes any applicable taxes) in refunds for any iTunes, Amazon.com or Google Play purchases. In order to be refunded, iTunes, Amazon.com and Google Play purchases must be made with your Sun Federal CU debit card and must post and settle to your account during the Monthly Qualification Cycle and (2) you will receive unlimited reimbursements (less than $5.00 per single transaction) for nationwide ATM fees incurred during the Monthly Qualification Cycle in which you qualified. If you believe you have not been reimbursed the correct amount of ATM fees you must contact us within sixty (60) calendar days after the Statement Cycle where the reimbursement was applicable in order to receive a refund.

iTunes, Amazon.com, Google Play refunds and ATM fee reimbursements will be credited to your account on the last day of the current Statement Cycle in which these purchases post and settle to your account and the ATM fees were incurred. When Kasasa Tunes qualifications are not met, iTunes, Amazon.com, Google Play purchases and ATM fees are not refunded.

Reward Administration
iTunes, Amazon.com and Google Play purchases are refunded via a “grant” and “credit” process. On the last day of each Statement Cycle in which you qualify, we establish a refund “grant” of up to $8.00 for your account. Each “grant” is valid for up to 30 calendar days. All iTunes, Amazon.com and Google Play refunds are “credited” against your account’s oldest active “grant.” If the account is closed, you will forfeit any refunds grants that have not been credited to your account.

Rates and rewards are variable and at our discretion may change after account is opened without notice to you. Fees may reduce earnings. No minimum balance is required to earn or to receive the account’s rewards. Rewards less than a penny cannot be distributed.