Kasasa Cash® or REWARDChecking
Choose free checking that pays high interest and refunds on your ATM withdrawal fees, nationwide.*
Start with a strong, benefit-driven headline like the one above. An A/B test by our UX team revealed a 20.7% lift in conversions when a bold, benefit-driven headline was present. If the FI asks us to remove, we can remove it.
Please ensure the first mention of "Kasasa Cash" has an ® next to it: Kasasa Cash®. This can appear in either the page title or body copy. Also note that the first mention of "Kasasa" should have an ® next to it: "Kasasa®."
Here at the product page level, we can tout the 3.54% APY* in the top paragraph since we'll have all rates in equal prominence inches below, in the bullet list. The above-cap range in the bullet list must be shown as a range of APYs.
Only the terms "high" and "really high" can be used to describe interest/dividends on a Kasasa account.
For white-label versions, the following terms can be used: high, really high, amazing, incredible, major, serious, real, big-time.
The first time you mention a rate with APY* on the page, APY must include a "*" next to it indicating that there is a disclaimer. Ditto for first reference of refunds on ATM withdrawal fees.*
If the FI offers Kasasa Saver, certainly mention that Kasasa Cash can be linked to this account for added benefit. But do not put the Kasasa Saver rate on this page (for starters, all six rates would have to be shown. On top of that, the recommended disclaimer would be a novel).
Also, do not use the word "additional" when describing the Kasasa Saver rate.
Qualifications and disclaimer must be on this page, not in separate tabs. You can find more details in the "Being Legal" tab on this page.
- Free checking that pays high [interest/dividends]
- 3.54% APY* on balances up to $15,000
- 3.54% to 1.85% APY on balances over $15,000 depending on balance in account*
- 0.05% APY* if qualifications aren't met
- Refunds on ATM withdrawal fees, nationwide (up to $20 monthly)*
- Link to free Kasasa Saver® to build savings automatically (If applicable)
- Add Kasasa Protect® for comprehensive fraud protection* (If applicable)
- No minimum balance to earn rewards
- No monthly maintenance fees
- Free digital banking, including:
- Online banking with bill pay
- Free mobile banking
- Free e-statements
- Free Visa® debit card
- $50 minimum deposit to open
Qualifications must have a headline to make them easy to see (for example, "It's Easy To Earn Your Rewards"). Listed below is precise language for each of the potential qualifiers, and must be used as it appears below. Of course, only use the qualifiers that are appropriate for the FI. You can open with a conversational line, such as "It's so easy to qualify, you're probably already doing it!" But you must lead into the bullet list with the language below (please ensure the product design is referenced for the variables):
Enrollments must be in place and all of the following transactions and activities must post and settle to your Kasasa Cash account during each Monthly Qualification Cycle:
(note that bullets are spaced out here for easier visibility. Qualifications bullets on product pages should be grouped together.)
- At least [XX] ACH payment transaction[s]
- At least [XX] direct deposit or ACH credit transaction[s]
- At least [XX] direct deposit or ACH payment transaction[s]
- At least [XX] ACH credit or ACH payment transaction[s]
- At least [XX] direct deposit, ACH payment, or bill pay transaction[s]
- At least [XX] bill pay or ACH payment transaction[s]
- At least [XX] bill pay transaction[s]
- At least [XX] direct deposit, ACH credit, or ACH payment transaction[s]
- At least [XX] direct deposit or bill pay transaction[s]
- At least [XX] direct deposit[s]
- At least [XX] [signature-based] debit card purchases[, each greater than [$XX.XX]]
- At least [XX] credit card purchases[, each greater than [$XX.XX]]
- At least a combined total of [XX] [signature-based] debit card purchases[, each greater than [$XX.XX],] or credit card purchases[, each greater than [$XX.XX]]
- Be enrolled in and agree to receive e-statements
- Be enrolled in and review e-statements
- Maintain a valid email address on record with [bank / credit union]
- Be enrolled in and log into online banking
Typically we follow here with something explaining that even if you don't qualify, there's still no monthly maintenance fee and you still earn the base interest/dividend rate. Example: "That's it. Even if you don't meet your qualifications during the cycle, your Kasasa Cash account is still free. Plus, you'll still earn our base interest rate. And you can get right back to earning your full rewards the very next month!"
Other Notes (For Both Product Pages and Disclaimers)
- If there is no minimum deposit to open, that line can be deleted (as opposed to having a $0 as value). Or, just say "No minimum deposit to open."
- The word "interest" needs to be changed to "dividends" for a credit union, wherever it appears on the page.
- The word "debit card" needs to change to "check card" if the FI uses this terminology.
- Be sure to change the name of the account from Kasasa Cash to the FI's name for the account on non-Kasasa (white label) products.
Note that disclaimers contain many variables within the language. It is important that the PD is referenced for these variables, and/or the project manager has a discussion with the FI about them so that disclaimer language is as accurate as possible.
Also note that what we provide to the FI is our "recommended sample disclaimer language." Compliance is ultimately the FI's responsibility.
Comparison Claim Disclaimer
If the marketing uses a competitive comparison claim (such as "Earn 7x the national average..."), the following line must be added to the disclaimer:
[insert number]x the national rate (Source: FDIC [insert publish date]).
- Being Legal
Here are some more details regarding compliance. It explains some possible exceptions as well as clarifications that might answer potential questions. But first.....
- Never use the word "make" when discussing qualifications, as in "make 12 debit card transactions." Why? Because the FDIC will give the FI a major smackdown. That's all we need to know.
- Never use the word "interest" after APY. E.g., "Earn 3.50% APY interest" is both incorrect and illegal.
- Do not say "free debit card usage." Simply say "free debit card."
- When identifying qualification cycle, never deviate from "monthly qualification cycle." Do NOT use "statement cycle," "calendar cycle," "monthly cycle," etc.
- Once you have clearly spelled out "monthly qualification cycle," you can use just "monthly" or "cycle" where appropriate on the same page.
- Never deviate from X.XX% formula for APY. Even if less than 0, include a 0 before the decimal point and always two numerals after the decimal point.
- Some FIs require their debit card purchases to be signature-based in order to count toward qualifications. This is the exception to the norm; it will be indicated in the FI's product design. If this is the case:
- The qualifier must read "have at least 12 signature-based debit card purchases post and settle"
- The disclaimer must include the line "PIN based transactions do not count toward qualifying debit card transactions."
- Regarding the eStatement qualification. For a few FIs, the legal requirement will be "Be enrolled and review eStatement." The reason is complicated...so stick with us here. Some FIs have a technical snag, namely that the only way they are able to confirm a customer is receiving the eStatement is if that customer actually opens it. Hence, "and review" is added. The disclaimer default leaves off "and review" because very few FIs have this issue, and to the consumer it is a burden. However, leaving off "and review" should be confirmed by checking the product design in CRM.
- Some FI's request our homepage banners to only show the highest rate (the below-cap rate). This is because, from a marketing perspective, this is much more effective. However, from a legal perspective, it is highly illegal. WE WILL ONLY DO THIS if we receive, in writing, clear instruction from the FI to proceed in this manner despite our clear suggestion to show the non-qualification rate as well. This was we cover our ass if they end up getting fined.
- Rates Not Shown
If rates aren't shown, the full disclaimer is not necessary. However, any reference to ATM fee refunds must still include an * indicating a disclaimer. In this case, use the following disclaimer:
*Qualifications, limits and other requirements apply. See financial institution for details.
(Note: If you know for certain this will appear specifically for one bank or one credit union, you can substitute the appropriate word for "financial institution.")