Ocean Communities FCU is instituting changes to its Rewards Checking account effective Feb. 1...
January 25, 2010 Dear OceanStar Checking Member:
Your free, high-interest checking will have a new name beginning February 1: Kasasa Cash™. As you know, this account rewards you with a premium interest rate of 5.01% Annual Percentage Yield (APY) and refunds all domestic ATM surcharges imposed by other institutions. All you have to do is use your free debit card regularly and meet some other simple qualifications*
Also beginning on February 1, we will be offering an automatic, linked savings solution called Kasasa Saver™. Each month, the high interest and all ATM fee refunds you earn on Kasasa Cash are automatically deposited into Kasasa Saver. Even better, the Kasasa Saver balance also earns high interest of 3.01% APY (lower rates will apply on balances over $50,000 and accounts where the monthly Kasasa Cash qualifications* are not met).
Even though interest rates have hit historic lows since we introduced OceanStar Checking, we will always be committed to maintaining a premium interest rate for Kasasa Cash. Therefore, we are making a slight change to the amount of funds that will be eligible for the premium rate. Effective February 1, 2010, the premium rate will be paid on balances up to and including $10,000.00.
Balances above $10,000 will receive a rate of 1.01% APY.
To enjoy the benefits of both accounts, simply open Kasasa Saver and meet the Kasasa Cash qualifications each month. Even when you don’t meet the monthly qualifications, you still have a free checking and saver account that earn a baseline interest of 0.20% APY.
Ocean Communities Federal Credit Union offers a variety of savings alternatives with very competitive rates, including savings, money market and share certificate accounts. You will find current rates on our website: www.oceancommunities.com
. You may also call our member support line at (800) 418-1486, or you may visit one of our convenient offices.
We appreciate your business and thank you for choosing Ocean Communities Federal Credit Union. As always, you can count on us for your banking needs!
President and Chief Executive Officer