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Community Financial Services Bank Changing To Kasasa 3/11/13

Friday, February 15, 2013 - 5:36 PMCommunity Financial Svcs Bank - Details
Effective 3/11/13, in the middle of the qualification cycle, the bank is switching its free eRewards Checking account to Kasasa Cash.    As a result, the following changes (bold) will occur:

1) Cap/rate currently:  $20k / 3.05% remain unchanged; amts over$20K 0.75%
    Cap/rate new:  $20k/3.05%; amts over $20K 0.5%

2) Kasasa Saver (new):  up to $30k 1%, amts over $30k 0.5%

3) Qualification cycle:  currently:  runs through 28th of month;
    Qualification cycle new:  "Period beginning one day prior to the first day of the currrent statement cycle through one day prior to the close of the current statement cycle."  The statement is currently produced on the 28th of each month.  The statement will now cut on the 27th of each month.
7
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
1. Monday, March 4, 2013 - 5:07 PM
Just spoke with a very helpful CSR and confirmed/clarified the following:

1.  Monthly qualification cycles:  transactions must post by the 27th of the month.  If the 27th of the month falls on a holiday or weekend, then the cycle closes the previous business day.     The new cycle starts the day after the prior one closes. 

For convenience, the qualification cycle close dates through the remainder of 2013 are: Wed 3/27   Fri 4/26       Mon 5/27  Thu 6/27    Fri 7/26    Tue 8/27    Fri 9/27    Fri 10/25    Wed 11/27    Fri 12/27

2.  Kasasa Saver: $100 minimum to open, but there is no minimum balance requirement after.   You will be able to open the account online on or after 3/11 (since the product is not yet offered).  The bank will use Chex Systems in connection with the application.  If you already have another savings account (such as, for example, Value Savings), you will be able to convert it to Kasasa Saver. 
3
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
2. Tuesday, March 12, 2013 - 6:59 AM
The good news is that the description of the Kasasa Saver is now on the bank's website and there is an "Apply now" button.  Three options are offered:    a) I only want to open Kasasa Cash    b) I want to open Kasasa Cash and Kasasa Saver.  and   c) I already have a Kasasa Cash account with CFSB and want to open a Kasasa Saver account. 

The bad news is that unfortunately none of them appear to be working.  I'll follow up with the bank when they open for business and will report back. 

It would be great if selecting option 'c' would allow an existing accountholder to open the new Saver account without triggering another Chex Systems inquiry.   Some institutions have a low threshhold for what is an "acceptable" number of Chex inquiries and anything beyond that raises a red flag. 
1
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
3. Tuesday, March 12, 2013 - 9:32 AM
I followed up with the bank and once again was impressed by how friendly and helpful they are.  They are looking into the problem with the online application - probably some fallout from the recent conversion. 

Since I am a current accountholder, once they confirmed my identity, they were happy to open the Kasasa Saver account without a Chex inquiry.  The very helpful CSR took information over the phone about some options (automatic sweep from Saver to Cash in case of overdraft?  ATM card for the accounts? Add Saver to Online Banking?), sent me a secure message with the necessary docs for me to sign and return via FAX, and offered to transfer the $100 minimum initial funding from the Cash acount. 

It couldn't have been easier. 

 
1
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
4. Thursday, March 14, 2013 - 8:30 AM
Pearl, I followed up just now and was able to navigate their website and choose the option for just opening the new Kasasa checking account, and clicking the links took me to the beginning of the online application process. So it does seem to be working now.

BTW, I didnt see anything on their website restricting the Kasasa account just to local KY residents. And at the beginning of the online application, it just asked if I was a U.S. resident and said that was required...but nothing about area of residence.

So, is this a nationwide 3% RCA now???
1
moneysavermoneysaver29 posts since
Jan 8, 2011
Rep Points: 236
5. Thursday, March 14, 2013 - 8:36 AM
moneysaver, I did the same navigation that you did yesterday, and I had the same question about nationwide status. I emailed them about it. Their reply said they are only accepting online applications from Kentucky, Tennessee, Indiana, Illinois, and Missouri.


I just did a blog post on this.
1
Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
Rep Points: 123,713
6. Thursday, March 14, 2013 - 9:07 AM
Thanks for answering/clarifying that, Ken!
1
moneysavermoneysaver29 posts since
Jan 8, 2011
Rep Points: 236
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