Meritus Credit Union Offers Kasasa Products In 5 Louisiana Parishes
Meritus Credit Union (Meritus CU) added the Kasasa brand to its product line about 18 months ago. The Kasasa Cash Checking’s initial 3.00% APY on qualifying balances up to $15k has remained unchanged. Qualifying balances over $15k earn 0.24% APY, with non-qualify balances earning 0.05% APY.
The monthly qualification requirements are easily met and do not include a direct deposit or ACH transaction.
- At least 12 debit card purchases
- Be enrolled in and receive eStatements
- Be enrolled in and log into online banking monthly
The Kasasa Cash Checking account has no minimum balance requirement or monthly service fee, but does require a $25 minimum opening deposit. Unlimited check writing is available and a free Visa debit card will be issued following account opening. Unlimited nationwide ATM fees will be reimbursed up to $25 per month, if qualification requirements are met. There is a limit of one Kasasa Cash Checking account per primary Social Security number and may not be used as a commercial account.
The Kasasa Saver currently earns 0.75% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.20% APY, with non-qualify balances earning 0.05% APY.
Kasasa Cash Checking/Kasasa Cash Back earned rewards and reimbursed ATM fees are automatically transferred to the linked Kasasa Saver account each month. The Kasasa Saver has no minimum balance requirement or monthly service fee, but does have a $25 minimum opening deposit requirement. There is a limit of one Kasasa Saver account per Social Security number.
Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts
The potential combined annual earnings of the Kasasa Cash (3.00% APY/$15k) and the Kasasa Saver (0.75% APY/$50k) is approximately $825 (1.27% APY/$65k).
Kasasa Cash Back
Meritus Credit Union offers a Kasasa Cash Back account that earns 3.00% cash back on debit card purchases, limited to the first $300 in monthly debit card purchases. If you are planning on maintaining a balance of less than $3,600, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash Checking account, as the maximum annual earnings for the Kasasa Cash Back account is $108 ($9 per month).
The Kasasa Brand
For those not familiar with the Kasasa brand, Kasasa Cash is a type of Reward Checking Account (RCA) developed by the Texas company, Kasasa, Ltd. According to the Kasasa website,
Kasasa: the free checking account that rewards each month for doing things you already do.
By performing certain actions valuable to your bank or credit union, like using your debit card or online banking, your institution makes more money, which they share with you in the form of rewards.
In case you were wondering, “Kasasa” is just a made-up word.
In a world where real-life people are too often taken for granted as account numbers,
we didn’t want to be the next [INSERT GENERIC NAME] checking account.
Headquartered in Lafayette, Louisiana, Meritus Credit Union’s field of membership (FOM) is residency-based, with those who live, work, worship, or attend school in the Louisiana parishes of Acadia, Iberia, Lafayette, St. Martin, or Vermilion, eligible for membership.
Immediate family members of current members also qualify for membership. Meritus CU defines immediate family as “spouse, child, sibling, parent, grandparent, grandchild, stepparents, stepchildren, step-siblings, and adoptive relationships.”
Joining Meritus CU and/or opening a Kasasa brand product can be done online, or at any of four Louisiana branches, located in Carenco, Crowley, Lafayette, and New Iberia. All branch lobbies are open to walk-in traffic without any restrictions.
Opening a savings account with a minimum balance of $25 establishes a Meritus CU membership.
Meritus CU participates in the MoneyPass ATM network.
Credit Union Overview
Meritus Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.82% (excellent) based on September 30, 2020 data. In the past year, Meritus CU has increased its total non-brokered deposits by $22.28 million, an excellent annual growth rate of 12.5%. Please refer to our financial overview of Meritus Credit Union (NCUA Charter # 9643) for more details.
Meritus Credit Union is currently the 17th largest credit union headquartered in Louisiana, with nearly 23,000 members and assets in excess of $228 million. Established in 1954 by eight teachers (with $60 in deposits), the credit union was originally known as Lafayette Parish Teachers Federal Credit Union. The initial FOM was exclusive to employees and board members of the Lafayette Parish school system. In 2000, the FOM expanded to include the Acadia Parish School System, with the Iberia Parish School System added in 2007. A community charter was granted in 2014, prompting the Meritus rebrand.
"Meritus” is a derivative of the Latin word meritum, meaning "to act worthy of praise."
The name "Meritus” demonstrates our commitment to integrity and member service.
How Kasasa Cash Checking Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available with the FOM and have maximum qualifying balances of at least $15k, Meritus Credit Union’s Kasasa Cash Checking APY currently ranks fourth.
The above information and rates are accurate as of 3/4/2021.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.