RiverFall Credit Union Offers Kasasa Brand Products In Central Alabama
The Kasasa Cash checking account offered by RiverFall Credit Union (RiverFall CU) currently earns 3.00% APY on qualifying balances up to $15k. Qualifying balances over $15k earn 0.25% APY, with non-qualifying balances earning 0.10% APY. The Kasasa Cash account was added to the product line in October 2018, with an initial 2.00% APY on qualifying balances up to a very low $5k. Two years ago, the rate was increased to 3.00% APY and the balance cap tripled to $15k.
The monthly qualification requirements are easily fulfilled and do not included a direct deposit or ACH transaction.
- At least 12 debit card purchases
- Be enrolled in and log into online banking
- Be enrolled in and agree to receive e-Statements
The Kasasa Cash account has no monthly fee, no minimum balance requirement, and no minimum opening deposit. Unlimited nationwide ATM fees will be reimbursed, if qualifying requirements are met. Unlimited checking writing is available and a free Visa debit card will be issued following account opening. There is a limit of one account per Social Security number and a Kasasa Cash account may not be used as a commercial account.
The Kasasa Cash landing page includes a “Purpose and Expected Use of Account” section. The following is a portion of that statement.
This account is intended to be the accountholder's primary share draft 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.
RiverFall Credit Union reserves the right to determine if the account is being maintained for a purpose other than day-to-day, primary use. Accountholders 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 share draft account or closed altogether. We also reserve the right to convert the account to a different share draft account if the account does not have consistent active use over six consecutive Statement Cycles.
Kasasa Saver Account
RiverFall also offers a Kasasa Saver account, as a companion account to Kasasa Cash Checking and Kasasa Cash Back accounts. Earned rewards automatically sweep to this account each month. The Kasasa Saver account currently earns 0.50% APY on qualifying balances up to $20k; qualifying balances over $20k earn 0.25% APY, with non-qualifying balances earning 0.10% APY.
Like the Kasasa Cash account, the Kasasa Saver has no monthly service charge, minimum balance requirement, or minimum opening deposit. There is a limit of one Kasasa Saver account per Social Security number and it may not be used for commercial purposes.
Annual Earnings of Combined Kasasa Cash Checking/Kasasa Saver Accounts
The potential combined annual earnings of a Kasasa Cash Checking account (3.00% APY/$15k) and a Kasasa Saver account (0.50% APY/$20k) is approximately $550 (1.57% APY/$35k), which is a very competitive APY for a moderate-sized balance in a rewards checking/saver combo.
Kasasa Cash Back
The Kasasa Cash Back account offered by RiverFall CU currently earns 3.00% cash back on up to $250 in monthly debit card purchases. If you are planning on maintaining a balance of less than $3,000, 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 $90 ($7.50 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.
Availability
Headquartered in Tuscaloosa, Alabama, RiverFall Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in the west central Alabama counties of Bibb, Fayette, Greene, Hale, Pickens, or Tuscaloosa eligible to join.
FYI – You must be at least 19 years old to open a RiverFall CU membership.
Joining RiverFall CU and/or opening a Kasasa brand product can be done online, or at any of three Alabama branches located in Northport and Tuscaloosa (2).
To open a savings account, a $5 minimum deposit is required. You must also maintain a minimum balance of $5. This account is required for membership and makes you an owner of RiverFall Credit Union.
RiverFall CU participates in the CO-OP Shared Branch network, giving its members access to more than 5,000 branches nationwide.
Easily and conveniently bank like you would at your home RiverFall branch.
Credit Union Overview
RiverFall Credit Union has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 2.65% (excellent) based on March 31, 2021 data. In the past year, RiverFall CU has increased its total non-brokered deposits by $29.28 million, an excellent annual growth rate of 25.96%. Please refer to our financial overview of RiverFall Credit Union (NCUA Charter # 60942) for more details.
Chartered in 1953, RiverFall Credit Union was originally known as the Tuscaloosa Teacher Credit Union, founded by a group of teachers in the Tuscaloosa school district. In 2015, the RiverFall rebrand occurred. According to a Tuscaloosanews.com article,
The credit union said in a news release that its leadership worked with an outside marketing firm to develop a name that would resonate with the community and be more inclusive of its market.
“RiverFall” encompasses a direct reference to the Black Warrior and Tombigbee rivers as well as the fall line in Alabama that separates the hilly Cumberland Plateau from the flat Coastal Plain. These rivers flow through the six counties of the credit union’s market, which includes Bibb, Fayette, Greene, Hale, Pickens and Tuscaloosa. The city of Tuscaloosa, where the credit union was established, was developed along this topographical trait known as the fall line.
RiverFall Credit Union is currently Alabama’s 31st largest credit union, with nearly 12,000 members and assets in excess of $160 million.
How the Kasasa Cash Compares
When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available within the FOM and have maximum qualifying balances of at least $15k, RiverFall Credit Union’s Kansas Cash APY currently ranks third.
The above rates are accurate as of 8/21/2021.
To search for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.
