Timberline Federal Credit Union (AR) Has New Kasasa Cash Checking

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Deal Summary: Kasasa Cash Checking, 4.00% APY on qualifying balances up to $15k. Kasasa Saver, 0.50% APY on qualifying balances up to $50k.

Availability: Residents of ten southeast Arkansas counties.

There’s a new reward checking account (RCA) available to the residents of southeast Arkansas. Timberline Federal Credit Union (Timberline FCU) recently added the Kasasa brand to its product line, including a Kasasa Cash Checking earning 4.00% APY on qualifying balances up to $15k. Qualifying balances over $15k earn 0.25% APY, with all non-qualifying balances still earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.00*%-$15kTimberline Federal Credit UnionFree Kasasa Cash Checking
OTHER TIERS: 0.25% $15k+
Rates as of October 24, 2020.

The qualifying requirements do not included a direct deposit or ACH transaction.

  • Have at least 12 debit card purchases.
  • Be enrolled in and log into online banking.
  • Be enrolled in and receive e-Statements.

Timberline FCU’s Kasasa Cash Checking has no monthly service fees or minimum balance requirement, but does require a $20 minimum opening deposit. Nationwide ATM fees will be reimbursed up to an aggregate total of $25 per month. There is a limit of one account per member.

The Kasasa Cash Checking landing page contains the standard (and lengthy) warning about account usage, including the following,

Timberline Federal 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 6 consecutive Statement Cycles.

Kasasa Saver Account

Timberline FCU’s Kasasa Saver account currently earns 0.50% APY on qualifying balances up to $50k; qualifying balances over $50k earn 0.33% APY, with non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.50*%-$50kTimberline Federal Credit UnionFree Kasasa Saver
OTHER TIERS: 0.33% $50k+
Rates as of October 24, 2020.

The Kasasa Saver account is a companion account to the Kasasa Cash Checking account and can be opened with a $20 minimum deposit. Kasasa Cash Checking earned interest is automatically transferred to the Kasasa Saver account each month.

Annual Earnings of Combined Kasasa Cash Checking/Saver Accounts

The maximum potential combined annual earnings of the Kasasa Cash Checking (4.00% APY/$15k) and the Kasasa Saver (0.50% APY/$50k) is approximately $850 (1.31% APY/$65k).

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,

On an everyday level, Kasasa is free checking that rewards you each month for doing simple things you might already do. "Simple" as in banking basics that actually save you time. Like choosing e-statements over paper statements, or swiping your debit card at checkout instead of writing a check.

Ever wondered where the word “Kasasa” comes from? Its etymology is neither Greek nor Latin.

Put simply, we made it up.
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 Crossett, Arkansas, Timberline Federal Credit Union’s field of membership (FOM) is primarily residency-based, with individuals who live, work, worship, or attend school in the Arkansas counties of Ashley, Bradley, Calhoun, Chicot, Cleveland, Dallas, Desha, Drew, Lincoln, or Union eligible to join.

Joining Timberline FCU and/or opening a Kasasa Cash Checking/Kasasa Saver account can be done online or by contacting Member Services (870.304.3200). The lobbies of all three Arkansas branches (located in Crossett, Fordyce, and Hamburg) remain closed.

Effective March 23, 2020, all lobbies will be closed until further notice. All services will be limited to drive-thru only. We will make all efforts to accommodate your needs through our drive-thru at each location. Additionally, safe deposit boxes may be accessed by appointment.

Opening a Regular Share Account with $20 minimum deposit and maintaining a minimum $5 balance is required to establish and maintain a Timberline FCU membership.

In addition to participating in the CO-OP Share Branch and ATM networks, Timberline FCU is also a member of the CU24 ATM network.

Traveling outside of Southeast Arkansas?
Enjoy access to thousands of branches across
the U.S. through the CO-OP and CU24 networks.

Credit Overview

Timberline Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 0.58% (excellent) based on March 31, 2020 data. Timberline FCU has an excellent capitalization level (19.43%), the result of holding $74.82 million in assets with $14.54 million in equity. Please refer to our financial overview of Timberline Federal Credit Union (NCUA Charter # 11678) for more details.

Founded in 1957, Timberline Federal Credit Union was originally known as the Crossett Paper Mills Employees Federal Credit Union (CPMEFCU) and was housed in a small office inside the paper mill. Employees of Ashley Drew and Northern Railroad (a Georgia Pacific Corporation subsidiary) were added to the FOM in 1970. The Timberline rebrand occurred in 2011, with the new name honoring the original FOM. A community charter was adopted in 2012, adding Ashley County to the FOM; 21 months later, nine more Arkansas counties were added. Timberline Federal Credit Union is currently the eighth largest credit union in Arkansas, with more than 10,000 members and assets in excess of $74 million.

How the Kasasa Cash Checking Compares

When compared to 78 High Yield Reward Checking Accounts tracked by DepositAccounts.com, which are available within the FOM and have maximum qualifying balances of at least $15k, Timberline Federal Credit Union’s Kasasa Cash Checking APY currently ranks second.

The above rates are accurate as of 8/1/2020.

Thinking of opening a Reward Checking Account? Please refer to our High Yield Reward Checking Account Rates Table page for both nationwide and state-specific accounts.

Related Pages: Monroe checking accounts, Little Rock checking accounts, reward checking accounts

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