Western Sun Federal Credit Union (OK) Has New Kasasa Brand Products
Western Sun Federal Credit Union (WSFCU) recently began offering Kasasa brand products. The Kasasa Cash currently earns 2.25% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.20% APY, with non-qualify balances earning 0.05% APY.
The monthly qualification requirements are quite standard and include,
- At least 12 debit card purchases
- At least one direct deposit or ACH credit/debit
- Be enrolled in and agree receive eStatements
- Maintain a valid email address on file
The Kasasa Cash account has no minimum balance requirement or monthly service fee, but does require a $50 minimum opening deposit. Unlimited check writing is available and a free 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 account per Social Security number and may not be used as a commercial account.
The Kasasa Cash Truth-in-Savings disclosure includes the standard “Purpose and Expected Use of Account” wording
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.
Western Sun FCU 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.
Kasasa Saver
The Kasasa Saver currently earns 1.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.50% APY, with non-qualifying balances earning 0.05% APY.
Kasasa Cash/Kasasa Cash Back earned rewards and ATM reimbursements 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 low $5 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 (2.25% APY/$25k) and the Kasasa Saver (1.00% APY/$25k) is approximately $812 (1.625% APY/$50k).
The second tier rate of the Kasasa Saver is competitive with online savings accounts. This results in competitive combined annual earnings for larger balances. For a $100k balance, the potential combined annual earnings of the Kasasa Cash (2.25% APY/$25k) and the Kasasa Saver (1.00% APY/$25k + 0.50% APY/$50k) is approximately $1,062 (1.06% APY/$100k).
Kasasa Cash Back
The Kasasa Cash Back account offered by WSFCU earns 3.00% cash back on debit card purchases, limited to the first $400 in monthly debit card purchases. If you are planning on maintaining a balance of less than $6,400, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash account; the maximum annual earnings for the Kasasa Cash Back account is $144 ($12 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 Broken Arrow, Oklahoma, Western Sun Federal Credit Union’s field of membership (FOM) is residency-based, with individuals who live, work, worship, attend school, or volunteer in the Oklahoma counties of Creek, Okmulgee, Osage, Pawnee, Rogers, Tulsa, or Wagoner, eligible to join. These seven counties comprise the Tulsa Metropolitan Statistical Area (MSA).
Immediate family members and household members of a current WSFCU member also qualify for membership. As stated on the online application, those who qualify include “spouse, domestic partner, child, sibling, parent, grandparent, or grandchild of a member. This includes step-children, step-parents, step-siblings, and adopted children.”
Joining WSFCU can be done online, or at any of six Oklahoma branches, located in Bixby, Broken Arrow, Okmulgee, Owasso, and Tulsa (2). There is no mention of any COVID-related branch restrictions (limited hours, appointments, etc.) on WSFCU’s website.
At this time, opening a Kasasa brand product must be done in-branch. As stated on the Kasasa Cash landing page,
Online Account Opening for Kasasa Cash® Checking Currently Unavailable
According to CSR, a Kasasa online application will be implemented in the near future.
All we require to become a member is to have a regular savings account
with a minimum balance of $5. That $5 is your money and is not a fee to join.
In addition to participating in the CO-OP Shared Branch and ATM networks, WSFCU is also a member of the TransFund ATM network.
Credit Union Overview
Western Sun Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 4.34% (excellent) based on September 30, 2020 data. In the past year, WSFCU has increased its total non-brokered deposits by $10.21 million, an excellent annual growth rate of 7.18%. Please refer to our financial overview of Western Sun Federal Credit Union (NCUA Charter # 4202) for more details.
Chartered in 1940, Western Sun Federal Credit Union was originally known as Tulsa Be Square Federal Credit Union. The founding members were several employees of the Tulsa-based Barnsdall Oil Company. The 1950 merger between Barnsdall Oil Company and Sunray Oil Company led to a rapid growth spurt for the credit union. The name was changed to Tulsa DX Federal Credit Union in 1963, with the Western Sun Federal Credit Union rebrand occurring in 1970.
WSFCU’s FOM was exclusive to the employees of a group of select Tulsa companies for more than 50 years. In 2001, a community charter was granted, expanding the FOM to include all residents of Tulsa County and Okmulgee County. The FOM was further expanded to include the entire Tulsa MSA in 2019. Western Sun Federal Credit Union is currently the 15th largest credit union headquartered in Oklahoma, with more than 24,000 members and assets in excess of $190 million.
How Kasasa Cash Compares
When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available within the FOM and have maximum qualifying balances of at least $25k, Western Sun Federal Credit Union’s Kasasa Cash APY currently ranks second.
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.