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Additional Kasasa Product Disclosure

Kasasa Cash is a free, variable rate checking account with no minimum balance that rewards account holders with interest and nationwide ATM fee refunds when they meet minimum qualifications during the account's Monthly Qualification Cycles.

This account is intended to be the account holders primary checking 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 frequently used 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.

The Cortland Savings and Banking Company reserves the right to determine if the account is being maintained for a purpose other than day-to-day, primary use. Account holders who persist in making debit card transactions in a calculated and limited fashion in order to meet their monthly qualifications may have their account converted to a different checking account or closed altogether. We have the right to close this account at any time, with proper notice.

Our decision to close the account will not affect your existing obligations to us including any obligation to pay fees or charges incurred prior to termination. No deposits will be accepted and no checks will be paid after the account is closed. If the account is closed, you will forfeit any rewards that have not been credited to your account. A Cortland Savings and Banking Company check for the remaining balance, if applicable, will be mailed to the account holder at the address indicated on our current records. Upon termination of your Kasasa Cash account, any optional add on products and or services associated with this account will also be terminated at the same time.

Interest Rate & Annual Percentage Yield

Interest will be compounded on a monthly basis.  Interest will be credited to your account on the last day of the current statement cycle. If you close your account before the interest is credited, you will receive the accrued interest. Interest begins to accrue no later than the fifth Business Day after you deposit. "Business Day" means a calendar day other than Saturday or Sunday, January 1, the third Monday in January, the third Monday in February, the last Monday in May, July 4, the first Monday in September, the second Monday in October, November 11, the fourth Thursday in November, or December 25. If January 1, July 4, November 11, or December 25 falls on a Sunday, the next Monday is not a Business Day.

Balance Computation Method

We use the daily balance method to calculate the interest on your account. This method applies a periodic rate to the principal in the account each day for the period. The period used is the Statement Cycle. The Annual Percentage Yield (APY) associated with your Kasasa cash account is documented below in the Rewards section.

Qualifications

To earn your rewards all of the following transactions and activities must post and settle to your Kasasa cash account during each Monthly Qualification Cycle:

At least 12 debit card purchases
Receive statement electronically
Log into online banking

The following activities do not count towards earning account rewards:

ATM processed transactions or transfers between accounts.

Transactions and activities may take one (1) or more Business Days from the date the transaction or activity occurred to post and settle to the account. The following activities do not count towards earning account rewards: ATM processed transactions or transfers between accounts.

*"Monthly Qualification Cycle" means a period beginning one (1) Business Day prior to the first day of the current Statement Cycle through one (1) Business Day prior to the close of the current Statement Cycle.

*"Statement Cycle" means the period of time for which The Cortland Savings and Banking Company provides a summary of the financial activities and transactions that post and settle to the account holder's account. 

Rewards

When Kasasa Cash qualifications are met during a Monthly Qualification Cycle, (1) balances up to $25,000 receive APY of 2.00%, and balances over $25,000 earn 0.25% interest rate on the portion over $25,000, resulting in a range from 0. 25% to 2. 00% APY depending on the account's balance and (2) you will receive reimbursements up to $4.99 per single transaction for Nationwide ATM fees incurred during the Monthly Qualification Cycle in which you qualified. ATM receipt must be presented to the bank for reimbursement of $5 or higher. If you believe you have not been reimbursed the correct amount of ATM fees you must contact us within thirty (30) calendar days after the Statement Cycle where the reimbursement was applicable in order to receive a refund.

When Kasasa Cash Qualifications are not met, all balances earn 0.05% APY and ATM fees are not refunded. Interest and ATM fee reimbursements will be credited to the account on the last day of the current Statement Cycle.  APY = Annual Percentage Yield. APY calculations are based on an assumed total account balance of $25,000 plus $100,000. Rates and rewards may change after account is opened. Fees may reduce earnings.

Additional Information

No minimum balance is required to open the account and no minimum balance is required to obtain the account's rewards. Enrollment in online banking and signing on to online banking are a condition of this account. This account is not to be used for commercial purposes and there is a limit of one account per social security number. There are no fees to open or close this account.The only reoccurring monthly service charge fee associated with this account is a $2.00 fee for accounts that have not completed the electronic statement enrollment. See accompanying Schedule of Fees for fees that may apply to this account. Enrollment in electronic services (e.g. online banking, electronic statements) is required to meet some of this account's qualifications. Contact a Cortland Savings and Banking Company customer service representative for additional information, details and enrollment instructions. Kasasa Saver is a free, variable rate, deposit account with no minimum balance that rewards account holders with interest when they meet the minimum qualifications associated with their linked Kasasa cash and/or Kasasa cash Back account during each Monthly Qualification Cycle. Kasasa Cash and/or Kasasa Cash Back account must remain open throughout the period that you hold the Kasasa Saver account. In the event that you or we close your Kasasa Cash and/or Kasasa cash Back account, your Kasasa Saver account will be closed as well.

When linked to Kasasa Saver, the interest in the Kasasa Cash account does not compound in that account since they are transferred into the Kasasa Saver account. The Kasasa Saver APYs may be less than the Kasasa Cash APYs. APY calculations are based on an assumed total account balance of $25,000 plus $100,000.(1) balances up to $25,000 receive APY of 2.00%; and balances over $25,000 earn 0.25% interest rate on the portion over $25,000, resulting in a range from 0.25% APY to 0.75% APY depending on the account’s balances.  Rates and rewards may change after account is opened. Fees may reduce earnings. Kasasa Cash Back is a free variable reward checking account with no minimum balance that rewards account holders with cash back on their debit card purchases and nationwide ATM fee refunds when they meet the minimum qualifications during the account’s Monthly Qualification Cycle.   

 When Kasasa Cash Back qualifications are met during a Monthly Qualification Cycle, you will receive (1) 2.00% cash back on up to a total of $400 in debit card purchases that post and settle to the account during that cycle period up to a maximum cash back earned of $8.00 per Monthly Qualification Cycle, as well as reimbursements for nationwide ATM fees incurred during the Monthly Qualification Cycle in which you qualified. ATM receipt must be presented for you qualify. ATM receipt must  be presented for reimbursement of ATM fees of $5.00 or higher. If you believe you have not been reimbursed the correct amount of ATM fees you must contact us within thirty (30) calendar days after the Statement Cycle where the reimbursement was applicable in order to receive a refund.

When Kasasa Cash Back qualifications are not met, you will not receive cash back on debit card purchases and ATM fees are not refunded. Rates and rewards may change after account is opened. Fees may reduce earnings. This account is not to be used for commercial purposes and there is a limit of one account per social security number. Kasasa Tunes is a free variable rewards checking account with no minimum balance that rewards accountholders with reimbursements on iTunes, Amazon.com and Google Play purchases and nationwide ATM fee refunds when they meet minimum qualifications during the account's Monthly Qualification Cycle.

Sign Up Bonus

You will be refunded up to an aggregate total of $20 (which includes any applicable taxes) for iTunes, Amazon.com or Google Play purchases, made with your Cortland Bank Kasasa Tunes debit card that post and settle to your account during the first 60 days after your account is opened. Transactions may take one (1) or more Business Days from the date the transaction occurred to post and settle to your account. This refund will be credited to your account on the last day of the Statement Cycle in which your aggregate iTunes/Amazon.com purchase threshold of $20 posts and settles to your account. Any portion of the Sign Up Bonus that is not used within the stated time period will be forfeited. No minimum deposit is required to open the account and no minimum balance is required to obtain the bonus. Limit one account per social security number and one Sign Up Bonus per account per year.

When Kasasa Tunes qualifications are met during a Monthly Qualification Cycle: you will earn up to an aggregate total of $8 (which includes any applicable taxes) in refunds for any iTunes, Amazon.com or Google Play purchases. In order to be refunded, iTunes, Amazon.com and Google Play purchases must be with your Cortland Bank Kasasa Tunes debit card and most post and settle to your account no more than 30 days after the Monthly Qualification Cycle in which you qualified ends and you will receive reimbursements for nationwide ATM fees incurred during the Monthly Qualification Cycle in which you qualified. ATM receipt must be presented for reimbursement of ATM fees of $5 or higher. If you believe you have not been reimbursed the correct amount of ATM fees you must contact us within thirty (30) calendar days after the Statement Cycle where the reimbursement was applicable in order to receive a refund.

iTunes, Amazon.com and Google Play purchases are refunded via a "grant" and "credit" process. On the last day of each Statement cycle in which you qualify, we establish a refund "grant" of up to $8 for your account. Each "grant" is valid for up to 30 calendar days. All iTunes, Amazon.com and Google Play refunds are "credited" against your account's oldest active "grant." If the account is closed, you will forfeit any refunds grants that have not been credited to your account. Rates and rewards may change after account is opened. Fees may reduce earnings. Kasasa cash, Kasasa saver and Kasasa 360 are trademarks of BancVue, Ltd., registered in the U.S.A.