Your Cash is Costing You Money
06/21/2016
Are you still using cash on a daily basis? Your cash use is costing you money.
My wife and I recently took a getaway weekend to Western Massachusetts. As we got in the car, she asked, “Do you have cash?”
“Yes”, I responded with confidence. I had $11 in my wallet.
In her mind, we were woefully low on funds. I have come to rely on cash less and less.
When I head out on driving trips I have no worries about cash for tolls. I have my EZ Pass.
Hotel? Goes on my Atlantic Federal Credit Union debit card.
Gas? Goes on my debit card.
Food? Goes on my debit card.
Shopping? Goes on my debit card.
Even parking meters in Portland, take a debit card.
Cash? It’s costing me money! I earn no money when using cash. When I am using my debit card, I am earning 2.5%APY* on my deposits in my Atlantic Kasasa Cash, Free Checking account. (By law I have to put the fine print below. Please give it a read, it’s not exciting but it really shows how easy it is to earn money with and Atlantic Kasasa Free Checking Account.)
The Atlantic Kasasa Cash Back, Free Checking offers up to 2.5% cash back* on monthly purchases up to $250. It works out to $6.25 per month. That is $75 per year. You can’t make that kind of money using cash.
Sure I use my credit cards for some purchases. And yes I have rewards on my credit card, but it does not come close to my Atlantic Kasasa card.
Of course there have been times when I go into a small store or foodie place that has a sign that says, “Cash Only.” If I absolutely need cash then I will go to an ATM. (And no ATM fee, because I am using my Atlantic debit card.) Inconvenient? Maybe a little but there is always an ATM machine nearby. According to a recent study by Tufts University, “Consumers spend approximately 28 minutes/month traveling to the point where they access cash.” Less than a minute per day.
Or, I could ask my wife to access the cash that she has brought. But that brings on a whole new kind of expense.
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*Limit one Kasasa account type per Social Security Number. Account transactions and activities may take one or more days to post and settle to the account and all must do so during the Monthly Qualification Cycle in order to qualify for the account’s rewards. “Monthly Qualification Cycle” means a period beginning one (1) day prior to the first day of the current statement cycle through one (1) day prior to the close of the current statement cycle. The following criteria must be satisfied each month in order to earn the 2.50% APY* or the 2.50% Cashback Reward. A minimum of 12 POS debit card transactions, enrollment and logon into online/mobile banking, and receipt of electronic statements. If the criteria is satisfied, domestic ATM fees incurred during qualification cycle will also be reimbursed up to $20 and credited to account on the last day of monthly statement cycle; ATM receipt must be presented for reimbursement of an individual ATM fee of $5.00 or higher. Qualifying transactions must post to and settle to the Kasasa account during the monthly qualification cycle. Transactions may take one or more banking days from the date the transaction was made to post to and settle to the account. ATM-processed transactions do not count towards qualifying debit card transactions. There are no recurring monthly service charges or fees to open or close these account(s).
When Kasasa Cash qualifications are met each monthly qualification cycle: the monthly Average Balance up to $10,000 receive APY* of 2.50%; and average balances over $10,000 earn 0.40% dividend rate on the portion of the balance over $10,000, resulting in 2.50% – 0.59% APY* depending on the balance. If qualifications are not met in the monthly qualification cycle, all Kasasa Cash monthly average balances earn 0.05% APY. The advertised Kasasa Cash APY is based on compounding dividends. Dividends earned in Kasasa Cash are automatically transferred to Kasasa Saver each statement cycle and do not compound. Actual dividend amount paid may be less than advertised Kasasa Cash APY. The Kasasa Saver APYs may be less than Kasasa Cash APYs. *APY=Annual Percentage Yield – accurate as of 05/01/2016. Rates may change after account is opened.
When Kasasa Cash Back qualifications are met during a Monthly Qualification Cycle, you will receive 2.50% cash back up to a total of $250.00 PIN-based/signature-based debit card purchases that post and settle to the account during that cycle period. A maximum of $6.25 cash back may be earned per Monthly Qualification Cycle. When Kasasa Cash Back qualifications are not met, no cash back payments or ATM refunds are made. Cash back payments will be credited to your Kasasa Cash Back account on the last day of statement cycle. Account approval, conditions, qualifications, limits, timeframes, enrollments, logons and other requirements may apply.
Contact an Atlantic Federal Credit Union service representative for additional information, details, restrictions, processing limitations and enrollment instructions. Federally Insured by NCUA. Membership eligibility is required.