Farmers & Merchants State Bank

Kasasa Cash Back - Truth In Savings Disclosure

This disclosure contains the rules that govern your deposit account as of May 1, 2021.

Account Overview:

Kasasa Cash Back: A free variable reward checking account with no minimum balance that rewards accountholders with cash back on their debit card purchases and nationwide ATM withdrawal fee refunds when they meet minimum qualifications during the account's Monthly Qualification Cycle.

Purpose and Expected Use of Account

This account is intended to be the accountholder's 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 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.

Farmers & Merchants State Bank 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 checking account or closed altogether. We also reserve the right to convert the account to a different checking account if the account does not have consistent active use over 6 consecutive Statement Cycles.

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 Farmers & Merchants State Bank check for the remaining balance, if applicable, will be mailed to accountholder at the address indicated on our current records. Upon termination of your Kasasa Cash Back account, any optional add-on products / services associated with this account will also be terminated at the same time.

Qualification Information:

To earn your rewards, the following enrollments must be in place and all transactions and activities must post and settle to your Kasasa Cash Back account during each Monthly Qualification Cycle:

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.

The following activities do not count toward earning account rewards: ATM-processed transactions, transfers between accounts debit card purchases processed by merchants and received by our bank as ATM transactions, non-retail payment transactions, and purchases made with debit cards not issued by our bank. Transactions bundled together by merchants and received by our institution as a single transaction count as a single transaction for the purpose of earning account rewards.

"Monthly Qualification Cycle" means a period beginning one (1) banking day prior to the first day of the current statement cycle through one (1) banking day prior to the last business day of the current statement cycle.

See our website or contact one of our employees for specific Monthly Qualification Cycle dates.

"Banking Day" means any day on which an office of the bank is open to the public for the purpose of carrying out substantially all of its banking functions or for processing.

"Business Day" means a calendar day other than a Saturday or a 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.

"Statement Cycle" means the period of time for which our bank provides a summary of the financial activities and transactions that post and settle to the accountholder's account. See our website or contact one of our employees for specific Statement Cycle dates.

Reward Information:

When Kasasa Cash Back qualifications are met during a Monthly Qualification Cycle, you will receive 1.50% cash back on up to a total of $500.00 worth of debit card purchases that post and settle to the account during that cycle period. A maximum of $7.50 cash back payments may be earned per Monthly Qualification Cycle.

You will receive reimbursements up to an aggregate total of $20.00 for nationwide ATM withdrawal fees incurred within your Kasasa Cash Back account during that Monthly Qualification Cycle. We reimburse ATM withdrawal fees based on estimates when the withdrawal information we receive does not identify the ATM withdrawal fee. If you have not received an appropriate reimbursement, we will adjust the reimbursement amount if we receive the transaction receipt within sixty (60) calendar days of the withdrawal transaction. NOTE: ATM fee reimbursements only apply to Kasasa Cash or Kasasa Cash Back; Kasasa Saver ATM transaction fees are not reimbursed nor refunded.

When your Kasasa Cash Back account qualifications are not met, no cash back payments are made and ATM withdrawal fees are not refunded. Cash back payments and nationwide ATM withdrawal fee reimbursements will be credited to your Kasasa Cash Back account on the last day of the current statement cycle. Rates, rewards, and bonuses, if any, are variable and may change after account is opened; rates may change without notice to you. No minimum balance is required to earn or receive the account's rewards. Rewards less than a penny cannot be distributed. You will automatically qualify for the account's rewards during your account's first statement cycle. If the account is closed before rewards are credited, you will forfeit the rewards

Additional Information:

Account approval, conditions, qualifications, limits, timeframes, enrollments, log-ons and other requirements apply. A $250.00 minimum deposit is required to open the account. Monthly Direct Deposit/ACH credit, enrollment in online banking, and e-statements are condition(s) of this account. See accompanying schedule of Consumer Fees and Charges for fees that may apply to this account. Enrollment in electronic services (e.g. online banking, e-statements) and log-ons may be required to meet some of the account's qualifications. Limit of one account(s) per social security number. There are no recurring monthly maintenance charges or fees to open or close this account. This account is not to be used for commercial purposes. If the account is closed, you will forfeit any rewards that have not been credited to your account. Contact one of our bank service representatives for additional information, details, restrictions, reward calculations, processing limitations, cycle dates and enrollment instructions. Member FDIC. Kasasa and Kasasa Cash Back are trademarks of Kasasa, Ltd., registered in the U.S.A.

Cycle Date Information:

The following dates apply to your Kasasa Cash Back account. Our Monthly Qualification Cycle dates are not the same as our Statement Cycle dates. To qualify for your account's rewards, all of the transactions and activities identified within the above Qualification Information section must post and settle to your Kasasa Cash Back account with these Monthly Qualification Cycle dates.

The following activities do not count toward earning account rewards: ATM-processed transactions, transfers between accounts, debit card purchases processed by merchants and received by our bank as ATM transactions, non-retail payment transactions and purchases made with debit cards not issued by our institution. Transactions bundled together by merchants and received by our institution as a single transaction count as a single transaction for the purpose of earning account rewards.

Cycle Date Information:

The following dates apply to our Kasasa account(s). Monthly Qualification Cycle dates are not the same as our Statement Cycle dates. Please refer to your account's Truth In Savings disclosure for your account's specific qualification requirements. To qualify for your account's rewards, all of your account's qualifying transactions must post and settle to your specific Kasasa account within the Monthly Qualification Cycle dates stated below. Transactions bundled together by merchants and received by our institution as a single transaction count as a single transaction for the purpose of earning your account's rewards. 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 your account's rewards.

Monthly Qualification Cycle Statement Cycle
Month Year Begin End Begin End
March 2021 02/23/2021 03/29/2021 02/24/2021 03/30/2021
April 2021 03/30/2021 04/26/2021 03/31/2021 04/27/2021
May 2021 04/27/2021 05/24/2021 04/28/2021 05/25/2021
June 2021 05/25/2021 06/21/2021 05/26/2021 06/22/2021
July 2021 06/22/2021 07/26/2021 06/23/2021 07/27/2021
August 2021 07/27/2021 08/23/2021 07/28/2021 08/24/2021
September 2021 08/24/2021 09/27/2021 08/25/2021 09/28/2021
October 2021 09/28/2021 10/25/2021 09/29/2021 10/26/2021
November 2021 10/26/2021 11/22/2021 10/27/2021 11/23/2021
December 2021 11/23/2021 12/27/2021 11/24/2021 12/28/2021
January 2022 12/28/2021 01/24/2022 12/29/2021 01/25/2022
February 2022 01/25/2022 02/21/2022 01/26/2022 02/22/2022
March 2022 02/22/2022 03/21/2022 02/23/2022 03/22/2022
April 2022 03/22/2022 04/25/2022 03/23/2022 04/26/2022
May 2022 04/26/2022 05/23/2022 04/27/2022 05/24/2022
June 2022 05/24/2022 06/27/2022 05/25/2022 06/28/2022
July 2022 06/28/2022 07/25/2022 06/29/2022 07/26/2022
August 2022 07/26/2022 08/22/2022 07/27/2022 08/23/2022
September 2022 08/23/2022 09/26/2022 08/24/2022 09/27/2022
October 2022 09/27/2022 10/24/2022 09/28/2022 10/25/2022
November 2022 10/25/2022 11/21/2022 10/26/2022 11/22/2022
December 2022 11/22/2022 12/26/2022 11/23/2022 12/27/2022

Future Monthly Qualification Cycle and Statement Cycle dates for our Kasasa accounts will be available to you via our website or through one of our Service Representatives within one of our branches.