Program Compliance Text
Strong Saver Rewards Program
Reward Type: ST Passbook
The Strong Saver Rewards Program is open to all children ages 0 to 18. To qualify, a Strong Savers Passbook "ST Passbook" must be opened as an UTMA* or Joint Account - with a minimum deposit of $50. Existing passbook account holders may convert their existing account number with a minimum new money deposit of $50. This is an interest bearing savings account, and the rates are subject to change. Current rates are available at each office and at www.cortland-banks.com. Pre-authorized, automatic and telephone transfers are restricted to six per month. Withdrawals or transfers made in person, by mail or ATM are not restricted. The $10 opening reward will be issued to the account within 15 business days of opening (or converting to) the ST Passbook. Reoccurring six consecutive monthly Automatic Funds Transfer (AFT) of $10 or more from Cortland Banks checking account(s) to a ST Passbook will result in a one-time $10 reward to the child’s account for each AFT set up at the new accounts desk (NetTeller transfers excluded) earned after six months of AFTs. Limit one AFT item per primary Customer Identification Number (CIF) to the receiving minor’s CIF for AFT reward eligibility. The transferring account can only have one AFT transfer to each minor’s account. There is no limit on the number of AFT accounts tied to the ST Passbook. Un-enrolling and re-enrolling the AFT account will not result in additional $10 rewards.
The current Annual Percentage Yield (APY) for this account is 0.02% with an interest rate of 0.02%. This rate is accurate as of 12/15/14. This is a variable rate and may change after the account is opened. Ask for current rate.
Reward Type: ST CD
Additional rewards can be earned at maturity when opening a Strong Saver Certificate of Deposit "ST CD" using only ST Passbook funds. The minimum to open this one-year CD is $500. Early withdrawal penalties apply, and rewards will not be earned for that certificate. Certificates issued for one year or more will qualify for this program upon request at CD opening. CD interest must compound and remain on deposit. Rewards will be issued as a deposit into the child’s ST Certificate.
For a one-year CD, the current Annual Percentage Yield (APY) is 0.20% with an interest rate of 0.20%. This rate is accurate as of 12/15/14. This rate is subject to change. Ask for current rate. This rate will be paid until the specified maturity date. Interest will be compounded quarterly. Interest will be credited quarterly and added back to the certificate. At maturity, the CD will automatically renew for the same term as the initial term and will earn the APY in effect at the time of maturity. Early withdrawal penalties apply as detailed in the deposit account agreement.
All rewards count toward the maximum $100 rewards per year per CIF and are subject to review before disbursement. Account opening rewards will be issued within 15 business days of opening; with AFT rewards earned after six consecutive months of AFTs; and CD rewards earned at maturity. Rewards are considered interest and will be reported on IRS Form 1099-INT. Reward offers may be withdrawn at any time. Reward values and tiers are subject to change. Reward deposit dates may vary.
*UTMA - Ohio Uniform Transfer to Minors Account is an irrevocable gift.
New CD Balance Tier rewards: A $5 deposit will be issued for a $500-$999 Strong Saver CD funded by the Strong Saver Passbook. A $10 deposit will be issued for a $1000-$1499 Strong Saver CD funded by the Strong Saver Passbook. A $15 deposit will be issued for a $1500-$1999 Strong Saver CD funded by the Strong Saver Passbook. A $20 deposit will be issued for a $2000 or larger Strong Saver CD funded by the Strong Saver Passbook.
Personal Bankers Please Use Code: STRONG14
Questions? Contact your local
Cortland Banks office.