Terms & Conditions - Quicksave
The QuickSaveSM Program
It's easy. You enroll in the QuickSaveSM program. You choose a QuickSaveSM transfer amount, either $.50 or $.25. We transfer money to your savings each time you use your Colorado State Bank and Trust VISA Debit Card or Colorado State Bank and Trust's electronic Online BillPay service. We even match a portion of your savings! (details below)
How QuickSaveSM Works
At the end of each business day, we determine the number of Debit Card and Online BillPay transactions that are eligible QuickSaveSM transactions. We multiply the number of eligible transactions by your QuickSaveSM transfer amount, then we make a QuickSaveSM transfer; that is, we move a single credit amount to your savings or money market account.
For example, if you have three eligible transactions (Debit Card or electronic Online BillPay) and your QuickSaveSM transfer amount is $.50, we will deduct $1.50 from your checking account and credit your savings or money market account with $1.50.
Eligible transactions made on a non-business day will be combined with eligible transactions made on the following business day. The term "business day" means every day except Saturdays, Sundays, and federal holidays.
The QuickSaveSM transfer will not be processed on any day that sufficient funds are not available or if the QuickSaveSM transfer would result in an overdraft. In such a case, the QuickSaveSM transfer will not be processed at a later date.
You may change your QuickSaveSM transfer amount at any time by telephone or by visiting any Colorado State Bank and Trust branch location.
Eligible QuickSaveSM Transactions
Purchases you make with your Colorado State Bank and Trust Debit Card (signature or PIN-based) are eligible transactions. The purchase must result in a debit transaction that posts to your preselected, personal Colorado State Bank and Trust checking account. The purchase of foreign currency, traveler's checks, cashier's checks and other similar instruments are not eligible transactions. All other transactions conducted using your Debit Card such as deposits, withdrawals, balance inquiries, transfers, credits, pre-authorizations, reversals, and other checking account inquiries are not eligible transactions, including any and all small dollar transactions not executed within the spirit of the program (i.e. multiple $1.00 transactions).
All electronic Colorado State Bank and Trust Online BillPay transactions are eligible transactions except for those small dollar transactions not executed within the spirit of the program (i.e. multiple $1.00 transactions). Online BillPay transactions that do not result in an electronic transfer of money are not eligible transactions. These non-eligible transactions post to your account (and are listed on your statement) as a paper check.
If the eligible Debit Card or electronic Online BillPay debit transaction is later cancelled or reversed, the original QuickSaveSM transfer will remain in your savings or money market account.
Other QuickSaveSM Requirements
To enroll for QuickSaveSM, you must have at least one Colorado State Bank and Trust personal checking account, linked to a Colorado State Bank and Trust personal savings or money market account and an open Colorado State Bank and Trust personal Debit Card.
You may link up to three personal checking accounts to one QuickSaveSM enrolled savings or money market account. You may have only one personal savings or money market account enrolled in the QuickSaveSM program. At least one checking account owner must also be an owner on the personal savings or money market account.
Enrollment in the QuickSaveSM program requires that you receive a combined statement; the savings will be linked to a personal checking account.
After 3 successive months of no eligible QuickSaveSM transactions your account will be un-enrolled and any accrued bank match awards will be forfeited.
The QuickSaveSM program is available only in association with personal accounts. The program is not available to business entities.
Bank Match Award
Each year we will automatically transfer the bank match award to your personal savings or money market account within 6-8 weeks after your QuickSaveSM enrollment anniversary date.
During the first three months after your enrollment in the QuickSaveSM program, we will match 100% of your QuickSaveSM transfers. Afterwards, we will match 5% of your QuickSaveSM transfers.
To receive the bank match award, at the time the bank match award is credited, you must be enrolled in and actively using the QuickSaveSM program. Both of your enrolled accounts (savings or money market and checking) must be open and in good standing.
The bank match award is limited to $250 annually.
You are only eligible for one 3-month 100% bank match award. If you enroll in the QuickSaveSM program and we determine that you were previously enrolled and have already received a 3-month 100% bank match award, we may immediately and without notice to you disqualify related transactions or reduce the bank match amount.
The amount of the bank match award paid to you will be reported to the IRS on Form 1099 as earned interest in accordance with IRS guidelines.
We may suspend, terminate, or change the QuickSaveSM program and/or these terms and conditions at any time and without notice. We may also un-enroll your account(s) from the QuickSaveSM program and/or disqualify any or all transactions, eligible or otherwise, in our sole discretion including any and all small dollar transactions not executed within the spirit of the program (i.e. multiple $1.00 transactions).