Strong Saver

Program Compliance Text

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 6 per month.  Withdrawals or transfers made in person, by mail, or ATM are not restricted. Upon opening (or converting to) the ST Passbook, a $10 reward will be issued to the account. Reoccurring monthly Automatic Funds Transfer (AFT) of $5 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) 6 consecutive months after the first AFT. Limit one AFT item per primary Customer Identification Number (CIF) to the receiving minor’s CIF. 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. Additional rewards can be redeemed upon 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 issued 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 after the grace period.** After initial rewards are issued the funds must remain on deposit to receive additional rewards on future deposits. Please refer to Renewal Rewards.***

All rewards count toward the maximum $100 rewards per year per CIF, are subject to review before disbursement. Account setup rewards will be issued within the first month of opening; with AFT rewards issued after 6 months; and CD opening/renewal rewards issued at the end of the CD Term. 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 Reward offers may be withdrawn at any time.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 $15 deposit will be issued for a $500-$999 Strong Saver CD funded by the Strong Saver Passbook. A $30 deposit will be issued for a $1000-$1499 Strong Saver CD funded by the Strong Saver Passbook. A $45 deposit will be issued for a $1500-$1999 Strong Saver CD funded by the Strong Saver Passbook. A $60 deposit will be issued for a $2000 or larger Strong Saver funded by the Strong Saver Passbook.
Personal Bankers Please Use Code: STRONG

*** Renewal CD Rewards: If a child deposits $10 or more from their Strong Saver Account on top of their Strong Saver CD renewal balance, they will receive a $10 deposit into the child’s ST Certificate after the grace period when the renewed CD comes to term.
Personal Bankers Please Use Code: STRONGER


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