FAQs: You Asked, We Answered
No surprises, no confusion. Kudzu’s digital banking experience is designed to be clear and simple. Here are quick answers to the most common questions about Kudzu.
What is PayPerks and how does it work?
PayPerks1 is Kudzu’s financial literacy and rewards program. It offers bite-sized, interactive lessons on saving, budgeting, and credit-building—and you earn points for every lesson you complete. You also earn points for using your debit card. Those points count toward entries into Kudzu’s monthly cash sweepstakes. The more you learn, the more you earn and the more chances you have to win! For full details, please see the Official Sweepstakes Rules.
What is Kudzu?
Kudzu is an easy-to-use online banking app that offers customers the tools, educational resources, and support needed to build a strong, successful, and sustainable financial future. Kudzu is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank, N.A., Member FDIC.
Who can apply for an account?
Anyone over the age of 18 is eligible to open an account. You must be a U.S. citizen or permanent resident, have a valid Social Security Number and a valid U.S. address.
Is Kudzu a bank?
Kudzu is a fintech company, not a bank. Banking services are provided by The Bancorp Bank, N.A., Member FDIC. The Kudzu Visa Debit Card is issued by The Bancorp Bank, N.A., pursuant to a license from Visa U.S.A., Inc. and may be used everywhere Visa debit cards are accepted.
Does Kudzu charge any fees?
We only charge fees for out-of network ATM withdrawals and expedited card shipping. Our goal is to help you keep more of your money and make it grow. We don’t charge low-balance fees, monthly maintenance fees or overdraft fees. Third-party fees may apply for remote check deposits and cash loads. For the full details, please view your fee schedule or your Deposit Account Agreement.
Where can I learn more about Kudzu’s policies?
You can review all policies and disclosures associated with your Kudzu account at kudzumoney.com/policies/.
What’s the difference between overdraft coverage and overdraft protection?
Usually, overdraft “coverage” refers to a service where the bank will allow a transaction to clear, even if you don’t have enough money in your account. The bank will charge you a fee for the “privilege” of overdrafting and still require you to bring your balance positive (including the fee).
On the other hand, overdraft “protection” is a service where your spending account is connected to a savings account and funds are automatically transferred to cover overdrafts. If you don’t have enough money in your savings account, the charge will be declined until your balance is high enough to accept it. Some banks charge fees for this service, Kudzu does not. Covered by Kudzu™2 is a form of “overdraft protection,” not “overdraft coverage.”
How do I manage overdraft protection features?
Your Covered by Kudzu2 settings are easy to manage in the Kudzu app or online, and you can opt in (or out) with just a few taps. Auto-declines are enabled by default. Spending limit notifications with SpendSense Alerts3 are optional, and can be managed and customized in the Kudzu app or online to warn you when you are close to reaching your daily, weekly, and/or monthly spending threshold. Choose between push notification, email, and/or SMS.
What happens if I use Covered by Kudzu2, but don’t have enough in my savings to cover a transaction?
If your savings account balance is too low to cover a transaction, Kudzu simply declines the transaction, no negative balance or fee required. This protects you from overdrafting and prevents unexpected account debt.
Does Kudzu charge overdraft fees?
No. Kudzu never charges overdraft fees. Instead, we decline the transaction or activate overdraft protection through Covered by Kudzu2 or Covered by Kudzu+™4. Traditional banks charge an average of $35 per overdraft occurrence, even if you’re just a few cents short or if the same charge hits multiple times. We believe you shouldn’t be punished for a financial misstep.
Grow your money on the go!
Financial freedom starts with a tap. The Kudzu app will help you manage your money, power your savings, and learn how to make smart financial decisions. Kudzu grows wherever you go.
