On the eve a national roll out of its Kasasa-branded checking accounts, BancVue reported that the accounts have brought $55 million to over 306,000 account holders at credit unions and community banks nationwide.
The free checking accounts and other associated services are meant to help credit unions and community banks better compete with national banks.
The accounts come with a free debit card, no monthly service fee, online banking, and ATM fee refunds nationwide, all on accounts that do not have a monthly minimum balance.
The accounts can also carry different rewards and innovations, such as allowing digital music downloads from iTunes or Amazon.com or a higher interest savings account that regularly collects the interest and returned ATM fees from a paired savings account.
“Kasasa is unlike anything I’ve ever experienced at a bank,” said Mike Malone, a Kasasa account holder at Farmers Citizens Bank in Ohio. “It’s the first time I haven’t felt like I was just a number. I’m actually being paid for keeping my money with a bank and I feel great supporting my local community. It’s a total win-win for me.”
“When consumers invest their money in a local bank or credit union, those deposits stay in the community,” said Gabe Krajicek, CEO of BancVue. “They become a loan to a small business or a neighbor. This whole notion of communities taking care of communities is the very essence of what has made America so successful. Everybody wins.”