AUSTIN, Texas — This June, First ROI and BancVue will launch a new online search engine that will connect people with checking account products available nationwide.
The Web site, CheckingFinder.com, will go live on June 2 and is designed to help community financial institutions compete with banks for deposits by helping people easily find and open reward checking style accounts. The site allows only community banks and credit unions to market their most competitive checking accounts nationwide, by state or region or by selected zip codes.
Reward checking accounts were created by BancVue to help community financial institutions increase core deposits by offering consumers high interest rates. The accounts deliver CD-like interest rates and are free and have no minimum balance requirements.
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The site works by the user entering their zip code on the main screen. A results page is then revealed that highlights a list of community financial institutions with the respective interest rates available to them. The listings are sorted by distance from the zip code entered by default, but users can choose to resort their search results by rate or estimated return as well. The user can then choose to click to find their best return and enter information to calculate an estimated annual savings. Financial institutions can customize whether they are included in search results in specific states or on a national level.
Once the user selects a financial institution they can click on a "Learn More" button that contains the account qualifications and reward specifics. The user can also apply for an account with the financial institution from this page.
The application process on the site is hosted by Andera and it verifies the user's identity, performs an Office of Foreign Assets Control check and a report on the users banking history. If the applicant is qualified it then goes to the financial institution for approval.
First ROI offers online marketing services to over 350 community banks and credit unions nationwide. BancVue serves over 400 community banks and credit unions nationwide with software development and data mining.
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