Community Financial Institutions Bail Out Big Bank Customers

Nov. 10, 2008 - PRLog -- Austin, TX--With home safe sales up 75% over the past year, consumers are on a flight for safety and seeking responsible returns. Many are finding soft landings locally at community financial institutions where they can earn up to 7% interest on their checking accounts, feel the safety of a locally-owned bank, and know their deposits are being reinvested in their community through loans to local businesses and individuals. To help consumers find community banks and credit unions with high-yield checking accounts, BancVue, a leading provider of products and consulting to community banking institutions, partnered with FIRST ROI, the premier online marketing firm for community banks and credit unions, to develop www.CheckingFinder.com.  

“Amid this economic turmoil, people are finding community financial institutions to be a safe haven to stash their hard earned cash and generate responsible returns,” says Don Shafer, co-founder of BancVue.  “Community banks and credit unions are trusted neighbors that offer safety and some of the best interest rates on the market. And if that isn’t enough, people can feel good about their local deposits being put to work in their local communities.”

With nearly 8,500 community banks and 8,200 credits unions, community financial institutions are attracting the assets from those cashing out investments. An October survey by the Independent Community Bankers of America reveals that 70% of community banks saw an uptick in deposits in the past year. Part of the attraction has been driven by consumers seeking safer, high-yield checking accounts.  In fact, REWARDChecking® accounts are opening at a rate of every 59 seconds.  With a history of delivering value and customer-centric service, selected community banks and credit unions are offering free checking accounts with CD-like yields.  The bank or credit union realizes operational savings when account holders accept eStatements, utilize direct deposit, access online banking, and increase their debit card usage and returns it to the consumer in the form of higher yields.  

“Community financial institutions are operated with a different fiduciary DNA than other banks,” continues Shafer.  “They are in banking to serve their community. That is why they offer more value to their customers and members.”

CheckingFinder.com provides consumers a one-stop-shop for the best high-yield checking accounts among community banks and credit unions. The site enables consumers to search for a free, high-yield account by rate, distance from their home, and best annual return based on average account balance and ATM usage and then open the account online.      

“Community financial institutions have been the pillar of progress and stability over America’s history.  While megabanks may have branches, community financial institutions have roots. Consumers are being paid to return to their roots,” concludes Shafer.

For more information on community banks and credit unions that offer high interest checking accounts visit www.checkingfinder.com.

About BancVue
Serving over 450 community banks and credit unions nationwide, BancVue is a leading provider of innovative software, marketing and consulting solutions to empower community financial institutions to compete and win in the war for deposits. Through the development and implementation of these solutions, consumers benefit from better products and service from their community financial institutions, such as REWARDChecking®, a free high yield checking account specifically designed for community banks and credit unions.  For more information on BancVue, visit www.bancvue.com.