December Data Confirms Community Banks Winning Battle for Deposits

PRLog (Press Release) - Jan 21, 2009 -
Austin, TX— BancVue, a leading provider of products and consulting to community banking institutions, today reported deposits in its REWARDChecking® accounts jumped another $183 million in December, bringing total deposits in the program to $7.6 billion, a 175% increase for the year.

The Austin-based firm also reported its innovative demand deposit account is now being offered by 477 community financial institutions across the country, an 82% increase in the network from a year ago.

“Clearly the BancVue products are meeting bank and credit union needs for core deposit growth, new account acquisition, and  retention," said Don Shafer, Chairman of BancVue. “I’d like to think we’re finally getting consumers to really think about where they’re putting their money and what results they should expect.”  

Confirming the point, BancVue reported a 165% year-over-year increase in the number of REWARDChecking accounts to over 832,000 accounts at the end of December. The firm indicates more than 40% are new relationships to the financial institutions.

“Community financial institutions are winning back consumers from the faltering megabanks and investment houses,” said Shafer. “Americans are indicating a preference toward investing locally, and they benefit from high yields, fiscal safety, and customer service.”

BancVue's REWARDChecking is a free checking account that offers customers a high interest rate and ATM fee refunds when cost-saving technology adoption requirements are met. The program is designed to help community banks and credit unions fuel deposit growth by attracting affluent, tech-savvy consumers that have been shown to keep higher balances, generate greater fee income, and use more electronic services than the average checking account holder. They are also more profitable than free checking account holders and stay longer with their financial institution.

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

About BancVue
BancVue is the leading provider of innovative software, marketing, and consulting solutions to community financial institutions nationwide. Serving nearly 500 community banks and credit unions around the country, BancVue’s solutions allow these institutions to compete and win in the war for deposits. Consumers benefit from the development and implementation of BancVue’s innovative products, including REWARDChecking®, a free high-yield checking account specifically designed for community banks and credit unions. For more information on BancVue, visit www.bancvue.com.

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