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Deposits Continue to Flood Community Banks
Consumers Waking Up to Safety and High Yields Available In Their Back Yard
By: Dan Mahoney
“Consumers are definitely waking up. And they’re realizing that the TARP-ridden megabanks may not be the most beneficial banking relationship for them over the long term,” said Gabe Krajicek, Chief Executive Officer of BancVue. “In fact, in a qualitative study we conducted late last year, over 80% of big-bank customers indicated they would prefer to bank at a community financial institution with innovative products.”
Community banks, which have watched their market share decline from 70% of deposits in 1994 to 30% in 2008, are battling with innovative products like REWARDChecking, a free high-yield checking account with no minimum balance and nationwide ATM fee refunds when cost-saving technology qualifications are met. Consumers have been attracted to yields as high as 6.01% at banks such as Florida Central Credit Union in Tampa and First Robinson Saving Bank in Illinois, as well as those in the 5% range, including Connexus Credit Union in Wisconsin, Community Bank of Pleasant Hill in Missouri, and Union State Bank in Kansas, and the hundreds more showing up on sites like www.checkingfinder.com.
“Consumers are re-evaluating their banking relationships,”
For more information on community banks and credit unions that offer high interest checking accounts, visit www.checkingfinder.com.
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®