Kasasa Changes the Face of Local Banking

Kasasa Changes the Face of Local Banking

Posted in the Dover Forum

Crystal

Denver, CO

#1 Jun 2, 2011
First Federal Community Bank asks consumers,“Do you Kasasa?” as it becomes the second community financial institution in Northeast Ohio to launch the country’s most innovative financial products.

Kasasa® is a new brand of free checking and savings accounts that pays consumers to use their account with what interests them most—high interest or automatic savings. These accounts, combined with the personal service that only community financial institutions can deliver, are offering residents a better checking account option than the mega bank experience.

“Consumers deserve to wake up to happier days of banking and leave behind the nightmare of mega bank fees and mistreatment. We are pleased to be the second bank in Northeast Ohio to offer these unique products,” said Trent Troyer, President/CEO at First Federal Community Bank.“Kasasa delivers what research shows people really want but believe they can’t have—great financial products with the personal service of a community based financial institution.”

First Federal Community Bank is offering two Kasasa financial products, Kasasa Cash™ and Kasasa Saver™. All Kasasa products are free accounts, with no minimum balance, no monthly fees, free online banking and nationwide ATM fee refunds.

• Kasasa Cash - A free checking account that rewards the consumer with high interest in cash every month.
• Kasasa Saver - A high interest saver account linked to a Kasasa Cash checking account. The high interest and ATM fee refunds earned in the Kasasa Cash account are automatically deposited into the Kasasa Saver account each month. The balance in the Kasasa Saver account also earns a high rate of interest.

To receive the Kasasa account benefits, account holders are asked to meet easy monthly qualifications, including receiving an e-statement, using a debit card a minimum number of times, and making an electronic transaction (such as direct deposit). If an account holder does not meet the qualifications in a given month, First Federal Community Bank will alert the individual, who will be eligible the following month for the benefits.


“Extensive research has shown us that consumers would prefer to do business with community financial institutions, but feel they would lose access to products,” continued Troyer.“Kasasa is opening people’s eyes to a new banking model where no sacrifices are necessary. It’s a win-win because account holders get innovative products and personalized service.”

In 2009, Kasasa was piloted in six other markets across the U.S. In just the first two months of offering Kasasa, participating community financial institutions reported growth rates upwards of 150% on new account openings and 372% in deposits at institutions focused on deposit growth.

Kasasa is being introduced with an aggressive, highly engaging marketing campaign. It comes to life through a fresh mix of eye-popping advertising, the likes of which exceed the typical mega bank’s high-budget programs. The ads feature America’s top slam poets www.kasasa.com/news-and-media/advertising riffing lyrical threads around the theme of “Do you Kasasa?”

Kasasa is distributed to First Federal Community Bank from BancVue, the leading provider of innovative products, dynamic marketing, and data-driven consulting solutions to community financial institutions nationwide to help them win the war against the megabanks.

For more information on Kasasa accounts, consumers can visit www.onlinefirstfed.com or www.Kasasa.com/firstfed .

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