Austin, Texas (PressExposure) March 18, 2009 -- Witnessing a 134% increase year over year in deposits in its REWARDCheckingÂ® accounts at over 500 participating community banks across the country, BancVue, a leading provider of products and consulting to community financial institutions, demonstrates consumersâ flight to safety and retreat from the big banks. In fact, BancVueâs REWARDChecking, which is only available at community financial institutions, saw a stunning increase of $774 million in deposits in February alone, with accounts opening every 47 seconds in the U.S.
âConsumers are definitely waking up. And theyâre realizing that the TARP-ridden megabanks may not be the most beneficial banking relationship for them over the long term,â said Gabe Krajicek, Chief Executive Officer of BancVue. âIn 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.â
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 http://www.checkingfinder.com.
âConsumers are re-evaluating their banking relationships,â said Jeff Hammes, President of Peoples Bank of Kankakee County (Illinois). âAnd its community banks like ours that are going to benefit. Not only can we offer high yields, fiscal safety, and excellent customer service, but letâs face it, we know our customers a heck of lot better than big banks.â
For more information on community banks and credit unions that offer high interest checking accounts, visit http://www.checkingfinder.com.