SOURCE: Kasasa

Kasasa

April 24, 2013 13:05 ET

Kasasa Recognizes Community Banks & Credit Unions That Are Waging War on the Megabanks

AUSTIN, TX--(Marketwired - Apr 24, 2013) -   In honor of Community Banking Month, Kasasa®, a national brand of free checking accounts that offers meaningful and competitive rewards to consumers, recognizes banking institutions that have rallied together to take on the megabanks.

Kasasa was started in 2009 to empower community banks and credit unions that make up the backbone of the American economy, by arming them with the tools they need to take on the megabanks and ultimately provide consumers with a better banking option. America's community financial institutions are crucial to job creation and small-business lending. In fact, community banks and credit unions that own just 21 percent of assets lend out 58 percent of those assets, while the megabanks that hold 79 percent of assets lend just 42 percent of those assets, according to a 2012 study by the Independent Community Bankers of America.

"Because of how important community banks and credit unions are to the American economy, every day should be part of 'Community Banking Month,'" says Gabe Krajicek, CEO behind Kasasa. "There are few things 'more American' than banking locally."

Today community banks and credit unions that make up the fabric of American society are certainly due for a comeback. In 1994, community banks and credit unions held 70 percent of all deposits, while megabanks held 30 percent. Today, FDIC data shows that figure is reversed -- community institutions have lost 40 percent of market share. Kasasa provides a powerful voice for community banks and credit unions to unite behind, positioning them to regain market share. 

In just four short years, Kasasa banking accounts are available in over 900 branch locations through more than 150 community banks and credit unions across the country. The first national brand of free rewards checking and savings accounts have paid over $71 million in earned interest to over 350,000 consumers. To date, the Kasasa accounts have also paid out over $7 million in refunded ATM fees. All the community banks and credit unions that offer Kasasa, as a unit, would make up the 16th largest branch network in the country.

"Megabanks are starting to recognize that they can't ignore the community financial institutions rallying behind this brand anymore -- they're only picking up steam and becoming a stronger force for better consumer banking," said Krajicek. "Consumers are realizing that banking locally is a win-win -- better for their own bottom lines as they spend less on banking, and better for supporting their local community."

Consumers who are looking to save money on pesky banking fees and looking to do their part to support their local communities can bank with a community bank or credit union.

All Kasasa accounts are free, offer free ATM use nationwide, have no minimum balance requirements to earn rewards or maintain the account, no monthly service fee, and provide rewards that matter, like earning high rates that are up to 80 times the national average for interest-bearing accounts reported by the FDIC.

For more information on Kasasa and to see the complete list of free, high-interest checking accounts at community banks and credit unions across the country, visit Kasasa.com. 

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