BigNews.Biz - Mar 28,2012 - Charles City, IA, March 27, 2012 - First Security Bank & Trust asks consumers, “Do you Kasasa?” as it becomes the next institution in Iowa, 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—cash back, automatic savings, or digital downloads from iTunes. 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 one of the first in Iowa to offer these unique products” said Penny Gray, VP/Marketing at First Security Bank & Trust. “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 Security Bank & Trust is offering three Kasasa financial products, including Kasasa Cash Back?, Kasasa Saver®, and Kasasa Tunes®. All Kasasa products are free, reward-based accounts, with no minimum balance to get the rewards, no monthly service fees, online banking and nationwide ATM fee refunds.
Kasasa Cash Back - A free checking account that rewards account holders with major cash back on everyday debit card purchases, without points or category restrictions like the big guys. The cash back amount is based on how much consumers spend on each debit card transaction as well as their average daily balance.
Kasasa Saver - A free, high interest saver account linked to a Kasasa Cash Back checking account. The cash back and ATM fee refunds earned in the Kasasa Cash Back account are automatically deposited into the Kasasa Saver account when the account holders qualify. The balance in the Kasasa Saver account also earns a high rate of interest.
Kasasa Tunes - A checking account that rewards consumers with digital downloads from iTunes® or Amazon.com® when they qualify.
To receive the Kasasa account benefits, each monthly qualification cycle account holders are asked to do a few simple things like receive an eStatement, access online banking, use a debit card a minimum number of times, and have an electronic transaction (such as direct deposit) post to their account. If an account holder does not meet the qualifications in a given month, First Security Bank & Trust 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 Gray. “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