Sycamore Bank Introduces Kasasa, a Striking Alternative to the Mega Bank Rollercoaster
Senatobia, MS, April 24, 2012 – Sycamore Bank (MEMBER FDIC) asks consumers, “Do you Kasasa?” as it becomes the first financial institution in north Mississippi 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, cash back and 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 first in the north Mississippi area to offer these unique products,” said David Dowdle, President and CEO of Sycamore 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.”
Sycamore Bank is offering three Kasasa financial products, including Kasasa Cash?, Kasasa Cash Back™ and Kasasa Saver?. All Kasasa products are free, reward-based accounts, with no minimum balance to earn the rewards, no monthly service fee, free online banking and nationwide ATM fee refunds.
Kasasa Cash – A free checking account that rewards consumers with high interest for every month he or she qualifies.
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.
Kasasa Saver – A free, high interest saver account linked to a Kasasa Cash checking account. The cash rewards, including the ATM fee refunds are automatically deposited into the Kasasa Saver account when the account holder qualifies. The balance in the Kasasa Saver account also earns a high rate of interest.
To receive the Kasasa account benefits, each monthly qualification cycle account holders are asked to do a few simple things like, receive monthly e-statements, access Kasasa 360® Money Management Tool (when available), and use a debit card a minimum number of times. If an account holder does not meet the qualifications in a given month, Sycamore 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,” commented Ken Purvis, President – DeSoto County, Sycamore Bank. “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 Sycamore 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.sycamorebank.com or www.kasasa.com/sycamorebank.
Do you Kasasa?
Kasasa is the first national brand of the most innovative checking accounts available today. The accounts, offered exclusively by the finest community financial institutions, are designed to be the first and only accounts that actually take an interest in their account holders by paying them to use their account with what interests them most—high interest, cash back, automatic savings, money to donate to charity or iTunes or Amazon.com downloads. Kasasa, developed and distributed by BancVue, marries innovative banking products with the personal touch of community financial institutions. For more information, visit www.kasasa.com.
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