Seasons Federal Credit Union recently began offering Kasasa, pegged as “a new way of banking.” What is it?
Kasasa is a philosophy. It is a belief that consumers’ money should work hardest for them and they should benefit from entrusting a financial institution with their money. Consumers now expect more from their banking relationships; they crave innovative banking products that suit their needs and they favor exceptional service. This is a combination that had not existed — until now.
Kasasa is the first and only collection of accounts that take an interest in accountholders by paying them to use their accounts with what interests them most: massive interest, automatic savings or free iTunes downloads.
What benefits will it offer credit union members?
All Kasasa accounts are free and help consumers put their money where their passion is with exceptional benefits, such as interest in cash with Kasasa Cash, automatic savings with interest with Kasasa Saver and free stuff from iTunes with Kasasa Tunes. Plus, all Kasasa accounts provide nationwide ATM fee refunds and free online banking with no minimum balance.
Accountholders receive the rewards offered by Kasasa by meeting monthly qualifications, like receiving their monthly statement electronically, making 10 debit card purchases and using electronic services like direct deposit and online banking. By doing this, accountholders help us operate more efficiently and we return those savings to them.
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Why is the credit union offering the service at this time? Is it meant to attract weary banking depositors?
In short, consumers are demanding more choices when it comes to their money. In the past, most consumers were receiving good returns on their investments in the stock market and hadn’t paid much attention to their banking relationships. Now that the market is down, people are looking for alternatives to put their money in motion.
Our Kasasa Cash, Kasasa Saver and Kasasa Tunes accounts provide consumers new options to make their money work harder for them.
What kind of activity has the credit union seen in recent months? Are you seeing an increase in membership? In assets?
Seasons Federal Credit union has experienced an influx of new accounts in recent months that we feel is largely driven by the economy. More and more people seem to be switching to community financial institutions like ours to put their minds at ease rather than worrying about what is happening with their money or what is taking place “at the top” that could adversely affect them. Since the debut of Kasasa May 1, Seasons Federal Credit Union has attracted dozens of new members resulting in nearly 500 Kasasa accounts and millions in deposits.
