Contact Information: Contact: Dan Mahoney www.csg-pr.com 970.405.8060
BancVue: Bailed Out Megabanks Still Not 'Too Big to Fail' Consumers
Community Financial Institutions Gain Consumer Trust
| Source: BancVue
AUSTIN, TX--(Marketwire - October 2, 2009) - As the U.S. Government's
Troubled Asset Relief Program -- TARP -- marks its one-year
anniversary this Saturday, BancVue, the leading provider of
innovative products, dynamic marketing, and data-driven
consulting solutions to community banks and credit unions
across the country, announced today it is witnessing
community financial institutions gaining significant
traction in attracting dissatisfied megabank customers
looking to leave the beleaguered institutions and increased
fees behind.
Created in response to the Great Recession of 2008, TARP
was intended to allow banks, particularly those considered
"too big to fail," to stabilize their wobbly balance
sheets. Instead, the megabanks who have received much of
the funds have bitten the hand of the taxpayers that have
fed TARP by imposing hefty fees on their checking accounts.
According to the Federal Reserve Bank of Dallas, the top
four megabanks raised fees related to deposits by an
average of 8 percent while smaller banks lowered their fees
by an average of 12 percent.
"Consumers need to know that they don't have to settle for
an unhealthy banking relationship," says Gabe Krajicek, CEO
of BancVue. "Community financial institutions give
consumers everything they want -- great products, great
service and the respect they don't get at the 'too big to
fail' megabanks."
Consumers are starting to take action. From June 2008 to
June 2009, community financial institutions saw deposits
swell. Deposits at credit unions and community banks
increased 8.67% and 5.52%, respectively, according to NCUA
and FDIC data.
Capitalizing on this shift in sentiment, community
financial institutions are getting more aggressive in
reaching out to consumers through websites, such as
www.CheckingFinder.com, where they promote consumer-centric
products like high interest, free checking accounts with no
minimum balance, no monthly fees and nationwide ATM fee
refunds. To facilitate switching from the no interest, big
fee and high minimum balance accounts of the megabanks, the
site features a "Switch Kit" to make it effortless for
taxpayers to stop paying and start earning the interest
they deserve.
"Checking accounts are the most fundamental and perhaps
important personal financial tool consumers have, and it's
time they bank at a financial institution that puts the
interests of the customer first," continued Krajicek.
"After all, megabanks are still not 'too big to fail'
consumers."
About BancVue
BancVue is the leading provider of innovative products,
marketing, and consulting solutions to community financial
institutions nationwide. Serving over 600 community banks
and credit unions around the country, BancVue's solutions
allow these institutions to compete and win in the war
against the megabanks and direct banks. Community financial
institutions benefit from the development and
implementation of BancVue's innovative products, including
Kasasa, a national brand of superior products that gives
community financial institutions the marketing scale they
need to compete with the megabanks, and REALChecking®, a
system of innovative products, superior marketing, and
data-driven consulting. For more information on BancVue,
visit www.bancvue.com.