ST. HELENS, Ore. (1/18/12)--St. Helens (Ore.) Community FCU has become the first financial institution in Oregon to launch Kasasa banking, a brand of free banking accounts that pays members to use their account with what interests them most--high interest or digital downloads from iTunes or Amazon.com.
"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," said Jeff Schwarz, president/CEO at St. Helens Community FCU.
The $161 million asset credit union is offering two Kasasa financial products:
- Kasasa Cash, a free checking account that pays high interest for every month the account holder qualifies; and
- KasasaTunes, a free checking account that rewards consumers with digital downloads from iTunes or Amazon when they qualify.
The products are free, reward-based accounts, with no minimum balance required to earn the rewards, no monthly service fees, free online banking and other convenience services and worldwide ATM fee refunds.
To receive Kasasa account benefits, each monthly qualification cycle, accountholders are asked to enroll to a few simple things such as enroll to receive eStatements, use a debit card a minimum number of times, and have an electronic transaction such as direct deposit or automatic debit post and clear their account.
In 2009, Kasasa was piloted in six other U.S. markets. In the first two months, participating community financial institutions reported growth rates up to 150% on new account openings and 372% in deposits at institutions focused on deposit growth.