By Bonnie Adams, Managing Editor
Photo/submitted
Marlborough – Ever since its inception 154 years ago, Marlborough Savings Bank (MSB) has prided itself on superior personalized customer service as well as a variety of quality services and products. Recently the bank announced that it is now offering an innovative new type of free checking account, Kasasa, that offers consumers significant rewards and nationwide ATM refunds as well as the personal service that they have come to expect from MSB.
It’s very easy to qualify for a Kasasa account. Customers log into online banking at least once per month; receive e-statements as opposed to having print copies mailed to them; and use their debit cards at least 12 times a month.
In turn, Kasasa checking accounts have no monthly fee or required monthly balance. Customers receive 3.00% cash back on debit card purchases, or 2.00% annual percentage yield (APY) on their account balances, up to $10,000, which is 50 times higher than the national average for interest-bearing checking accounts. Kasasa account holders can use any ATM across the United States and receive refunds on any ATM fees incurred.
And even if customers don’t qualify each month, they can still earn .05% APY on their accounts and the account is still free.
Ellen Dorian, MSB’s executive vice president, said Kasasa products meet the needs and wants of customers.
“We know there are many options out there for choosing a bank, but by offering free Kasasa checking accounts, we’re able to give customers great rewards without asking them to jump through hoops. Online banking and e-statements are popular conveniences and if you think about using your debit card 12 times a month, that’s just three times a week; filling your car, grabbing a coffee and maybe going out to eat,” she said.
Online banking and debit card usage helps the bank reduce costs and the savings are then passed onto the customer, she added.
“Our customers get all of these awesome perks but they don’t have to give up great customer service,” she said. “It’s a win-win situation.”
Kasasa is part of an initiative that was started by the CEO of BancVue, Gabe Krajicek. It is now offered at over 150 institutions across the country; MSB is the third in Massachusetts to do so. Kasasa is offered only through community banks and credit unions, its website states, because those types of institutions “are known for their personal service and for putting the customer first.”
Another important factor, the website states, is that community banks also help to strengthen the local economy by loaning to small businesses and organizations. Often they are the only banking institutions that loan money to small businesses.
And community banks also play an important part in providing crucial funds to local nonprofit organizations.
That’s the kind of philosophy that Marlborough Savings Bank has demonstrated for over 154 years. The bank’s charitable foundation, founded in April 2011, pays out a percent of its net income annually.
The foundation has donated a total of just over $205,000 to a variety of school, civic, community, sports and elder programs. The largest award to date, a $125,000 five-year grant, went to the Marlborough Hospital Cancer Pavilion.
“We don’t just provide funds though – we also live and volunteer in our communities,” Dorian said. “So we are stakeholders, too.”
For more information on signing up for a free Kasasa account, visit www.kasasa.com/MarlboroughSavingsBank.
