Free, Rewards-Based Checking Accounts Level the Playing Field for Community Banks Competing with Megabanks

• Aug 25, 2019
• By Robert Capps

According to a recent Kasasa/Harris Poll study¹, more than half of Americans (55%) would be most likely to consider opening a new checking account at a local community bank or credit union, while only about three in ten (29%) would consider opening with a national megabank. Still, megabanks maintain a larger market share than community financial institutions with 45 percent of Americans having accounts with national megabanks and 43 percent of Americans having accounts with local community banks/credit unions, according to Kasasa?s study. Why doesn?t this add up? In general, more Americans may associate megabanks with a wider selection of products compared to local institutions, as just over half of Americans (51%) believe local financial institutions do not have the resou...

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