Cape Cash Checking Account Pays Highest Regional Rate to Money‐Savvy Cape Codders
HYANNIS, MA – September 1, 2010 – Cape Cod Cooperative Bank has announced the immediate availability of their innovative checking account, Cape Cash CheckingTM, which offers a 2.50% annual percentage yield to Cape Cod residents and second‐home owners, the highest yield on any checking account regionally. Cape Cash Checking represents a significant departure from standard “free” checking accounts that offer no or low interest.
“Not only is Cape Cash Checking a free checking account, but it is the only checking account regionally to offer a high interest rate and return ATM fees from ATM machines anywhere in the country. In effect, we have turned any ATM available nationally into our own ATM!” remarked Diane Perkins, Senior Vice President Retail Banking, at Cape Cod Cooperative Bank. “We can offer this attractive account by asking consumers to do three simple things: use their debit card for a minimum of 12 purchase transactions per month; have 1 automatic deposit, 1 automatic payment or 1 online bill pay through this account per month; and go green with eStatements. This saves our Bank so much in check‐processing and mailing costs that we can return money to our customers holding these accounts in the form of interest. We view this as a win‐win opportunity for our customers and for the Bank.”
The new checking account represents the Bank’s response to major shifts in banking habits, across all age groups. A 2009 survey by the American Bankers Association shows that 25% of customers nationally prefer to do their banking online, regardless of age group. They prefer the speed and convenience of banking when and where they want to and they have confidence in the security of online banking in general. Consequently Cape Cash Checking offers end‐to‐end automated access to one’s account – from opening the account online; to providing a mobile banking application that allows users to view up‐toCAPE the‐minute status of their accounts; set alerts on their accounts; to using online banking for automatic bill‐paying and enjoy the ease and convenience of online eStatements.
“As a bank that has prided itself on excellent customer service for more than eight decades;” CEO Joel Crowell observed, “Cape Cod Cooperative Bank is challenging itself to adapt to new banking habits while maintaining its personal touch through local customer care and local decision‐making so we know our customers intimately, regardless of how they prefer to bank.”
Cape Cod Cooperative Bank rolled out its offering by showing qualified current customers how to convert to Cape Cash Checking in a mere five minutes. They can retain their current account number, debit card and checks, but start earning a higher rate immediately.
Al Lupis of East Harwich commented; “I already hold several accounts in Cape Cod Cooperative Bank for my small businesses. Their new account, Cape Cash Checking, offered me a way to earn a great interest rate without tying up money in a CD or other long‐term financial product. The great interest rate of 2.50% and reimbursement of ATM fees are great draws because as the Executive Director of the Cape Cod Pro Am Golf League, I also bank in Florida a lot. Cape Cod Cooperative Bank has created a big bank service with all the familiarity of local bank personnel and friendliness.”
About Cape Cod Cooperative Bank
Cape Cod Cooperative Bank is an independent, local, mutual community bank with over $588 million in assets. Established in 1921, it is headquartered in Hyannis with six branches across Cape Cod: on Route 6A in Yarmouth Port, East Dennis and West Barnstable; in Sandwich at 275 Cotuit Road; in Hyannis at 695 Attucks Lane in Independence Park, and in East Harwich at 1470 Orleans Road/Route 39.