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Maine Savings bucks banking trends with RedWallet: free checking and rewards too
BANGOR, ME (June 18, 2014) — Maine Savings launched its new free RedWallet checking account this week, at a time when many banks are eliminating “free” and adding or raising fees. Qualifying account holders can also receive monthly rewards, which range from cash back to iTunes downloads.
Nationwide, checking account fees increased an average of 3% last year, while interest rates for checking accounts fell, and continue to fall. (http://wallethub.com/edu/2014-banking-landscape-report/1629/)
“RedWallet is free checking, and it also returns great rewards,” said John Reed, President and CEO of Maine Savings. “Maine Savings is a member-owned institution. We’re here to make life easier for our members, not penalize them with excessive fees.”
Account holders can qualify for different rewards, depending which of three RedWallet accounts they choose.
- RedWallet Cash pays a high interest rate
- RedWallet Tunes rewards customers with music
- RedWallet Cash Back returns a percentage of debit card purchases
- ATM fees nationwide can also be refunded on all accounts
“RedWallet is all about the individual,” explained Reed. “Members can choose an account based on how they like to be rewarded. RedWallet Cash is launching with a particularly great interest rate—2% on balances up to $10,000—and students already love RedWallet Tunes, which rewards them with downloads from iTunes and Amazon. And the best part is even if someone doesn’t qualify for rewards in a given month, the account still has no monthly service fees.”
Free checking, iTunes downloads, and easy access to online and mobile banking are designed to appeal to the next generation of Maine Savings members. The Maine Savings app, available for iOS and Android, even provides the ability to deposit a check remotely using a mobile phone or tablet.
The credit union’s newest branch will open near the University of Maine campus in August. Maine Savings is introducing RedWallet with a television campaign featuring local student actors Jesse McCormick, a sophomore at the University of Maine, and Maine native Sam Gray, who is attending the Atlantic Acting School in New York.
About Maine Savings:
Maine Savings is a modern financial institution with state-of-the-art technology, offering members a full range of financial services, including RedWallet Checking. With more than 26,000 members, 10 branches and nearly 100 employees, Maine Savings is Maine’s largest, and fastest-growing, credit union. Maine Savings is committed to providing in-person services paired with modern conveniences. Branches are located in Bangor, Bar Harbor (Jackson Laboratory), Brewer, Corinth, Ellsworth, Hampden, Milo, North Vassalboro and Old Town. Founded in 1961 by employees of the Bangor and Aroostook Railroad Company, Maine Savings continues to serve its membership as a federally insured not-for-profit credit union.