Capital Bank of Fort Oglethorpe is the first financial institution in Georgia to launch Kasasa, a new brand of free checking and savings accounts that pays consumers to use their account with either high interest or cash back.

"Consumers deserve to wake up to happier days of banking and leave behind the nightmare of mega bank fees and mistreatment. We are pleased to be the first in Georgia to offer these unique products" said Dr, Joe Haskins, CEO at Capital Bank. "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.

Capital Bank is offering two Kasasa financial products, including Kasasa Cash and Kasasa Cash Back. All Kasasa products are free, reward-based accounts, with no minimum balance to get the rewards, no monthly service fees, online banking and nationwide ATM fee refunds.
Kasasa Cash - A free checking account that pays high interest for every month the account holder qualifies.

Kasasa Cash Back - A free checking account that rewards account holders with major cash back on everyday debit card purchases, without points or category restrictions like the big guys. The cash back amount is based on how much consumers spend on each debit card transaction as well as their average daily balance.

To receive the Kasasa account benefits, each monthly qualification cycle account holders are asked to do a few simple things like, receive an eStatement, use a debit card a minimum number of times and have an electronic transaction (such as direct deposit) post and clear their account. If an account holder does not meet the qualifications in a given month, Capital Bank will alert the individual, who will be eligible the following month for the benefits.

"Extensive research has shown us that consumers would prefer to do business with community financial institutions, but feel they would lose access to products," said Dr. Haskins, "Kasasa is opening people's eyes to a new banking model where no sacrifices are necessary. It's a win-win because account holders get innovative products and personalized service."

In 2009, Kasasa was piloted in six other markets across the U.S.  In just the first two months of offering Kasasa, participating community financial institutions reported growth rates upwards of 150 percent on new account openings and 372 percent in deposits at institutions focused on deposit growth, officials said.