CONTACT:
Andrew J. Shene
Chief Sales and Marketing Officer
Phone: (919) 645-6429
Email: ashene@capitalbank-nc.com

Capital Bank Clients Now Even “Smarter”
Bank sees success with account, raises the reward

RALEIGH, N.C. – March 22, 2007 – Capital Bank customers just got “smarter”.

Just 10 months after the successful launch of the “Smart Checking” account, the bank has sweetened the deal even more for their customers: the 4.01% annual percentage yield will be increased to 5.01%, effective this month.

“So often, the general public hears negative messages about ‘big bank’ fees and service charges—our message is the complete opposite. We are giving money back to our customers,” said B. Grant Yarber, CEO and President of Capital Bank. “Capital Bank is about providing service and products worth talking about—our customers have shown that they believe in Smart Checking, and it’s here for the long run.”

The rate and rewards are not only for customers who are signing up now. In keeping with Capital Bank’s message of providing great customer service, all customers who signed up for the account last year during the launch will automatically get the upgrade—no additional paperwork required. 

“This program is really exciting—it’s different too, because our customers have the ability to receive a reward every month, rather than just a one-time event reward, “ said Roger Plott, Director of Commercial Services for Capital Bank.  “Even if someone doesn’t meet all the requirements every month, the customer will still have all the benefits of a free checking account—it’s designed for just about everybody!”

The requirements for receiving the 5.01% APY remain the same and are very minimal. Customers must use their Capital Bank Quick-Check debit card and make at least 10 purchases a month, at least one direct deposit or ACH per month and elect to receive monthly e-statements online. Additionally, Capital Bank will still continue to refund all ATM fees from any bank, which is a perk that not many banks have offered. 

“The rate on the account is actually very similar to a CD, and looks and feels like a CD, but the bonus is that there are no fees. They’ve made last year’s good deal even better for their customers this year,” said Dr. Tony Plath, a finance professor at UNC-Charlotte.

If these requirements are not met, the customers will not have to pay any fees. Other benefits that customers can enjoy are free online banking, unlimited check writing, unlimited bill payment, and no minimum balance required.