Redneck Bank is sure to git yer attention
This ain’t no joke. Honest to gosh, Redneck Bank is fer real.
Redneck, the online direct division of Bank of Wichitas, caters to a “Larry the Cable Guy” crowd — you know, those folks who need to take care of “personal bankin’ bid’ness,” as the Redneck site puts it.
Indeed the site is drenched in redneck vernacular. It is, after all, “100% internet bankin!”
- “Git yer redneck checkcard now!”
- “Nuttin’ to sign, fax or mail.”
- “Got yer account number?”
- “Check yer balance.”
With Redneck, you only git three basic accounts to choose from:
- Rewards Checking (shoulda bin called “Rewards Checkin”) paying 5.25%
- Mega Money Market with a 3.10% APY
- “You’re Approved Checking — a “second chance” checking account
Bank of the Wichitas, a self-described “country bank” in its own right, first applied for a trademark on the “Redneck” name in the fall of 2006. By the end of 2007, the bank had a website live at redneckbank.com.
“We enjoy a good laugh, but taking care of your banking needs is no laughing matter,” the bank says. “Redneck Bank is here with experience and good old-fashioned service.”
Analysis: This is — without a doubt — one of the most distinctive brands in the financial industry. There is all kinds of creative material to work with using redneck themes and language. But how will consumers respond to a glib and cheeky financial brand, especially during these economically turbulent times?
(Via SmarterBank.biz)
Previous related stories from The Financial Brand:
- ‘Rewards Checking’: Bancvue’s ‘ubiquitous differentiator’
- Westpac resurrecting dead brand for online direct arm?
- Four Things Your Brand Must Be
- ANZ promises it isn’t rude and cranky
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Tags: Kansas, MMA, Redneck, Rewards Checking, Wichita
Filed under: Branding
January 12th, 2009 at 7:45 am
My goodness, I don’t know what to say. I guess it’s possible that people will find this relatable and sign up. But I imagine most will feel pandered to. Any idea how they’re doing?
Thanks, as always, Jeffry!
January 12th, 2009 at 10:01 am
Haha, that’s pretty funny, and I like the style they have. However, I’m with William on this one. How many people will actually join their bank and how many people will be offended by the stereotype?
January 12th, 2009 at 10:14 am
You could certainly have a lot of fun with it. “Free gun racks with any auto loan for a used truck (Louisville Slugger not included.” And how about mobile banking on a redneck Blackberry?
January 18th, 2009 at 11:16 am
Actually, this clever marketing campaign seems to be working like a charm….after a thread about it was added to the fatwallet.com financial threads section, they got scores of new account signs ups…everyone over got into the humor of it and was very anxious to get the “horsey” debit card……..
rather then taking”offense” everyone seemed to be anxious to join the bank and become a “Redneck” (lol)……..
they offer excellent products, really great online banking and the customer service is very friendly and helpful……
February 14th, 2009 at 8:11 am
I’m with Craig on this one. I saw the thread over on fatwallet.com, and couldn’t ignore the 5.25% interest rate opportunity.
It still amazes me that when I call them on the phone, I get a real, live HUMAN, instead of an automated teller system, that does everything it can, to keep you from reaching customer service.
The “horsey” card, bank name and website get the conversation going … the interest rate seals the deal.
April 6th, 2009 at 10:12 am
Well call me MA, with interests like these, I’ll become a redneck today!!! Who cares about stereotypes. Sensitive pple!!!!
April 16th, 2009 at 12:25 pm
After three weeks I finally was assigned an account number. After wadding through their cumbersome web site I authorized an ACH debit from existing bank to fund the account at Redneck. After I discovered the deposit had not posted at Redneck I called Customer Service (be prepared for a long time on hold…..don’t even hope for an answer back by e-mail)…..I was told they could take up to 5 days to post the deposit and interest would begin accrual on posting date. Apparently it’s the same way to get $ out of the bank using bank to bank transfers..up to 5 days. They have set an arbitrary $1500 daily limit on bank to bank transfers.
I’m closing the account. The hassles are not worth it.
April 16th, 2009 at 10:33 pm
Sorry to hear about your troubles Bob. Thanks for sharing your experience.
April 16th, 2009 at 11:30 pm
On top of the problems Bob mentioned, they just recently reduced the maximum tier you can get the 5% apy rate on…it has been reduced to $10,000….so along with the other problems, it just isn’t worth it anymore……I closed my account not long ago, and got a different “Reward Checking” account with another bank….
April 17th, 2009 at 6:40 am
I think one of the dirty secrets of these programs is that things can change. They look real sexy at first… I’ve seen a lot of the rates for new “Rewards” programs start high, then slide downward.
May 11th, 2009 at 6:42 am
Well, as of May 5, 2009 those wonderful bait rates have been dropped to 2% for money market and 4% for rewards checking.
It took over 3 weeks to open my account, another week or so to validate my account and get it funded, an another few days to get it posted to Redneck bank.
Now, when I want to pull a little back out, guess what? That account they took over a week to verify is no longer verified. Seems their software doesn’t talk to itself. Now I can not transfer money back into the account I can not bill pay my self either because of some internal error.
I would not recommend this bank to anyone, especially if you’ll need to get at your money quickly (like say in under a few months).
Tony
August 4th, 2009 at 8:50 am
Nothing like a tacky, hoakey, condescending advertising campaign designed to rope people in with interest fees in large type while appealing to their redneck, down-home(?) impulse not to read the finer print.
Another article explains how the bank slaps clients with fees – ridiculous to put up with so many other Direct Bank options like ING.
http://www.mainstreet.com/article/moneyinvesting/savings/redneck-bank-yokels-non-yokels
So maybe they are trying to lure in and take advantage of the under-edumucated.
“If you’re a frequent check card user with a Redneck Mega Money Market Account, you probably won’t be laughing when you get your statement. You’ll pay $5 per check card transaction (after the six free transactions you get each month).
And for withdrawals at ATMs not owned by Bank of the Wichitas, Redneck charges what amounts to a city folk fee of 75 cents per transaction, in addition to the fee charged by the ATM operator….The online bank’s You’re Approved account, aimed at account holders with little or no credit or poor credit, charges a $5 a month fee.”
Brand expert John Tantillo did a post a while back criticizing WaMu for its similarly wanna-be-zany ads. http://blog.marketingdoctor.tv/2008/09/26/brand-advisory-buffett-and-wamu.aspx
August 27th, 2009 at 7:06 pm
Since the Mega Money Market Account is a MONEY MARKET account rather than a standard checking account, I don’t think it’s unreasonable for them to charge a fee for more than 6 ATM transactions/month.
Having said that, I opened a mega money market account (with no problems or delays) before the rate went down, and even though it is only 2% right now I plan to keep it. My reasoning? It’s my “rainy day” fund – I put money into it every month, and I don’t have the, um, nerve to hand that card to a clerk anywhere! How’ that for a saving strategy?!