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:

1. Rewards Checking (shoulda bin called “Rewards Checkin”) paying 5.25%
2. Mega Money Market with a 3.10% APY
3. “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)

Here are this week’s branding and marketing stories of interest from around the web.
Click hotlinks for the whole story.

Texas Twins: Similar Gen-Y programs raise tough questions

What’s Behind All This Growth? Credit unions add 1.6 million members

Reaping ‘Rewards’: Bancvue checking product boasts $5.5 billion in deposits

Bee Good: Credit union serves free honey-flavored ice cream to save the bees

How To: Making a powerful financial brand

Driving Sales: Auto loans are hot as car makers cut leasing programs

2nd Generation: Bank switches names back to ‘Generations’

Pledge of New Allegiance: Illinois bank to become ‘Legence’

MembersProject.com: AmEx introduces contest for charitable ideas

School of Rock: CU’s financial literacy program rocks high schoolers

It’s a Wrap: BofA draws attention to wealth management with NYT ad wrap

Vishing: Are you ready to protect people from this latest security threat?

Op Ed: LA Times bemoans loss of marble and mahogany branches

Hawaiian Cafe: Credit union puts in a sofa and a “gourmet coffee bar”

“Aren’t you ready
for real differentiation?”

Financial institutions across the country are duking it out over high-interest checking accounts, the ones paying upwards of 6.25%.

These high-interest checking accounts were a differentiator for a brief while when they first came out. Today, there are multiple financial institutions offering the exact same account in every city in America.

Take Portland, where at least three different community credit unions are slugging it out. There’s Rewards Checking from Rivermark. There’s Remarkable Checking from Oregon Community. There’s Fusion Checking from Advantis.

Which one to pick? “Hmmm, I’ll go with this one. They’ve got the best rate.”

Fusion Checking was the latest to enter the market, so that’s probably why they had come in with a higher return.

All these accounts are identical in every way except the rate. They all offer a high interest rate and free ATM refunds, with no monthly fees. They all require 10-12 debit transactions, and you must access online banking and receive electronic bill payments every month.

There are minor variations with only slightly different requirements, such those that require direct deposit. Oregon Community offers a derivative it calls FreeTunes Checking, where you can get four free iTunes downloads each month in lieu of earning interest. At least that’s a little something different.

Reality Check: Trying to create differentiation around any financial product or service is tough. Once anything is successful, everyone will be doing it.

There’s one company behind this widespread high-interest checking phenomenon: Bancvue. They are the folks that first introduced Rewards Checking (as it’s commonly called), and they’ve been marketing it very aggressively. Earlier this year, Netbanker reported that there were over 400 Bancvue accounts, and that Bancvue adds 30 customers every month.

Bancvue’s website is a slick Flash tour that does a fantastic job selling the Rewards Checking solution. There’s language all over the place touting how Rewards Checking can “truly differentiate you from the competition,” and asking questions like “Aren’t you ready for real differentiation?”

The company’s “distinctive” claims were very true in the beginning — before everyone had Rewards Checking — but probably not anymore.

The folks at Bancvue shouldn’t take this the wrong way. Bancvue isn’t to blame. They’re doing exactly what anyone else would do in their shoes. They have a hot product and they are selling it to everyone who will buy it. But is it the best thing for their bank and credit union customers?

Key Questions:

• What would have happened if Bancvue had offered exclusivity in certain markets, as Currency did with Young & Free?
• Reverse-engineering a Rewards Checking account seems pretty straightforward, so what value does Bancvue provide? Wouldn’t an intelligent CFO be able to crunch the backend numbers to make them work?

Bottom Line:

• It’s not “differentiating” when everyone is doing it.
• If your financial institution deploys a Bancvue-style product, please, do yourself a favor and don’t use the generic name, Rewards Checking. There’s already way too many of those. Just Google it and you’ll see.