Banking / Financial

Kearny Bank Helps Clients with New Product Offerings

Streamlining to address small and larger businesses, plus personal banking needs

As the coronavirus pandemic continues disrupting daily lives, Fairfield-based Kearny Bank has responded by introducing a lineup of new business and personal banking products.

Collectively, these offerings are intended to streamline the process of managing financial resources, with an emphasis on decreasing stress and the time clients dedicate to banking-related tasks. More specifically, the new products were developed as customized solutions to the tremendously varied needs of all Kearny Bank clients, from individuals to small, mid-sized, and large businesses.

“The coronavirus experience has altered how the world functions, and that will continue,” says Kearny Bank  Executive Vice President and Chief Banking Officer Anthony Bilotta. “For right now, we’re focused on making it both faster and easier to manage funds. This reduces our clients’ stress levels … which is exactly what’s needed in these extremely challenging times.”

Kearny Bank’s new products include:

Relationship Checking and Relationship Building Money Market accounts

With Relationship Checking and Relationship Building Money Market accounts the emphasis is on maximizing earnings, while enjoying exceptional client service. Relationship Checking enables clients to open an account by depositing a minimum of $2,500 in new funds (i.e., money from outside Kearny Bank), and then maintain an average balance at that level, along with other qualifications. Also provided are enhanced CD rates, plus the option of a free and upgraded Rewards Debit Card or a free GenGold Advantage® membership. With Relationship Building Money Market, an account may be opened with a $15,000 minimum deposit. The annual percentage yield rate is extremely competitive, and there’s no limit on interest earned. And, Kearny Bank clients also have the option of opening a combination of the checking and money market accounts.

Kearny Insured Liquidity Sweep

The ideal solution for anyone interested in liquidity with stellar safety and security, a Kearny Insured Liquidity Sweep account program provides access to a network of U.S. banks. Together, these institutions are able to offer millions of dollars in FDIC insurance coverage. And built-in capabilities – including daily balance reporting and automatic fund transfers to meet daily balance needs – make managing funds simple. Particularly in challenging, unstable times, it’s an exceptional way to protect deposits while maintaining fiscal flexibility.

Treasure Management products/services

Kearny Bank is offering clients an array of Treasury Management offerings designed to support a broad range of business needs. Included are:

  • The recently announced ZRent and ZDeposit digital, property management services, available to bank clients at no cost. Developed by ZSuite Technologies, these products make it easier for landlords and property managers to electronically and securely collect rent and manage tenant security deposit accounts from any device that provides online access. And, an addition to Kearny Bank’s ZSuite lineup – ZEscrow – will be introduced shortly.
  • The comprehensive Business Analyzed Checking program is designed for businesses with multiple accounts, high transaction volumes, and treasury management service needs. It’s the ultimate solution for streamlining banking activity, enabling clients to trim costs and spend less time banking, while earning credits on qualified balances that offset monthly fees. Consolidated statements simplify record-keeping, providing more time for actually doing business.
  • A payroll service is slated for a September launch, to address human resource managerial needs.

Online Account Opening

Another key Kearny Bank service that greatly simplifies banking during the pandemic is online opening of accounts. Clients can set up a Relationship Checking, High Yield Checking, Cash Back Checking, Senior Checking, E-Z Checking, Relationship Building Money Market, or Statement Savings account online, and it only takes about 10 minutes.

On July 30, Kearny Bank announced that for the fiscal year ended June 30, 2020, its net income was $45 million – a $2.9 million increase compared to the fiscal year ended June 30, 2019. This increase also reflects a 20% earnings increase per diluted share compared to the prior fiscal year.

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