Tag: Checking

2 Ideas From HMBradley That Your Bank Should Try

Deposit Innovation

HMBradley is a fintech that has partnered with Hatch Bank, a subsidiary of Firstrust Bank ($3.7B, PA), to offer two innovations that we have talked about in the past, but few banks have executed. This fintech has tiered their rates based on the percentage saved and offers only a single operating account instead of checking, savings, money marketing, and similar accounts. In this article, we will cover both ideas for your bank’s consideration.


A New Way to Tier Deposit Accounts

We Are The Now The Butt of Saturday Night Live Jokes

Banking Modernization - Picture of a man handing over a check

Recently, there was a comedy sketch on Saturday Night Live (SNL) that hit a little too close to home. The send-up showed a couple splitting a meal using Venmo. To contrast the efficiency, the scene then cut to a turn of the century piece detailing how “Cheques” still contain drama – “There is nothing like furiously scribbling on a small piece of paper, tearing out and then flicking your wrist [handing the check over].”


How P2P Will Fuel Checkless Banking

The Changing Face of The Checking Account

Take away checks from a checking account and what do you have left? What you have is a “core banking account” that is cheaper for banks to set up and less expensive to maintain. You also have a paradigm shift in product delivery that banks need to come to terms with in order to stay competitive. While the latest update by the Federal Reserve shows the number of checks processed last year fell 5.2%, banks should get ready for acceleration with the increase in person-to-person payments from the likes of Zelle and Venmo.

Why Your Bank Should Tie Checking and CDs Together

Boosting Deposit Performance

As deposits become more valuable, banks are getting more aggressive about raising funds. While we are not big fans of increasing liabilities through certificates of deposits (CDs), banks that do may want to consider requiring a checking account in order to increase performance. In this article, we look at some banks that do just that and how it helps them mitigate the performance degradation that normally occurs when offering higher-priced CDs.


Offering a Package of Products


Setting Transaction Limits For Better Business Checking

Optimizing Business Checking

A business checking account is one of the most profitable accounts a bank can have. This is why it is perplexing that some banks put more thought into their break room coffee selection than the attributes of their business checking lineup.  Many banks either fail to put proper thought into the pricing and design of the business checking account or evolve their offerings over time never stopping to restructure the offerings and attributes to meet their current customer targets.

Creating a High Transaction Business Checking Account

High Transaction Business Checking

There is a recent trend that we have been monitoring of banks offering a mid-priced business checking account that is designed for borrowers that are small but have high transaction volume. M&T Bank, for example, was the latest bank to roll out such an offering. A high transaction checking account can be offered to customers that have high transaction volume and more sophisticated treasury management needs but don’t want to move into full analyzed checking.

BankUnited’s New Checking Account Is Sending A Message

High interest checking

BankUnited recently released their Vertical Rewards Checking Account and in doing so has sent a message to other bankers that the war for deposits will be fought not with certificates of deposit (CDs) or money market accounts, but with checking. Bankers should take notice because while you may not compete with BankUnited like we do, this product may be coming to your market. Even if it doesn’t make it to your footprint, it is important to understand how this product works and performs as it will likely shift the strategy of raising deposits going forward.

Why Do Banks Still Have A NOW Account?

Streamlining Deposit Accounts

There are a material amount of banks out there that still offer negotiable order of withdrawal (“NOW”) accounts. Our question is why? Why not also offer a Christmas Passbook Account while you are at it? The NOW account predates the Dodd-Frank Act and while there was little need to carry it before, there is now no cogent argument that can be made for carrying it present day.


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