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Tuesday Topic: Easy, but Overlooked, Ways to Grow Deposits

I think most community banks still have outdated account opening procedures that make it difficult and time consuming to open new checking accounts. But, part of that reason is banks MUST stay in compliance with the regs placed on us at account opening. It is too burdensome. Most community bankers understand the risks and know our customers but still have to adhere to policies.

 

President/ Chairman of the Board

PO Box 550

Haleyville, Al. 35565

205-486-5263

wwalker@tradersandfarmersbank.com

 

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------Original Message------

Looking to boost deposits? Then take a close look at your bank’s account opening procedures and cull unnecessary or outdated restrictions. That’s one of the suggestions in this American Banker story that also highlights a bank that increased its deposits by 13% after shifting its marketing strategy and another that grew deposits by deepening its community engagement. Customers “see us as different from the average bank,” said Phillip Baldwin, CEO of Citizens Bank in Batesville, Arkansas. The story also has a neat chart showing how fast funding costs are rising at banks with less than $10 billion in assets.

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Barb Rehm
Senior Managing Director
Promontory Interfinancial Network, LLC
Arlington VA
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