- Reclaim up to 10% of your transactional deposits for reinvestment
- Permanently recover your Federal Reserve Bank balance
- Immediately impact your bottom line in less than 45 days with Deposit Reclassification
Daniel Johnson Accountant
Venture Bank has always had the fortunate position of being flush with loans and demand, so we wanted to maximize the utilization of our core deposits as funding sources. We didn’t have a large amount of excess deposits where liquidity wasn’t a consideration for us, so any solution that would reduce the amount that we would have to hold in reserve as strictly pure excess was certainly beneficial to us. We chose logicpaths Deposit Reclassification solution to help us accomplish this. By reducing our reserve requirement and reclaiming these funds from the Fed, the bank is able to lend that $13 million in excess funds, translating into additional income for the year. In addition to utilizing those funds for alternative investments, there are savings simply because we are not borrowing them. logicpath held our hand throughout the entire process. Fortunately, our implementation was not complex, but it was clear that logicpath was prepared to handle complex issues if needed.