- 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
Denise Gallant Controller
After losing our deposit reclassification feature due to a core conversion, we were looking to replace this valuable tool which supplied liquidity to fund our community’s loan demand at Provident Bank. We had heard of logicpath's Deposit Reclassification solution as an answer to reclaim low-earning assets held in our reserve balance. After implementing Deposit Reclassification, we were able to eliminate our $8.4 million dollar Fed balance to zero. logicpath's team helped us step by step to ensure compliance with all Board of Governor’s requirements and the tasks required by our team members were minimal, taking less than 5 hours.