Tradition Capital Bank found themselves grappling with an inefficient and manual process for opening commercial accounts, realizing they needed an automated solution to protect them against fraud while providing enhanced customer experiences.
Deposit Reclassification, an approach used by banks to reduce their reserve balances and convert idle Federal Reserve funds into income streams, was discussed with Logicpath by these financial institutions and led them to reduce their reserve balance to zero using this approach.
Deposit Products
Tradition Capital Bank provides businesses with a full selection of deposit products at competitive pricing and availability, as well as Treasury Management services like sweep services, ACH/wire transfer services, zero balance accounts, and remote deposit capture to help maximize working capital while cutting costs and optimizing debt levels. These services allow better use of working capital resources while optimizing debt levels.
Tradition Capital Bank had to respond quickly to increased loan demand by growing deposits. To meet its new challenges, Tradition needed a solution that would enable it to convert low-earning, non-liquid funds held at the Federal Reserve into revenue streams. Logic Path’s Deposit Reclassification proved effective; the bank reduced its Reserve balance from $7 million to zero by reallocating idle funds into higher-yielding assets such as deposits.
Campion says Logic Path’s FR2900 filing solution has simplified creating quarterly regulatory reports for his staff and helped save time and money by cutting printing and mailing costs.
The culture at our company is welcoming and open, focusing on cultivating one-on-one solid client relationships. As an equal opportunity employer, no discrimination occurs on grounds such as race, color, sex, gender, sexual orientation, religion, national origin, disability, veteran status, or age. Employees enjoy a comprehensive benefits package, including health, life, and accident insurance and competitive salaries based on each position’s location and job responsibilities within our organization.
CD Rates
Tradition Capital Bank provides certificates of deposit as an attractive way to expand savings while still enjoying access to funds. Each term length allows you to reap higher interest than traditional savings accounts while still having access to your money when necessary.
The current national average APY for six-month CDs stands at 1.39%, up slightly from last week and one basis point more than a month ago. The highest national rate for these products is currently 5.20% – that would give you over $355 of interest on depositing $25,000!
Tradition Capital Bank also offers specialty certificates, such as private, relationship-based student/minor affinity bump-up and no penalty options. The rates on these investments tend to be higher than average six-month CD rates and can help maximize returns; however, they may not be suitable as emergency funds due to limited accessibility and may take longer before maturity is reached. Once it does reach adulthood, you have options such as withdrawing the funds or rolling them over into another term deposit agreement.
Customer Service
Tradition Capital Bank provides what business and private banking clients desire – highly experienced, responsive financial partners committed to their success. As a medium-sized bank with assets totaling $662 million and $546 million in deposits, Tradition Capital Bank boasts outstanding consumer satisfaction scores and minimal complaints with the Consumer Financial Protection Bureau.
Customer service representatives of your bank are always ready and waiting to assist with any of your questions or issues, be they by phone or in person. They’re more than happy to provide information about products and services offered and help open new accounts or close existing ones.
Tradition Capital Bank takes great pride in offering exceptional customer service investing in state-of-the-art solutions to ensure their customers have an optimal banking experience. One such innovation includes providing their new e-banking solution, which processes applications more quickly and more efficiently, resulting in lower fees for their customers.
Tradition Capital Bank understands the significance of customer security, taking steps to safeguard its customers from hackers and identity thieves. The bank uses multiple layers of protection such as multi-factor biometric authentication, encryption technology, and other safeguards – offering customer support via email, phone, and social media.
Tradition Capital Bank has been using DocFox for several years, and Campion reports that it has proven incredibly effective at streamlining workflows and giving them an edge against competitors. For instance, opening commercial accounts now takes days instead of weeks – helping both customers access accounts faster and supporting the bank to earn money more quickly through earlier deposits.
Tradition Capital Bank has taken several steps to enhance its overall performance and adopt state-of-the-art solutions. They implemented logic path’s Deposit Reclassification solution, which has allowed them to reduce reserve balance by converting low-earning non-liquid funds held at the Federal Reserve into new revenue streams and reduce reserve balance requirements. Furthermore, logicpath assisted Tradition Capital Bank with their FR2900 filing by creating any reports they needed from regulatory bodies.
Mobile Banking
Tradition Capital Bank provides customers various mobile banking services, including a free smartphone app for checking account balances, making transfers, and paying bills. Furthermore, Tradition Capital Bank provides deposit products such as savings accounts and CDs – with CD rates competitive with other banks while savings account rates are below average.
Unlike traditional banking, mobile banking does not adhere to set office hours and days for customers to visit the bank, making it more convenient for those with busy lives to access their funds and complete transactions. Plus, mobile banking often costs less.
Mobile banking offers convenience and better safety and security than traditional banking options. Mobile banking utilizes security measures, including two-factor authentication and fingerprint scanning, to protect funds and information. Furthermore, its low risk of data breaches reduces the chance that sensitive data could be stolen.
To use the mobile banking app, log in using your existing online banking credentials and manage your finances. Check account balances, transfer money between accounts, pay bills, and deposit checks all from within one app – although please remember that data charges from wireless carriers may apply when using it.
Mobile banking has gained popularity as more people turn to digital solutions for their financial needs. Traditional banks have developed online and mobile applications tailored specifically to customers’ needs – offering users user-friendly features tailored specifically to them.
Tradition Capital Bank of Minnesota is a mid-sized bank with assets of $662 million and deposits of $546 million. It offers FDIC insurance, an exceptional consumer satisfaction rating, and an excellent Texas ratio, indicating sound finances – however, they do not provide premium customer service; any issues must be resolved through chatbots or email.
