Now Community Banks Can Grow Core Deposits Over the Internet With Low Start-Up Cost and No Per-Transaction Fees

Top Quote Online Account Opening software is a safe, simple and quickly implemented solution to gather Internet deposits and requires no involvement with a core processor. End Quote
  • (1888PressRelease) April 11, 2009 - Online Account Opening software requires a one-time software license, including set up costs, for $12,500 for most banks. Thereafter, monthly maintenance ranges from $150 - $350 per month. The software supports a wide variety of deposit account types, minimum deposit amounts (including tiered accounts) and account terms. Deposit accounts can be edited or deleted, and new accounts added, at will. Banks can have the account updates done for them (unlimited account maintenance is $350 per month) or the client can learn to do it themselves for a $1,000 training fee. DIY accounts pay $150 per month for site maintenance and program upgrades.

    Why would a bank want to grow core deposits over the Internet?
    Core deposits are vital to a bank's health and vitality. They are a good source of stable deposits. They offer significantly lower costs to acquire. Core deposits tend to be "sticky" and not super-price-sensitive.

    How does the Online Account Opening software benefit a bank?
    Online deposits are inexpensive for a bank to acquire. Experience shows that Internet deposits can be 100 - 200 basis points lower than traditional accounts, which require bricks, mortar and media advertising. Internet account gathering, including online marketing, has proven to be much more affordable, thus allowing banks to pay a more attractive rate to customers.

    Gathering deposits online permits the bank to offer promotional rates outside of their traditional market, avoiding "cannibalizing" of existing accounts. Internet deposits are great alternatives to wholesale funds, such as brokered CDs.

    Online Account Opening software lets the bank impose strict BSA/AML compliance controls. The software is not permitted to automatically approve and input new accounts into the bank's CIF. Human supervision is maintained at the critical "underwriting" stage.

    Online Account Opening software does not require any interface with the bank's core processor. The Online Account Opening interface is connected to the Internet with a secure web host. New customer accounts are put into the bank's core processing system by bank employees, using the core processor's platform interface. In that fashion, security is enhanced, and the bank has assurance that it satisfies the BSA/AML regulations to "know the customer" prior to permitting new customer access to accounts.

    Standard configuration Online Account Opening software can be implemented in as few as ten days. The standard configuration consists of (a) four online account types, (b) four account disclosures, (c) standard Privacy and ID Theft policies, (d) standard BSA/AML customer information acquisition, and (e) a standard client "branding" package. Provided the standard configuration is acceptable, the Online Account Opening program can be implemented in 10 days from receipt of the clients deposit programs, TISA disclosures and brand logos.

    The Online Account Opening program details, including an FAQ, can be viewed at Banks can also take the software for a test drive. A spreadsheet to calculate the relative costs to acquire Internet deposits versus traditional deposits can be downloaded.

    For more information, or an assisted online webinar demo, contact Scott Fowler, Online Account Opening Marketing Officer, 828-231-2223, or email sfowler ( @ ) appleadv dot com

    About the Company:
    The company behind the software is Apple Advertising, ( The Online Account Opening software is the latest in a 36-year procession of IT solutions invented to solve marketing problems. Established in 1972, the company is an Advertising and PR Agency serving clients from the intersection of Marketing, Technology and Compliance. The company is focused on practical, affordable solutions to the critical issues surrounding online and traditional marketing services. The company's clients are predominantly community banks and manufacturing companies. The company operates a wholly owned subsidiary, Management-Assistance: Programs and Services, Inc. ( which provides marketing and compliance management consulting and monitoring solutions.

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