Demand Account Reclassification™
Demand Account Reclassification enables banks to reduce the total amount of customer deposits the FDIC requires to be on reserve by reclassifying deposit account balances as money market or time account funds. Bank-defined parameters control minimum account balances or the minimum percentage for reclassification, and the required general ledger entries are automatically generated. Reducing the required reserve amounts generates additional income opportunities by making more funds available for lending and investment purposes.
This solution is available to banks automated by the SilverLake System® and CIF 20/20® platforms.
What It Does
- Supports reserve requirements reporting by allowing banks to reclassify deposit balances that are held in demand deposit accounts as savings deposits.
- Reports the reclassification of funds on the general ledger.
- Allows for bank-determined parameters to be entered for minimum balances or minimum percentages for reclassification.
- Provides an inquiry option that displays current data for an account subject to reclassification and allows the user to drill into the reclassification history for the account.
- Provides daily reports to show the balance maintained in the transaction account and the balance reclassified to savings.
- Is fully integrated with the SilverLake System and CIF 20/20 and is compatible with the Check 21 environment.
What It Does For You
- Allows banks to reduce their total amount of customer deposits on reserve as required by the FRB.
- Increases revenue by providing additional funds to the bank for lending or investment.
- Leverages full integration with SilverLake and CIF 20/20 general ledgers and easy-to-set parameters to support deposit reclassification with minimal human resource and related costs.