BancVue, a platform provider that delivers a high-yield checking account product through about 500 bank and credit union partnerships, reports its clients had a 96 percent accumulative jump in deposits in the third quarter. While not providing exact deposit figures, BancVue cites the numbers are in line with overall deposit-growth trends for banks with assets under $10 billion, which saw a $27 billion increase in DDA balances to more than $2.4 trillion.
Small to mid-tier banks, which had a -.77 percent dip in deposits in the first quarter of 2008, are now sitting prettier with 2.06 percent climb in the third quarter. The numbers also support a higher number of applicants to BancVue’s Checkingfinder.com site, which connects consumers to institutions offering the high-yield BancVue account (in excess of six percent) that local banks can private-label. BancVue saw a 53 percent monthly jump in applications from September to October, which had followed a 46 percent increase in the July-August period.
