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Poll Central Insights: Customer Deposit Limits on the Rise

Friday, August 30, 2019 (RemoteDepositCapture.com / RemoteDepositCapture.com)

The 2018 Mobile Deposit Industry Study was able to not only gain valuable information about the industry in the previous year (2017), it also provided insight into some interesting trends across the several years we have conducted the study. One of the more interesting trends we observed was the increase in mobile deposit limits over time. For example, in 2017, 24% of respondents offered deposit limits above $5,000 compared with just 13% in 2016.




But has this trend continued? Are FIs, on average, still increasing deposit limits? To gain a current perspective on this subject, in August we asked the industry, “For the average customer at your FI, how have DEPOSIT LIMITS changed in the past year”? The results might surprise some people. Close to 40% of the respondents to the industry poll indicated, YES, they increased deposit limits for their average customer in the past year.

 

 
In discussions with many financial institutions, the reason behind the continued increase in deposit limits points to three main factors; 1) Actual losses and risk in this channel has come in below expectations, 2) FI risk management capabilities have improved such that the FI can manage risk in other ways beyond just deposit limits, and 3) There is substantial demand for higher limits, especially from good quality customers (Why would you want to limit deposits from a good quality customer??).

What is your opinion on this topic? Please join the discussion in the RDC Discussion Boards.
 


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