People walk past a Capital One banking center in New York’s financial district January 17, 2013. REUTERS/Brendan McDermid/File photoPaying more for deposits is an effective way for banks to keep customers loyal, analysts said.
Banks are also trying to retain customers by employing other techniques such as explaining to customers the rules around deposit insurance, offering different products or emphasizing ties to local communities. “Community banks have not reported widespread withdrawals in response to the SVB failure,” said Anne Balcer, senior executive vice president, chief of government relations and public policy at the ICBA. “Main Street community banks are there for their customers during uncertain times and have proven to be resilient through economic cycles.”
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