Advanta Bank was founded in the year 1951 and has been a remarkable innovator in developing and introducing many marketing techniques for the financial services industry. Advanta Bank is one of the largest issuers of credit cards in the nation. This bank has its headquarters in Draper, Utah. It is a subsidiary of a public limited financial services holding company, the Advanta Corp. Advanta Bank (ABC) is a Utah bank that is regulated by the Utah Department of Financial Institutions.
It would be interesting to go back a little in time into it’s history, before going ahead and reading more about this bank that has not only risen to it’s customers expectations but has surpassed. Advanta was earlier Colonial National Bank before it was rechristened in 1982. Immediately after, the following year, it began a national credit card campaign and by 1988, exceeded 1 million customers. Advanta Corp. has the credibility of being the first company to securitize credit card and mortgage receivables.
Advanta offers deposits with a high level of security for its customers and deposits up to $100,000 per customer, are insured with the FDIC (Federal Deposit Insurance Corporation).
Customer convenience being its priority, ABC ensures that their operating expenses are kept low, and towards this end their customer service activity is taken care of by means of electronic media, mail and telephone. This way, ABC is happy to be able to transfer their savings to their customers, in the form of higher interest rates.
Advanta Bank also takes care that customer service receives top priority, also ensuring that interest amount, statements, maturity notices and other important communications are relayed to the customers promptly on time.
They offer a variety of deposit products with very competitive interest rates, to help customers reach their financial goals, along with the security of FDIC insurance. They also help them develop a savings plan. They offer normal Certificates of Deposits (CDs) and Jumbo Certificate of Deposits at competitive rates and annual percentage yields. The minimum deposit amount is higher in the Jumbo CDs. Their Money Market Accounts (MMA) are offered with tiered balances, which means higher rates of interest for higher balances and with compound interest that is calculated on a daily basis. The Statement Savings Account with a minimum deposit of $50 is ideal for small businesses.
Advanta Bank’s electronic fund transfer system provides for interbank clearing of all electronic payments for depository financial institutions. The Federal Reserve and Electronic Payments Network act as their central clearing facilities, which facilitate transmitting and receipt of funds for financial institutions. The transfer of funds is done at an extremely fast pace and bank accounts will reflect the funds within one day. This eradicates the scope of check theft as everything is done through the electronic medium. No need of running to the bank to make your deposits or waiting for days for the deposit to actually show up in your account.
Convenience of banking is what Advanta aims at providing its esteemed customers. Customers can check their balance from the comfort of their homes any time of day or night, or even take a look at the interest rates, with the online banking portal.
Advanta’s website provides ‘calculators’ for calculating the interest rates and decide which products are good for you. All their deposit forms are available online. All one needs to do is locate the form they are looking for and print it, before filling up the details and mailing it to the given Advanta address.
Having said all that, their prime area of excellence and exclusive focus is the credit cards. They offer a very high level of service tailored to meet the needs of small businesses and this is what differentiates this company from all other credit card issuers.
With the numerous facilities that Advanta offers along with a great customer service, at your beck and call all day and night, you have only to gain by making an investment in Advanta Bank. The efficacy of a bank is assessed by the number of customers and looking at the millions of satisfied customers, this bank sure knows how to satisfy their customers.
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