SEATTLE, September 27, 2022 /PRNewswire/ — Seattle Bank, a locally owned boutique bank, is introducing a new Personal Line of Credit (PLOC) as part of its growing suite of Digital Direct services. Designed to provide short-term financial flexibility, PLOC leverages Seattle Bank’s private banking and commercial banking businesses to attract new customers interested in digital services.
“As the pace at which people manage their money digitally continues to accelerate, we see the opportunity to deliver more meaningful value to a broader group of consumers,” said John Blizzard, president and CEO of Seattle Bank. “The launch of PLOC as part of the Digital Direct suite underscores our position as a digitally-focused boutique bank with a technology platform and business strategy to create a better banking experience.
The addition of unsecured PLOC bucks the trend of major financial institutions that have discontinued or restricted this category of lending. Seattle Bank’s PLOC provides customers with immediate access to a set amount of credit (between $15,000 and $150,000) and the ability to draw funds over time. It offers a borrowing alternative for people who have strong credit profiles and repayment capacity, but who may want additional short-term financial flexibility, in the form of a revolving line of credit. (Note: All loans are subject to credit approval and underwriting standards. Individual rates, terms and conditions are subject to change and may vary based on creditworthiness, qualifications and discounts.)
“Despite the effects of inflation, we don’t see consumer spending shrinking,” said Josh Williams, executive vice president and chief banking officer of Seattle Bank. According to a recent report by the Federal Reserve Bank of New York report, the total credit card debt outstanding rose to $890 billion in the second quarter of this year, a $100 billion increase compared to the same period in 2021.
“We are optimistic about the market in the Greater Puget Sound area and PLOC offers consumers more favorable borrowing terms than credit cards or a margin loan,” says Williams. “It’s also an attractive option for those who may already have a home equity line of credit, as well as new homeowners who don’t yet have significant equity to leverage.”
Beyond PLOC, the Digital Direct suite of services offers features more often associated with fintechs and neobanks. In addition to interest-bearing verification, Digital Direct incorporates features such as:
- SavvyMoney: offers credit score analysis and reporting functionality in online and mobile banking
- Early Payout: Allows customers to get paid and access funds up to two (2) days sooner with faster direct deposits (when available)
- Picture Bill Pay: Gives customers the ability to simply take a picture of a bill with a smartphone, and the app does the rest of the work to send payment.
Seattle Bank’s low-interest PLOC allows people to withdraw money over time and pay interest on the funds they use when needed. The app is available on line and typically customers will receive a response to their PLOC inquiries within two business days. Access to a PLOC requires a Seattle Bank Digital Direct or Private Concierge checking account.
The launch of PLOC expands Seattle Bank’s reach as a forward-thinking boutique bank. Seattle Bank is one of the few banks in the country with a cloud-based core banking system based on an open API. This technology stack supports its growing range of personal and business banking offerings, as well as its partner banking services that enable fintechs, marketplaces and brands to integrate banking transactions into their customer experience. All lines of business are striving to provide more secure, immediate and flexible ways to manage and transfer money.
About Bank of Seattle
Ranked among the top ten percent of banks nationwide for return on assets and efficiency, Seattle Bank is a locally owned and operated financial institution that provides personal, business and partner banking services. Seattle Bank is a wholly owned subsidiary of Seattle Bancshares, Inc., a private bank holding company. Information about Seattle Bank, its services, financial strength and community impact can be found at seattlebank.com. FDIC member.
Media contact: Erin Haworth201-602-0881, [email protected]
Bank of Seattle