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In many cases, new challenges cause an institution to rethink how time and resources are focused. However, maintaining consistent strategies that have a positive impact on performance and provide reliable financial services to account holders is key to long-term success.
Years ago, in an effort to meet the needs of consumers and help improve revenue, banks and credit unions across the nation turned to third-party providers, such as John M. Floyd & Associates (JMFA), to help implement a compliant and successful overdraft program. Institutions soon discovered they were not only providing a valued service to their account holders, they were enhancing revenue streams as well.
Over the past several years, however, regulatory guidance regarding overdraft policies and procedures began to complicate and deteriorate many overdraft programs. More recently, new consumer protection regulations and restrictions have made many existing programs outdated or obsolete. But it is still possible to recover lost revenue and provide a valuable service with an overdraft solution that is fully-transparent and compliant with all regulations and consumer protection expectations.
Overdraft services continue to fill economic needs Although the economy continues to improve, maintaining healthy revenue sources is challenging for many institutions. At the same time, consumers continue to expect their financial institution will provide them with the services they want and need. For many, this includes a product to help them maintain their finances whenever an unexpected emergency occurs or they make an error in their checking account.
As a fully-compliant overdraft program, the all-new JMFA OVERDRAFT PRIVILEGE enables institutions to strike the proper balance between meeting all regulatory expectations, recovering lost revenue and providing a value- added service to account holders with the following specifications:
Avoid compliance headache As of now there is no effective date on any new rule-making related to overdrafts. As regulators continue to conduct research and consumer testing on overdraft processes, financial institutions can continue to provide their account holders with a straight-forward approach to responsible overdraft usage with JMFA OVERDRAFT PRIVILEGE®.
Article provided by JMFA.
To learn more about JMFA, contact Manager of Credit Union Solutions and Membership at the Leagues, Joyce King, at 909-212-6017 or firstname.lastname@example.org.