As economic and regulatory uncertainty continues, so does the need for a reliable way for consumers to make ends meet. While there are some signs of economic improvement, a few real challenges persist, including:
Frequent and thorough disclosures about the services you provide to help consumers maintain access to liquidity is valuable if they are having difficulty managing their checking account. Making sure consumers know that you are providing a safety net by providing a line of credit, credit card, and as a last resort, a reasonably priced overdraft privilege service, gives them the information they need to make the best decision.
A fully disclosed overdraft program that is clear about limits and fees and how to use it effectively empowers your account holders. It gives them a reliable resource to maintain control over their account. And it can help them avoid other financial obstacles that could be waiting just around the corner.
We believe that transparency and education should always be a top priority. We offer financial literacy support and comprehensive training opportunities for frontline staff. This allows your frontline staff to be knowledgeable and confident when discussing overdraft privilege as an option.
But a one-time face to face discussion with your branch staff is not enough. Other communication touchpoints are critical. JMFA can help you save time and money by keeping account holders informed about your overdraft service with compliance mailing services. Offloading time-intensive tasks like these allows you and your staff to direct your focus on other important projects.
Though 2023 has gotten off to a rocky start for many, together we can give consumers peace of mind and a reliable way to address financial issues that may arise, offering a little stability through the storm.
To learn more, download our whitepaper titled, “How valuable is overdraft privilege to consumers?“
For answers to all your questions about maintaining a fully disclosed overdraft program, contact us.