When it comes to maintaining a worry-free, compliant overdraft privilege program that provides reliable financial security for your account holders, communication is paramount throughout the life of your account relationships. This is especially true as regulators continue to stress the need for transparency and full disclosure to avoid increased supervisory scrutiny.
It’s important to have a backup plan should there be a disruption to your communication plan for notifying account holders about their overdraft usage. We can offer you additional resources, whether you are experiencing employee turnover, temporary technical issues, or an unavoidable situation like a natural disaster that knocks out power and internet connections. ADVANTAGE, powered by JMFA is the partner you need so that you can focus on running your financial institution.
Without these notifications, your account holders may lose track of their overdraft usage. That’s bad for consumers. Or, even worse, you could experience delays in sending consumers Extended Coverage opt-in confirmation notices, which are required by Regulation E.
Account holders may be unaware when the overdraft privilege limit is activated, increased, decreased or suspended on their accounts. Any of these scenarios can result in a poor service experience or potential legal issues if a consumer contests that they were fully informed about how your financial institution handles overdrafts. What’s more, it may also lead to elevated charge-off activity that can impair account growth and the potential of increased regulatory scrutiny if charge-offs aren’t accounted for accurately.
ADVANTAGE’s Managed Overdraft Services allow you to turn your account holder notifications over to us—we can manage, streamline, and create greater efficiencies in the member communication process. Our team ensures messages related to new activations, limit changes, Extended Coverage (Reg E opt-in) confirmations, account retention, heavy-use counseling and reinstatement are delivered promptly.
If you’re using the Cloud version of Privilege Manager CRM®, we can offer additional support for your internal overdraft program manager (OPM). On a short- or long-term basis, JMFA can help with maintaining critical daily communications activities, including:
You’ll also get access to easy-to-read validation reporting for all notifications.
JMFA’s compliance department reviews messages to ensure the most up-to-date compliance language is in use. It’s one of the ways we continue to deliver our services backed by our written 100% compliance guarantee for added peace of mind.
In today’s uncertain environment, having a reliable backup plan in place is essential to maintaining consistently successful financial services. Managed Overdraft Services help you stay connected with your account holders when unexpected situations make it difficult to do so. Our streamlined process can help you create greater back-office efficiencies to ensure your account holder communication is seamless and fully compliant.
To learn more about JMFA’s Managed Overdraft Services, contact your JMFA representative.