800-809-2307
Four Letters. Infinite Potential.
Does Your Overdraft Program Spread Joy?

Does Your Overdraft Program Spread Joy?

This time of year offers up a special sort of chaos for many: lots of celebrating with friends and family, along with lots of spending in a short amount of time. Believe it or not, a well-managed overdraft program can help spread holiday joy. Does yours?

 

Nearly 75% of Americans say they often fail to budget adequately for the holidays, and last year the average holiday debt totaled $1,054. It’s just a fact: it can be difficult to keep up with the many payments made at various locations at this time of year. Your account holders may think they’ve got an expense covered. But if they forgot about a previous purchase they made in the midst of a hectic workweek and festive activities, it could create a not-so-positive experience for them.

 

Undisclosed, Algorithm-Based Overdraft

 

An undisclosed overdraft program can steal joy left and right—potentially making a negative impact in terms of service.

 

Bills to pay? Not knowing their limits, account holders can’t rely on a safety net if they need to pay an essential bill before a paycheck clears.

 

Unexpected expenses? The holidays are filled with unexpected expenses. If an account holder makes an error in budgeting and accidentally overdraws his or her account on a non-essential purchase, they may be frustrated to see additional fees assessed.

 

And what if account holders want to know why their limit has changed since the last time they overdrew their account? They’ll likely be confused and irritated at the explanation if it isn't definitive or clear.

 

There’s got to be a better way to help your account holders. Offering them the choice of having a transaction covered  for a fully disclosed fee provides a service that they can rely on.

 

Fully Disclosed Overdraft Service (can really spread joy)


Fully disclosed overdraft services can empower account holders with knowledge about the limits and fees for the service should they need help making ends meet or covering unexpected expenses. Though money may be tight this time of year, account holders who can make informed decisions will likely feel less stressed and be able to embrace the joyfulness of the season.


Those bills that need to be paid or an unexpected purchase? When account holders know their overdraft limit, realistic and predictable expectations are set early on. They can better weigh the urgency of the situation against the fee and decide what to do from there. And instead of being over penalized for making a mistake and getting assessed unexpected fees, they know upfront what will happen if they overdraw their account.


With a fully disclosed overdraft service, account holders will appreciate knowing they have options if they choose to use the service as a safety net—especially during a time when unexpected expenses may come up.

 

The clear choice for year-‘round cheer: a fully disclosed overdraft program. How does your overdraft service measure up? If you’re not feeling the joy in your current program, contact us today—JMFA OVERDRAFT PRIVILEGE® offers a 100% compliant way to strengthen account holder satisfaction.


 

ABOUT JOHN M. FLOYD & ASSOCIATES (JMFA)
For the past 38 years JMFA has been considered one of the most trusted names in the industry helping community banks and credit unions improve their performance and profitability. Whether it’s recovering lost revenue, uncovering savings opportunities, serving your account holders better or delivering a 100% compliant overdraft program, JMFA has the right solutions to help you not only meet, but exceed, your goals. We are proud to be a preferred provider among many industry groups. To learn more please contact your local representative or call us at (800) 809-2307.

 

100% 12 months 14 years 20 years 2020 2020 vision 40 years abusive abusiveness Academy account holder account holder retention account holder strategies account holder strategies; growth strategies; account holders accountability Achieve achievements Advancements Advice Agreement agreements alerts Americans analysis analytic Analytics announcement ask the expert Assistance ATMs Attendees attorneys attracting talent auto loans Automation B2B Balance Bank Bank of Pacific Banking banking services banks banks and credit unions batching Benefit best practices board governance board member board of directors Bob Layendecker bottom line branch equipment branch profitability brand loyalty branding Bryan Hanks budget budgets bundling business business culture business environment business practices business processes business strategies calendar card processing cardholders career advice Career Goal CARES Act caring case studies Case Study cash CDC CEO CEO onboarding certainty CFPB Challenges change charitable Checklist Cher Cheryl Lawson Choose Chris Karstens civil litigation claim clarity class action class-action lawsuit Classroom clients Cloud Cohron collections CommFirst Federal Credit Union commitment committed Communication communications communities community community banks Community Outreach Referral Program Competition Competitive Complaint Compliance compliance examinations compliance risks compliant condition conduct Conferences confidence connection Consistency Consistent consultant Consultation consultative consulting Consumer Consumer FInancial Protection Bureau consumer protection Consumer-focused Consumers Contactless Contactless cards Contingency Contingency Pricing contingency-based contingency-based fees Contract Contract Analysis Contract Negotiation contract negotiations contract negotiator Contract Optimizer Contract Renegotiations contract review contract staffing Contracts Convenience core processor contracts Cornerstone Credit Union League coronavirus corporate culture corporate governance cost costs Courtesy Pay COVID-19 CPE credits Credit Card credit card contracts credit card processing credit cards credit report Credit Union Credit Union Vendor Management credit unions crisis Crissandra Fry CSS culture customer customer experience customer service customers CUVM cyber security Damian Data Data Analytics database Deal debit debit card contracts debit cards Debt deceptive Decisions Demand Letters Department of Labor Deposit deposits Development Dick Miller digital digital wallet directors Disclosed disclosures discounts Discussion Dodd-Frank Act dollars donation Donna Sumrall Dynamic earnings Economic economic recovery economy Education efficiency studies election Email Emergencies Emergency employed employee employee retention employees EMV migration enchancing productivity enforce enforcement Engagement environment Errors evaluation Evolve examiners executive search Expectations Expense expense management expense reduction expenses Experience Experiences Expert expert negotiations expertise Experts expire Facilitators families family FastTrack FDIC Federal Reserve Federal Reserve Board fee Feedback fees Field Consultant Financial Financial Institution financial institutions financial integrity financial security financial services financial stability Financial Worry FinTech fit Fixed limits Fixed-limit Floyd's Forum Forrester Franklin First Federal Credit Union Free Analysis full disclosure Fully Fully Disclosed fully disclosed overdraft program fund funds future Gen Z Generating Income generating leads generation Generation Z Gift Gil Johnson global Goals governance government government agencies Greenwood Credit Union Grow growth guidance Gym Halloween Hammond Happiness health Heartland Tri-State Bank hiring HKW Holiday Holidays Houston Area Food Bank Houston Livestock Show and Rodeo HR HR policies Hubur human capital human resources Implementation implementing important Improved improved efficiencies improved results Inc. incentives income income enhancement Industry Innovate Innovative in-person Institution interest rates interests internet banking services interview strategies interview tips IT contracts Jackson Jai Jai Darden James Jamone Moore Jan Southern Jennifer Peoples Jennifer Simmons Jessica Pickett Jim Griffis Jimmy Nguyen JMFA JMFA Academy JMFA clients JMFA News JMFA Next Generation Overdraft Privilege JMFA team Joe Marsh John Cohron John M. Floyd John M. Floyd & Associates judicial justification Kelli Silvernale NCUA Kelly Flynn Kennedy knowledge law lawsuits Lawyer leaders leadership Learn Learning Legal legal risk legislative lending program Lesson leverage Limit Limits Literacy litigation litigators lives loans local Long Term Long-Term lost revenue Maggie Thompson Maintenance manage Managed management management experience Mark Roe marketing marketplace Mary Soergel MasterCard matrices Matrix Matrix-based measurable measurable results meeting Member Members mergers Midwest Region Millennial Millennials mindset minimalism minimalist Mississippi Missouri mobile Mobile Banking mobile phone app Model monetary Money Morrison & Foerster Partner mortgages Most Valuable Provider NAFCU NCUA Needs negative balance Negative Settlement Negotiate Negotiating negotiating contracts negotiator Net Operating Analysis New Decade new revenue New Year New Year's Next Generation JMFA Overdraft Privilege NOA Non-Compliant non-disclosed non-interest Non-Interest Income North Carolina NSF NSF fees Obrea Poindexter OCC Officer Oliver Ireland onboarding Online operational Opportunities Opportunity Opt-In organization Organizational Health Outcomes outsourcing Overdraft overdraft compliance overdraft coverage overdraft fees overdraft practices Overdraft Privilege overdraft privilege program overdraft program Overdraft programs overdraft protection programs Overdraft Protection Service overdraft service overdraft services overdraft strategy overdrafts overdrawn Overspending pandemic Part 2 Partner partnership Paul McFarland paycheck emergency payday loans payment cards Payments Penalties Pennsylvania performance personnel physical distancing plan planning Plus4 Credit Union podcast Podcasts policies policies and procedures Policy POS Positive Swipe post-pandemic practice practices Press Release Privilege Manager CRM proactive problem-solving procedure Procedures process process improvement Processing product profitability Productivity Products Professional Profitability Improvement Program Program Management programs prohibited project staffing Promotions Proposals Provider providers PwC Quality quantity Reactive reality Reassess Recruitment Services recruitment strategies reduce expenses refer referral Reg E regional director regulation Regulation E regulations regulators regulatory relationship Relationships reliability remote Renegotiate Renewal Reporting Reputation resolutions Resources Results Retail retail operations Retaining Employees Retention Retirement revenue revenue enhancement review Richard Miller risk risks ROI Ron Jennings Roy Roy Seifert Rules Ryan Armstrong safety Sales Salesforce Satisfaction savings Scrutiny secrets Security senate Senior Relationship Manager service service agreements service contracts service delivery Services Sessions settlement shareholders Sheila Bridges Shopping social distancing Social Events social media socially distanced Software Solution South Carolina specialization speed Spending staff staff development staff spotlight staff training staffing staffing gaps staffing studies staffing study stakeholders standard Statistics stimulus payments Strategic Planning strategic vision Strategies Strategy streamline Stressful study succeed Success success factors successful Succession plan succession planning Support survey Susan Prell system talent team team members technology technology costs technology upgrades technology utilization temporary staff term terms Text Third-Party Expert third-party providers third-party vendor contracts third-party vendors threat three Tim Strandquist Time Tools Tools and Resources Tracking Trainer training transaction transactions Transparency Transparent Travel Treats trend trends Trey Martin Trust turnkey UDAAP uncertain times unemployment unfair updates Upgrades Value Variable Variable Limits Vendor vendor agreements vendor contract negotiations vendor contracts vendor management services vendor performance vendors video violation Virginia VISA volunteer Walker Washington Washington D.C. Washington Savings Bank Webinars weeks well-rounded Westmoreland Community FCU Whitney & Company Wish list women work work ethic Workshops YouTube