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What makes a successful overdraft program?

For Navigant Credit Union, given their long-standing commitment to the financial well-being of their account holders, it was paramount to find an overdraft provider with a fully compliant solution—along with an abundance of expertise in regulatory compliance, and a track record of great service and results. After completing vendor due diligence—which included obtaining references from several credit unions, they selected the JMFA OVERDRAFT PRIVILEGE® program.  Read the entire case study.

“JMFA has a reputation in the credit union community of providing a reliable, turn-key solution that incorporates compliance-tested best practices and a high level of support,” said Navigant CU Chief Retail Banking Officer Kathy Orovitz. After receiving positive recommendations from several of the company’s clients, Navigant was very comfortable choosing JMFA OVERDRAFT PRIVILEGE®.”

quote from Navigant Credit Union

Orovitz remains confident that JMFA OVERDRAFT PRIVILEGE® and the company’s compliance expertise continue to support the credit union’s member service philosophy in the following ways: 

1. A focus on compliance and best practices ensures the overdraft program’s integrity and credibility.
2. On-going, high-quality employee training increases understanding of proper usage and supports long-term program success.
3. Account holder communications recommendations and materials create consistent information flow.
4. Comprehensive analytics provide accurate and efficient account tracking capabilities to improve program performance.
5. Compliance expertise and the program’s guarantee surpasses competitor programs.

Since implementing JMFA OVERDRAFT PRIVILEGE®, Navigant Credit Union has seen more than a 300 percent increase in non-interest income. And while this positive impact on the bottom line has enabled the credit union to keep service fees lower and expand other business lines, the credit union points to the benefits that the program offers to members as its real success indicators.

And even though Orovitz knows that there is a segment of the credit union’s membership that may never use the overdraft service, she is glad that the program is available in the event they would ever need it. “We want to make sure our members understand what the service can provide if they ever find themselves in an emergency situation or make an error on their account,” she said. “It can save them a lot of embarrassment and a bunch of fees if items are returned.”

When a program is implemented correctly, everybody wins
Orovitz believes that an overdraft program is only going to be as good as the time spent on making it successful. “At the end of the day, you win as a credit union and more importantly your members get a direct benefit from an overdraft service when you do it right,” she concluded. 


 

Read the entire case study.


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, finding the perfect personnel fit or delivering a 100% compliant courtesy pay 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.

 


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