PODCAST: COVID-19 Impact & Trends Update on Overdraft Services
October 1, 2020
In April we provided initial takeaways for the impact of COVID-19 on overdraft services. We have learned a great deal as our team continues to work closely with clients on effective strategies to enhance recovery efforts. As promised, we have new insights to share based on monitoring and evaluating results for our financial institution clients over the past six months. Additionally, for a comprehensive view we analyzed data for all financial institutions across the nation.
Listen as JMFA CEO John Cohron
provides an overview of how community banks and credit unions are performing to recover earnings, client data trends, and performance highlights. You’ll also gain valuable perspective for addressing your overdraft program to enhance your results.
1:24 – Performance highlights for JMFA clients—NSF/Overdraft income, transaction volumes, program utilization, waived and refunded fees, charge offs
3:33 – Industry data comparisons for income decline
4:58 – Factors for improved recovery results for JMFA clients
5:35 – Reg E opt-ins and communication
6:34 – Minimizing the impact of forecasted financial shortfalls
7:28 – Compliance considerations and best practices
8:48 – Areas of focus that will impact overall recovery results