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Empower consumers with more knowledge to maintain financial stability

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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:

  • Disrupted budgets due to adjustments in pay, the expiration of the expanded child tax credits and the changes to the real estate market that have increased the cost of homeownership
  • While only 22% of consumers living paycheck-to-paycheck have issues paying their bills—inflation pressures are expected to continue in 2022
  • Supply chain slowdowns and unpredictable costs for essentials—the average price of gas surpassed $4 in March, which has only marginally dropped

Educating your account holders through all available communications touch points about the services you provide to help them maintain access to liquidity—i.e., acquiring funds from another account, a line of credit or credit card, and, as a last resort a reasonably priced overdraft privilege service—is valuable if they are having difficulty managing their checking account.

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.

At JMFA we have always advocated for transparency and delivering a responsible service to consumers.

We also believe that education should always be a top priority. In addition to offering financial literacy support, taking advantage of comprehensive staff training opportunities will help your frontline staff be knowledgeable and more confident in discussing overdraft privilege as an option.

Other touchpoints to communicate the details about your services are critical. We’re here to help you save time and money by keeping your 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 2022 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.

For more information about the tools and resources we offer to support offering a responsible and consumer-friendly overdraft service, contact your JMFA representative.


ABOUT JMFA
JMFA provides community banks and credit unions comprehensive overdraft consulting with consumer-focused recommendations, data-driven intelligence and a 100% compliance guarantee to address your evolving needs. To learn more, please visit www.JMFA.com or call (800) 809-2307.

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