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u003ch6u003e5 WAYS TO SPRUCE UP YOUR OVERDRAFT PROGRAM IN 2019u003c/h6u003enu003cdiv class=u0022main_contentu0022u003ennWith 2019 upon us, itu2019s a great time to press u201creset.u201d Here are a few New Yearu2019s resolutions to keep you on the right path withu00a0u003ca href=u0022https://www.jmfa.com/Services/JMFA-Overdraft-Privilegeu0022u003eoverdraft servicesu003c/au003e.nnu0026nbsp;nnu003cstrongu003eRESOLUTION #1:u00a0u201cI will put my account holders first with a fully disclosed overdraft program.u201du003c/strongu003ennu0026nbsp;nnAn undisclosed overdraft service is no service at all to account holders. Without a clear explanation upon opt in and without disclosing overdraft limits and/or fees, your overdraft program has the potential to leave account holders confused and dismayed.nnOn the flip side, a fully disclosed overdraft program lays it all out in the open, offering transparency and empowering your account holders to make informed decisions.nnu003cstrongu003eRESOLUTION #2:u003c/strongu003eu00a0u003cstrongu003eu201cI will help my staff by implementing a program thatu2019s simple to explain to account holders.u201du003c/strongu003ennAccording to a recentu00a0u003ca href=u0022https://facilityexecutive.com/2018/12/wellbeing-technology-workplace-productivity/u0022u003eglobal surveyu003c/au003e, the top factor influencing employee wellbeing is stress (95% of respondents). An overdraft program shrouded in mysteryu2014a confusing opt in or dynamic limits based on hard-to-explain algorithmsu2014makes for stressful conversations between your employees and account holders.nnAs the face of your institution, your employees deserve better. An overdraft program that offers set limits and transparency is easy to understand and easy to explain.nnu003cstrongu003eRESOLUTION #3:u00a0u201cI will maintain 100% compliance.u201du003c/strongu003ennIf your overdraft program doesnu2019t come with a 100% compliance guarantee and offer ongoing monitoring, your bank or credit union is open to compliance violations that could be very costly. This summer, TCF Bank was ordered tou00a0u003ca href=u0022https://www.wsj.com/articles/tcf-bank-to-pay-30-million-for-handling-of-overdraft-programs-1532125121u0022u003epay $30 millionu003c/au003eu00a0for how it handled its overdraft services. You canu2019t afford to ignore this resolution.nnu003cstrongu003eu00a0u003c/strongu003ennu003cstrongu003eRESOLUTION #4:u00a0u201cI will keep charge-offs down.u201du003c/strongu003ennOverdraft programs that rely on heavy use from a small group of individuals run the risk of having high charge-off rates. Not to mention no room to grow.nnHowever, when your program becomes a fully disclosedu00a0u003cemu003eserviceu003c/emu003eu00a0to be used as a safety net by a larger pool of account holders, you not only mitigate the risk of charge-offsu2014you also have better chances of increasing non-interest income.nnu003cstrongu003eRESOLUTION #5:u00a0u201cI will put an emphasis on continuing education.u201du003c/strongu003ennThe industry evolves, regulations change, employees come and gou2014so itu2019s incredibly important to establish a culture of training and continuing education for your overdraft program. Staying on top of compliance issues, following best practices and learning about analytics and reporting capabilities are essential to the success of your overdraft program.nnu0026nbsp;nnTo stick to all five of these resolutions in 2019 and beyond, check out JMFA OVERDRAFT PRIVILEGEu00aeu2014u003cstrongu003ea fully disclosed, transparent program that guarantees 100% compliance, can help boost fee income and offers continuing education opportunities exclusively for clients through theu00a0u003ca href=u0022https://www.jmfa.com/academyu0022u003eJMFA Academyu003c/au003eu003c/strongu003e. It only takes a few minutes tou00a0u003ca href=u0022https://www.jmfa.com/Tools/Overdraft-Privilege-Analysis-Requestu0022u003ebegin your free analysisu003c/au003e. Why not get the year off to a positive start?nnu0026nbsp;nu003cdivu003ennu003chr align=u0022centeru0022 size=u00222u0022 width=u0022100%u0022 /u003ennu003c/divu003enu003cstrongu003eABOUT JOHN M. FLOYD u0026amp; ASSOCIATES (JMFA)u003c/strongu003enFor 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 itu2019s 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 moreu00a0u003ca href=u0022https://www.jmfa.com/About-JMFA/Contact-Us-Todayu0022 target=u0022_blanku0022 rel=u0022noopeneru0022u003econtact your local representativeu003c/au003eu00a0or call us at (800) 809-2307.nnu003c/divu003e


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