With Halloween upon us, there’s a chilling feeling in the air for many people—the expenses of the upcoming holiday season combined with potential unknowns that could wreak havoc on their budgets. Many rely on overdraft protection in case of a financial emergency, but unfortunately not all overdraft programs are created equally. Is your overdraft program shrouded in mystery, or is it ready to help your account holders get back to their merrymaking?
Fully transparent overdraft programs: A pretty fang-tastic choice
A fully disclosed, fully transparent (one might say ghost-like) overdraft program treats account holders to a number of goodies, like:
- Easy-to-understand rules
- Fixed limits
- No scary surprises
- A reliable safety net for emergency situations accompanied by unexpected expenses
It can also be nice for your financial institution as an additional revenue stream that doesn’t compromise account holder satisfaction or loyalty. On top of that, a consumer-friendly overdraft solution in particular offers these savory treats:
- On-site training for better communication and service for account holders
- Ongoing recommendations from overdraft experts
- A 100% compliance guarantee
- In-depth data analysis and reporting features
- Performance-based pricing
Matrix-based overdraft programs with dynamic limits: Enter at your own risk.
On the other side of the pumpkin patch, you’ll find a much less user-friendly type of overdraft option: a matrix-based program with dynamic limits. One could argue that this type of program doesn’t operate with the account holders’ best interests at heart, as it offers little transparency and has:
- Complicated rules
- Changing, unpredictable limits
- The potential for unexpected surprises
It ends up feeling like you’re helpless in a corn maze, with account holders left confused or irritated and your staff anxious about answering difficult questions related to the program and how limits are set.
So, what treats will you provide this year?
Will you offer a fully disclosed, transparent and reliable overdraft service that treats your account holders alike to a program with predetermined limits and easy-to-understand rules? Or will every day be a mystery for your account holders and your staff thanks to a matrix-based program with dynamic limits?
To help you with this decision, stop by our site for a spell and request your free overdraft program analysis. Boy, do we have a treat for you!
ABOUT JOHN M. FLOYD & ASSOCIATES (JMFA)
JMFA is one of the most trusted names in the industry. Whether it’s recovering lost revenue, uncovering new savings with vendor contract negotiations, creating more value, serving account holders better or delivering a 100% compliant overdraft service—JMFA can help you deliver measurable results with proven solutions. To learn more, please contact your local representative or call us at (800) 809-2307.
