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By: Mark RoeExecutive Vice President-National Sales

With the growing number of fintech companies entering the marketplacetraditional service providers are upping their game to improve the banking experience. As a result, consumers have a lot more choices when it comes to accessing financial services. Whether they expect the ease and speed of 24-7 access provided by the latest mobile banking options or rely on face-to-face interaction with financial services experts to help them navigate their financial security, market forces have changed the industry environment to meet changing demands. 

But no matter where your account holders fall on the service expectation spectrumthere is broad agreement regarding their priorities when choosing a financial services provider: 

  • convenient, reliable services that help them to effectively complete financial transactions; 
  • full transparency regarding product benefits and user responsibilities; 
  • no surprises when it comes to program parameters or costs; 
  • clear, consistent communication regarding their account status; and 
  • advice on how to maintain financial security.

This is especially true when it comes to protecting themselves and their families from the negative consequences that result from a financial shortfall — caused by an unexpected expense or an error in keeping track of their account balance.  

Even as we are in the midst of the longest economic expansion in our history, about 40 percent of Americans say they are struggling to pay their billsSo, while the overall economy looks strong, one unexpected expense — such as a medical emergency or car accident — can diminish financial security or lead to bankruptcy for many families and individuals. 

Choose to make a difference 

You can make a positive impact for your account holders who find themselves in a difficult financial situation by providing a consumer-focused overdraft strategy that meets all regulatory guidelines and best practices.  

As regulators review existing overdraft rules, support for responsible overdraft policies that protect consumer access to valuable liquidity and take into account the consumer benefits of such services has been shared with the Consumer Financial Protection Bureau (CFPB) by such industry organizations as The National Association of Federally-Insured Credit Unions (NAFCU) and the Consumer Bankers Association (CBA).  In both cases, statements stressed the benefits of responsible overdraft services for consumers. 

Make the socially responsible choice 

A fully transparent overdraft service — with established limits, reasonable fees and easy-to-understand, on-going communications and advice — provides a hassle-free solution for all eligible account holders who occasionally overdraw their account. There’s no guesswork regarding their overdraft limit, once it is establishedand no confusing formula that can arbitrarily change the limit when it might be needed the most.  

And, when this service is coupled with financial counseling and recommendations about other product options that address individual needs, all account holders can benefit from more personal financial peace of mind. 

The right choice provides superior support and long-term success 

If you want to ensure your existing overdraft strategy is providing the best choice for your account holders and best results for your institution, make sure the options you are considering provide the following additional benefits: 

  • core compatibility for easy installation; 
  • best-in-class software for improved tracking and reporting of key data; 
  • access to cloud technology that includes text and email capabilities; 
  • increased automation for improved efficiency and flexibility; 
  • advanced analytics to gauge program usage and identify areas for improved results; 
  • comprehensive consulting and on-going program monitoring and maintenance; 
  • 100% written compliance guarantee for greater regulatory peace of mind; 
  • access to exclusive training and education opportunities that increase employee knowledge and confidence; 
  • reliable account holder communication support; and 
  • measurable results.

When your account holders need assistance to make ends meet, they shouldn’t have to turn to products that are unclear or that could make their financial situation more difficult. Implementing a fully disclosed overdraft solution that addresses their needs and protects your institution from regulatory scrutiny — while providing an opportunity to increase revenue is the responsible choice. 

What’s more, a service that includes innovativenext generation features and real-time updates provides the tools your employees need to confidently provide superior value and stay one step ahead of any changes in regulations, technology or account holder service issues 

Overcome the status quo to establish a clear choice 

When it comes to providing a service to address occasional financial shortfalls, are you choosing to implement an easy-to-use, responsible solution that will benefit your account holders and your institution? Or are you holding on to an outdated or obsolete program that lacks the opportunity for improved service and performance results?  

It boils down to this: Consumers are more likely to choose a financial institution that has their back and offers user-friendly, reliable services and programs that help them maintain financial stability. It’s up to you to simplify their choice with a fully disclosed overdraft solution that takes their financial security to the next level. 


JMFA is one of the most trusted names in the industry helping credit unions and community banks improve their performance and profitability. Whether it’s recovering lost revenue, uncovering savings opportunities, serving your account holders better or delivering a 100% compliant overdraft program — JMFA helps you achieve measurable results. We are proud to be a preferred provider among many industry groups. To learn more, contact your local representative or call us at (800) 809-2307.


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