 |
|
|
| Louisiana Credit Union League Home » Products & Services » JMFA Overdraft Privilege Program |
JMFA Overdraft Privilege Protection
The John M. Floyd & Associates Overdraft Privilege program can be an invaluable addition to your credit union's line of products and services. Without fee increases or major operational costs, this powerful program strengthens member satisfaction, raises market share and increases your credit union's fee income.
Program Features and Benefits
For Your Members
Overdraft privilege is a service that can help members who overdraw their transaction accounts. Overdraft privilege is subject to preset dollar limits and certain other conditions. Your credit union continues to collect the customary fee for each overdraft item, while protecting your members from the credit and debit bureau problems, merchant fees, and potential embarrassment associated with returned checks and ACH items. Importantly, by providing a safety net for your members, your credit union may also save them from having to seek extra funds from friends, family, or not so benign sources.
For Your Credit Union
The John M. Floyd & Associates Overdraft Privilege program provides feature flexibility together with back office control. Overdraft dollar limits are preset and can range from two to four levels. Overdraft privilege offers your members overdraft coverage without a binding obligation between the credit union and the member. Your organization retains all rights and privileges to pay or return checks.
Comprehensive Services
- Complete analysis of the demand deposit member base to establish and recommend program guidelines including the preset overdraft privilege limits.
- Development of all required disclosures and necessary procedural changes in order to comply with applicable regulations.
- Review of NSF and overdraft processing systems, technology utilization, operational procedures and management reporting systems.
- Analysis of demand deposit product offerings and recommendation of necessary modifications.
- All necessary marketing and advertising support programs to current and prospective members.
- On-site employee training designed to both educate and obtain critical employee buy-in to the program.
- No-cost, easy-to-use, PRIVILEGE MANAGER CRM™ software that automates essential tasks and functions smoothly with your core application system.
- Complete on-site engagement management to ensure timely program installation and smooth post-installation transition
Contact:
