The ever-changing regulatory environment has made overdraft privilege programs more complex than ever. Ensure your institution is following best practices and current regulatory guidance to provide an overdraft privilege program that truly benefits your accountholders, preserves your fee revenue, and operates in full compliance with current regulations. You’ll gain peace of mind, knowing you are examination-ready and have a good understanding of where you have exposures - both in compliance and in revenue - with our ongoing performance review process in four key areas.
Administrative
We review and provide guidance on financial reporting, management oversight, procedures, and policies, such as overdraft and DDA charge-off reports to ensure they are fair and appropriate.
Operations
We review program operations as they impact member access, internal review, and oversight procedures, such as daily caps and tolerance procedures, new account-opening procedures, and timing of accountholder communications.
Compliance
We review overdraft policies and procedures in light of the most recent regulatory guidelines impacting your institution.
Brochures and Disclosures
We ensure your program brochures, activation letters, collection letters, forms, and confirmation and excessive usage letters are complete and in compliance. We make sure your front-line staff is trained to communicate your program correctly and offer alternative overdraft options.
This flexible and in-depth review is conducted on-site by our consultants. Working with members of your team, the review can be conducted within one business day and will consist of documentation review, discussions, and process analyses. The outcome of the review will be a comprehensive written document, complete with an analysis of each area of non-compliance, with supporting recommendations or alternate strategies that should be adopted to ensure compliance.