Over the years Strunk has been asked a number of times, “do business accounts that have overdraft privilege have to opt into Reg. E to have their debit card point of sale and ATM transactions covered in the program?” To understand this you must first understand that most consumer protection rules do not apply to […]
Understanding vendor risk is an extremely important part of your vendor management program. Each vendor that provides a product or service to you may have some inherit risk that your organization may take on. Knowing the inherit risk for each of your vendors before you go into contract with them will provide insight into whether […]
Managing your vendor manager program can be troubling and time consuming. With the increase numbers of vendors that companies are depending on each year, companies need to make sure they are monitoring vendors and contracts more efficiency to help prevent problems before they start. 1. Identify your vendors and understand what services that they are […]
Vendor Manager automates vendor due diligence, provides a practical framework for deciding which vendors to assess in depth, assesses the risks they present, and monitors their performance. Defining and managing Service Level Agreements (SLAs) with your vendors is a very important aspect of your Vendor Manger program. An SLA defines the level of service expected […]
In today’s environment it is crucial to understand how you are managing your vendor documents. It is important to know when a vendor needs to send you data or if you are missing documents and also where the documents are located. Having a centralized repository for your vendor documents will help you become more efficient, […]
In 2010 there were changes to the laws and regulations for financial institutions regarding overdraft privilege programs. Certain Regulation E rules took effect July 1, 2010. Under these rules, financial institutions must provide notice and reasonable opportunity for customers to opt-in to the payment of automated teller machine (ATM) and one-time point-of-sale (POS) overdrafts provided […]
With the Covid-19 pandemic having an enormous effect on a financial institution’s overdraft privilege program, this is a great time to review your existing program to make sure it is running as efficiently as possible. Financial institutions pointed to government relief efforts, increase in unemployment benefits and the decrease in discretionary purchases that had a […]
Financial Institutions encode items with a special transaction code to ensure payments are received before other items clear an account. The codes are used for a variety of reasons. As long as you make a deposit or have enough money in your account to cover the transaction, you don’t have to take further action. A […]
Having a well written contract with your vendor is a critical aspect in your vendor manager life cycle. The contract is important as it sets forth the terms and conditions of the relationship with the vendor. Vendor contracts are legal agreements that clearly set forth the provisions and conditions of the work or services that […]
Consumers should be provided an Overdraft Privilege Service Policy which discloses the limit, fees, and general practices before any limit is assigned, in addition to the standard deposit agreement and fee schedule. The Service Policy needs to be provided at program launch, new account opening or when a consumer account qualifies for Overdraft Privilege. Disclosing […]
An independent certified public accountant has examined Strunk’s operations and found them to be in compliance with the AICPA’s Trust Service Principles. It was determined that Strunk meets the Security, Availability, Processing Integrity, Confidentiality, and Privacy criteria for SOC 2 established by the AICPA.
