Overdraft privilege appears to have been widely covered in the media over the past 12 months. We wanted to address some of the most recent worries that have been raised in these news pieces because overdraft privilege programs have received a lot of negative attention and inaccurate information. Overdraft Privilege has not undergone any new […]
A significant chunk of an organization’s operations are made possible through connections with third-party vendors, and the strength of these ties has a direct impact on revenue. Contracts with vendors may be just as significant in this system as those with clients. There are many differences in how businesses handle the acquisition of goods and […]
Understanding which providers represent the greatest “threat criticality” is an essential feature of any effective vendor risk management program, which is necessary to reduce risk and preserve business continuity. Vendor tiering allows for the implementation of this rating system that classifies vendors and doing so also imposes tighter security requirements on them. You may improve […]
Vendor Management has been a concerning issue for financial institutions for some time. Regulatory agencies such as the Federal Trade Commission, the Office of Foreign Assets Control, and the Federal Financial Institutions Examination Council are scrutinizing how financial institutions (FIs) manage their outsourced vendors. The Federal Deposit Insurance Corporation (FDIC) has declared that an institution […]
When a merchant transaction is presented for payment from a consumer account and is refused due to the customer’s insufficient funds to cover the transaction, financial institutions typically charge an NSF fee. When a merchant tries to present the same transaction again in order to recover the denied funds, he or she may be charged […]
Does your front-line staff have a biased opinion regarding overdraft privilege and present it in a negative tone? Is your front-line staff having a hard time explaining overdraft privilege to your customers/members and not really sure what to say to them? If you haven’t had a chance to listen to your employees’ present overdraft privilege […]
One of the most crucial and challenging parts of vendor management is managing the risk associated with each of your vendors. There are numerous risks that may arise from a financial institution’s use of vendors. Understanding the vendors inherent risk will help your financial institution to categorize and differentiate the risk for each of your […]
The last few years lawmakers have put extensive focus on overdraft privilege programs and are pushing for additional guidance on the way financial institutions handle overdrafts. It seems that the lawmakers that are pushing for changes only have one way of looking at overdraft privileges, so The American Bankers Association (ABA) wrote a response to […]
Over the past year, there has been a great deal of scrutiny surrounding overdraft privilege programs. Many news articles focus on the potential negative aspects of overdraft privilege programs. They make the generalization that users of these programs are not sufficiently educated on what usage truly means and that users are typically lower-income. A 2019 […]
Vendor review is a process by which a business can evaluate the quality of the vendor performance while also understanding any potential changes that the vendor may have when providing the product or service for the business. A vendor review process will assess a vendor’s capacity to maintain effective and appropriate security practices and other […]
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.
