Even after a deposit account is closed and charged off, your financial institution still needs a reliable way to track and report on that data. To make this process seamless, ODP Manager includes a dedicated manual workflow that allows users to monitor charge-off item amounts and recoveries with precision. Managing these items shouldn’t feel like […]
Part of managing an Overdraft Privilege program is monitoring excessive Overdraft Privilege usage by consumers to inform them about alternatives to ODP. These additional available options to cover overdrafts could be an Overdraft Protection Credit Line or an Overdraft Protection Transfer from another account the customer has with the financial institution. FDIC regulated institutions are […]
Consumers are required to opt in to have ATM and everyday debit card transactions considered for authorization using the overdraft limit. The request can be submitted, in person, through the mail, over the phone, or electronically. If institutions do not already offer an electronic Reg E opt in or opt out option, ODP Manager can […]
In the hosted ODP Manager software, there are three letter types: Collection, Custom, and Ad Hoc. Collection letters are sent to accounts that are currently overdrawn. Custom letters are letters that are providing customers with information about their Overdraft Privilege program and options. The third letter type, Ad Hoc letters, allows users to generate specific […]
Each hosted ODP Manager software setup includes a standard set of requested and optional data fields that appear in the ODP Manager standard letter templates and reports. These fields are populated in an extract file created by an institution’s core or report writer. These fields are updated daily and imported into ODP Manager. Each ODP […]
To run a successful Overdraft Privilege program, at least 90% of eligible checking accounts should have an OD Limit. Strunk recommends that institutions periodically review accounts not currently in the ODP program to determine if the accounts now qualify for Overdraft Privilege. Performing this review at least quarterly (or more frequently if able) will help […]
Fresh Start Repayment Plans may be available to customers to allow them to repay an overdrawn balance in up to 4 payments while still retaining the use of their checking account. Fresh Starts may also assist financial institutions in collecting on overdrawn accounts which may have been charged off otherwise. When requested, accounts are reviewed […]
Consumers are required to opt in to include their ATM and everyday debit card transactions in Overdraft Privilege. Customers should be given the ODP Policy and A-9 Consent Form to opt in for Reg E at account opening but they may also opt in later. The four options to opt in for the ATM and […]
The hosted ODP Manager software allows users to view information about accounts that have been imported into ODP Manager. This information can be viewed as a list of multiple accounts or the account details for a single account can be selected. Account Inquiry is organized to allow users to select which data columns are displayed […]
Institutions should regularly review ODP Manager accounts to remove accounts that no longer need access to ODP Manager, whether because their roles have changed, or because they are no longer employees. Also, the existing roles assigned to users can be reviewed to confirm that they are still appropriate. ODP Manager includes four different roles that […]
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.
