Financial institutions are expected to monitor excessive consumer Overdraft Privilege usage to inform customers of additional available options for overdraft protection. These options could be an Overdraft Protection Credit Line or an Overdraft Protection Transfer from another account with the financial institution. FDIC regulated institutions are expected to give customers who overdraw their accounts on […]
One major benefit of the hosted ODP Manager software is access to the software’s advanced history tracking. Key account events are tracked in the system and are searchable. When the daily extract file from the core system is imported into ODP Manager, significant account status changes are tracked. Is the account newly overdrawn or now […]
ODP Manager is updated daily, through the extract file import process, with the current information from the core processor; however, your users may benefit from some of the hosted software’s manual tracking features to monitor other data as well. If your users need a better tool to manage the charge-off and recovery process after the […]
The Consent Form for Overdraft Services (A-9 form) provides your customer with the information they need to know about overdrafts and overdraft fees. In addition to serving as a disclosure of the appropriate information, it also facilitates a customer’s opt-in election by mail. Customers are also able to opt in over the phone, in person, […]
Fresh Start Loans can help customers resolve their overdrawn account status with up to four payments and can allow them to keep their checking account open. Fresh Start Loans are also a collection tool that can help financial institutions recover and collect on overdrawn accounts that might have otherwise charged off and been closed. Leveraging […]
How are you offering your customers the chance to opt in for Regulation E to choose ATM and everyday debit card coverage for Overdraft Privilege? There are four options for a customer to consent: in person, by mail, over the phone, or electronically. Strunk’s hosted ODP Manager software can help you provide your customers with […]
ODP Manager uses the information from the daily extract file to create Collection letters to send to overdrawn accounts. The hosted software also generates Custom letters, for example, Welcome or Reinstatement letters, or letters confirming a Reg E Opt-In election. In addition to Collection letters and Custom letters, ODP Manager also offers Ad Hoc letters. […]
The hosted ODP Manager software includes a comprehensive and robust suite of key reports. Daily users and management can both leverage these reports to ensure strong program performance and compliance. Daily reports are used to review the addition and removal of overdraft limits on individual accounts. Account level detail is listed on the New Accounts […]
Templates for all your necessary Collection and Custom letters are included with Strunk’s hosted ODP Manager software. We’ve provided the letter content for you but there are customizable letter template options to allow your letter appearance to be consistent with other letters sent by your institution. Do you have a standard letterhead that is used […]
Strunk’s hosted ODP Manager software features customized letters, comprehensive reporting, and advanced history tracking. It helps you access your financial institution’s overdraft program information in a format that is flexible and easy-to-use. After the daily extract file has been imported into ODP Manager, letters due and management reports are updated and ready to view. This […]
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.
