Several federal regulators have recently come up with “guidance” on how banks should handle the payment of debits that cause overdrafts and whether or not a fee should be levied against the account. In August the FDIC warned banks that proper disclosure of charging a fee for an item presented a second time is important […]
Digital banking on the deposit side of the house has been around for years as consumers have moved away from coming into branches to make deposits. Many of them now do their banking either through the bank’s website or mobile phone. Fintechs and other non-banks are now providing consumers with the ability to get installment […]
Banks across the country have seen a significant drop in service charge income with as much as 50% of what it was 10 years ago. Many banks attributed the drop in fee income in 2020 to a reduction in fees charged to consumers as we worked through the pandemic. As we analyze the service charge […]
Many small businesses would like to do more business with their community bank to help their customers finance large purchases. Unfortunately, digital lending programs from the Fintech’s have made bank’s lending products for customers of your small businesses a secondary choice. Companies like GreenSky (now owned by Goldman Sachs) and CareCredit are providing a source […]
How easy is it for your customers to get an unsecured loan from your bank using your underwriting criteria? Many banks provide an online application form for consumers to fill out that can be four to six pages long. Then someone at the bank reviews the data, pulls a credit bureau report, and decides whether […]
Does your bank receive small dollar loan requests from time to time and you have to pass on them due to the unprofitable nature of making them? Do your customers have to fill out a 3-4 page loan application form online or at your bank for an unsecured debt consolidation loan, a home improvement loan, […]
For the past 40 years banks have refrained from making small dollar consumer loans due to the unprofitable nature of doing so. Industry experts say it costs anywhere from $85-$100 to book an installment loan and the interest received wouldn’t cover the expense. Even though in the 1990’s banks starting charging an application fee to […]
When was the last time your bank had a product or service that would substantially increase the sales of your small business customers? Are your small business customers considering leaving your bank for Fintech’s who offering something you can’t provide? Fintech experts claim that virtually all small businesses will have some sort of buy now […]
When was the last time your lending team was excited when a customer came to the bank to borrow $750? My guess is nearly 40 years ago when credit cards took over unsecured installment lending business from community banks. Each core processor has fees associated with booking a new installment loan and the average fee […]
Nearly 70% of consumers currently use Buy Now, Pay Later (BNPL) services and the number is even higher for millennials and Gen Z’s. Community banks have battled for years to try to provide online banking, mobile banking and other services to keep and attract young customers when they leave for college and don’t come back […]
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.
