Banks and Credit Unions have been providing Overdraft Protection programs for many years but 10 years ago all debit card and ATM transactions that created an overdraft had to have consumer consent before the financial institution could pay the debit and charge a fee. Prior to 2010, paper checks were nearly 50% of all debit […]
For the past 27 years Strunk has been the leading provider of formal overdraft payment programs to financial institutions across the country. Many of these programs were put in place in the early to mid 2000’s, well before Regulation E changed the overdraft landscape in 2010. Some financial institutions have let their programs die and […]
Free and all-you-can-eat used to be the two most powerful marketing terms in the world. Have a free picnic in the park and people from all areas of town will show up. For years financial institutions only offered free checking accounts. In fact many institutions continue offering a no frills, no fee account that people […]
Community banks across the county struggle with the risk assessment process and generally they come in the form of Excel Spreadsheets or Word documents. Each functional area of the bank does their regulatory required risk assessment in silo’s and periodically the bank’s board reviews and approves the assessment. Regulatory scrutiny of BSA/AML, ACH, Fair Lending, […]
Financial institutions across the country have to make decisions every day when it comes to accounts that show insufficient funds. Should the institutions pay an overdrawn item and take a chance the customer will pay them back or should they return or deny the transaction? Most banks and credit unions charge the same fee whether […]
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.
