For Clients: Account Details in ODP Manager

In Strunk’s hosted ODP Manager Account Inquiry section, you are always able to review the account level data that is imported daily from your core extract file. Account Inquiry is also where ODP Manager retains the historical information about closed accounts.

Users are able to combine different column views, query groups, and filters to identify accounts that meet desired criteria. Once the list is compiled, it can be exported to Excel to be saved or for distribution. Users can use this ability to get account level detail to supplement ODP Manager’s existing standard reports.

In addition to allowing ad hoc lists of accounts, Account Inquiry will also allow you to access the information for a single account, whether the account is open or closed. You may need to review an account’s contact information, event history, reminders, or comments to manage the account. If the account is under a Fresh Start Loan or has charged off, you may need to view the related repayment schedule or charge-off items and recoveries.

Make it easier for users to access information, review, and manage ODP Manager accounts by utilizing the Account Inquiry feature. Please contact Strunk Support at with any questions or to find out more about Account Inquiry.

Do Business Accounts Have To Opt In To Reg E?

Over the years Strunk has been asked a number of times, “do business accounts that have overdraft privilege have to opt into Reg. E to have their debit card point of sale and ATM transactions covered in the program?” To understand this you must first understand that most consumer protection rules do not apply to deposit accounts held by a business. It is also important to understand that a business-purpose account can be held by a legal entity, such as an LLC or a corporation, or by individuals operating a business themselves as a sole proprietorship.

We need to take a look at Regulation E and break it down regarding this topic. The coverage of Reg. E is stated in section 1005.3(a). It applies to “electronic fund transfers” that debit or credit a “consumer’s account.” Paragraph 1005.2(b) (1) defines an “account” as a consumer asset account established primarily for personal, family, or household purposes. Paragraph 1005.2(e) defines a “consumer” as a natural person. The result is if an individual is using their deposit account for the purposes of operation a sole proprietorship or an account is held by a legal entity, it would not be covered by Reg. E either.

Reg. E coverage means that the “opt-in” for overdraft coverage of debit card point of sale and ATM transactions only applies to consumer accounts. Any application of the concept to other accounts (such as business accounts) is a matter of bank policy and should be addressed in the bank’s deposit account agreement for such accounts.

Conveniently Retain Report Copies

Strunk’s hosted ODP Manager solution allows you to export and save your institution’s reports as Excel or PDF files. In addition to data from your most recent extract file, you are also able to access reports from your most recent seven As of Dates.

If you typically refer back to past reports for further analysis as you have time available, ODP Manager can streamline your report retention process. Instead of manually exporting and saving copies of reports, Strunk can set up your reports to be automatically archived after each import.

Once Strunk has created your report archive with your requested reports, PDFs are automatically saved within ODP Manager after each import of your daily extract file. Archived reports are easily located within a special Archived Reports section and are organized by As of Date.

Don’t worry about locating past reports – let Strunk manage your ODP Manager report archive! Please contact Strunk Support at with any questions or to find out more about using this feature.

Strunk at the ABA’s Virtual Conference for Community Bankers 2021

For the first time, Strunk attended the ABA’s annual Conference for Community Bankers virtually. During the virtual event we hosted a virtual booth, met with many familiar and new faces via Zoom meetings and attended virtual sessions. While a bit different than being together, it remains one of the most anticipated events of the year and we made the most of the connections with bankers and enjoyed seeing everyone.

We welcomed the opportunity to discuss with attendees the latest features offered by our Governance, Risk Management and Compliance (GRC) software Risk Manager, which includes six GRC tools – Risk Assessor, Policy Manager, Controls Manager, Skills Manager, Issues Manager and Vendor Manager. Strunk’s Overdraft Program is always a hot topic of conversation and we were glad to discuss our approach with long-time clients and potential clients.

Attendees had the opportunity to hear from keynote speaker, former NBA star Earvin ‘Magic’ Johnson in his session ‘The Power of Magic’. On top of his athletic notoriety, Magic is a driven and successful entrepreneur who shared what it takes to truly make an impact.

Another interesting session was hosted by Ron Shevlin of Cornerstone Advisors on the five forces shaping the banking industry today. He detailed how challenger banks, big tech, embedded finance, artificial intelligence, and cryptocurrency are affecting our banks and provided areas of focus for community FIs.

Congratulations to the winner of Strunk’s giveaway, a $100 gift card to Amazon – Mayra Rinaldi of Columbia Bank!

We hope to see you all in person next year and to once again host the conference t-shirt station. Until then, stay well.

New Look & Feel: ODP Manager v2

This month’s Strunk Access release introduces an all new look and feel for current ODP Manager clients. In an effort to continuously utilize the latest technology, Strunk stays on top of monthly updates that not only improve feature functionality but also application performance.

ODP Manager v2 consolidates Collection Letters, Custom Letters, and Ad Hoc Form Letters into a single menu option. When users click on Letters in the purple menu bar, they will now select either Collection Letters, Custom Letters, or Ad Hoc Form Letters from the menu. It is easier than ever before to generate letters once the proper menu item is chosen. Clients can also print a sample letter from the generation screen as needed.

These letter types can be used when creating templates to organize the different kinds of letters a client uses. Type Collection should be used for standard collection letters, type Custom will be chosen for all types of consumer communications and type Ad Hoc Form for letter types that need to be sent on demand.

Strunk CEO Dan Roderick says “I want clients to be able to stay on top of their programs and focus on what’s important to their organization. Strunk is committed to ensuring our applications are easy-to-use and continuously updated, to take that additional burden off their shoulders.”

ODP Manager is the most powerful tool available to help financial institutions get the most benefit out of their overdraft programs and remain in full compliance with the law. The application is provided as a cloud-hosted application, taking full advantage of the latest software developments and eliminating the need for users to maintain a separate application in their own network environment.

Help Your Customers Opt In for Regulation E Online

ODP Manager includes letter templates that allow your customers the opportunity to opt in for Regulation E so they can authorize Overdraft Privilege service for ATM withdrawals and everyday debit card purchases. Did you know that ODP Manager can also help you offer your customers the option to opt in on your website?

Strunk can create a Reg E opt in form and Reg E opt out form that mirrors the content in your ODP Manager letters. You would then add links to these forms to your website.

When your customer submits the Consent Form for Overdraft Services or the Consent to Opt-Out, the opt in or opt out request is tracked in ODP Manager. The customer also is emailed a confirmation of their Reg E submission. Periodically, you review the new customer responses in ODP Manager and generate a list of the accounts that need the Reg E election updated. You perform the appropriate maintenance in your core software – updating the account record to either opt in or opt out the customer’s requested account. The ODP Manager software always shows you the most recent responses that you have not yet reviewed. The list of submissions is retained so you can look up past responses.

Let ODP Manager expand your options to allow your customers to choose Overdraft Privilege coverage for ATM and everyday debit card transactions. Please contact Strunk Support at with any questions or to find out more about using this feature.

Charge Off Items and Recoveries

ODP Manager includes the letters that you need to notify customers that their account has been closed and charged off due to unpaid and outstanding overdrafts or due to a default on a Fresh Start Loan for outstanding overdrafts. Did you know that with Strunk’s most recent software releases, ODP Manager now includes tools that may help you manage your charge off and recovery process after the account has been closed?

At the account level, you can create a charge off item to track the charged off principal and fees. Users are able to add relevant notes and any updates will be logged. As recoveries are made, the recovery can be entered in ODP Manager and will reduce the overall balance tracked.

By default, users will view the Charge Off Items for the last year. If needed, users can select a different timeframe by specifying a start date and an end date. For reporting purposes, the summary of the Charge Off Items can be exported as a PDF.

Please contact Strunk Support at with any questions or to find out more about using this feature.

Reg E Opt-In Communication Options

How are you communicating with your customers that have not yet opted in for Regulation E to choose ATM and everyday debit card coverage for Overdraft Privilege?

When the information is included in the extract file, ODP Manager can determine whether an account has already opted in or has not yet responded with a Reg E election. This allows you to provide specific letter content that tells the appropriate customers that they have an option to authorize Overdraft Privilege for ATM and debit card transactions. The Welcome and Reinstatement letters sent when a limit is assigned or reinstated can include the Consent Form for Overdraft Services and can inform the customer of other options to opt in: online, in person, or by phone.

For your customers that have already opted in for the ATM/everyday debit card coverage, the letters tell them that they already have the benefit of having those transactions covered by ODP.

Once you have assigned a limit do you periodically remind your customers that they have the ability to cover their ATM/everyday debit card transactions using ODP? The ODP Manager software can identify which customers have not opted in and have an OD limit, in addition to other criteria. You can send letters to these customers that explain the Reg E opt-in benefits and opt-in methods and that provide a consent form. This allows you to communicate with these customers on an ongoing basis, not just when the overdraft limit has been assigned.

Please contact Strunk Support at to add the Consent Form for Overdraft Services to your ODP Manager letters or with any questions.

Where has Financial Institution Service Charge Income Gone?

Service Charge income at banks and credit unions across the country is down around 20% for the first nine months of 2020 and there are several reasons why. First, many consumers received stimulus payments from the Federal Government in the second quarter to help spur the economy during the pandemic which has reduced overdraft fees. Second, FIs have increased waives and refunds of service charges to help their consumer checking accountholders. Lastly, debit card interchange has been lower as consumers are spending less during the Covid-19 crisis.

In many cases fee income from the SBA PPP loan program and mortgage originations have help offset the lower service charge income which has been a plus for community FIs. Now bankers will wait and see what losses they might face in their loan portfolio for small businesses that just can’t make it. Bankers are facing trying times and predicting how 2021 will play out is difficult.

Strunk’s Overdraft Privilege and Value Checking programs have been two of the best fee income producers our industry has ever seen. Financial institutions are doing budgeting for 2021 and now may be the time to explore how our programs have helped nearly one third of all banks in the U.S. Both Overdraft Privilege and Value Checking enhance customer service and increase fee income at the same time. Give your customers a choice on how they want their account handled and your bank will reap the benefits just like 1,800 banks across the country have.

Strunk Solution Fall 2020 Features

With Strunk’s most recent release, clients can now utilize new features in Risk Assessor, Policy Manager, Controls Manager, Vendor Manager, Skills Manager and ODP Manager. We’ve been busy!

Risk Assessor now provides the ability to pull multiple bank UBPR Data into one single risk assessment. This will simplify assessments for multi-bank holding companies.

Criteria based auto assignment for reader and editor groups is now available in Policy Manager. Users are able to assign specific documents based on physical location or job title, where assignment of a set of policies and procedures could dynamically change based on these rules. We have also adjusted the way the policy acknowledgement is assigned. Admin users have the ability to request that users read a policy at a configurable number of days in the event that a policy is updated throughout the year, rather than just every 365 days. Users will be notified of necessary policies to review via email.

Controls Manager now supports notification of the group owner rather than simply the control owner. Alerts will be triggered any time a significant change or update is made to a control.

Clients will be excited to see the improvements to Vendor Manager reporting. Users can sort by a customized list of vendor types, vendor risk level and renewal year within all summary reports. Reports will also include whether or not the vendor survey has been completed and if not, what the current status is.

Skills Manager exams have historically been comprised of multiple choice or true false questions. We now support the option to have an open ended comment for specified questions.

Lastly, ODP Manager provides the ability to mark old status codes as inactive or deleted so they no longer show on reports, such as the Status Tracking Report.

If you would like more information on any of Strunk’s new features or products, please contact us at 800.728.3116 or