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.

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.

Excessive Use Notification Options

FDIC regulated institutions are expected to give customers who overdraw their accounts on more than six occasions where a fee is charged in a rolling twelve-month period a reasonable opportunity to choose a less costly alternative and decide whether to continue with fee-based overdraft coverage. Non-FDIC regulated institutions also can choose to communicate alternatives to ODP to their customers.

ODP Manager is able to assist you with sending these letters advising your customers of the alternatives to Overdraft Privilege.

There are two options to use these letters. One option is to update your ODP Manager import file to add a field from your core that indicates when the account has qualified by exceeding the threshold. Alternatively, if you are able to identify the appropriate accounts using an existing core report or other method, you can generate the letter as needed as an Ad Hoc letter.

By using ODP Manager as part of your Excessive Use notification process, you can benefit from the software’s letter tracking and retention.

Please contact Strunk Support at to find out more about implementing or using this feature.

The Importance of Understanding your Reg. E Opt-In Form

In 2010 there were changes to the laws and regulations for financial institutions regarding overdraft privilege programs.  Certain Regulation E rules took effect July 1, 2010.  Under these rules, financial institutions must provide notice and reasonable opportunity for customers to opt-in to the payment of automated teller machine (ATM) and one-time point-of-sale (POS) overdrafts provided in exchange for a fee.

Even though this regulation is over 10 years old, there are still misunderstandings from financial institutions regarding the way to present the Reg. E options to consumers, and also the way financial institutions should disclose to their consumers.  Not disclosing Reg. E opt-in correctly to your customers/members could be costly to your institution and also hurt the institutions reputation.  Recently a Bank was hit with $122 million in restitution and penalties to resolve claims that it charged U.S. consumers fees without consent.  The CFPB stated that in some cases the bank required new customers to sign its overdraft notice with the ‘enrolled’ option pre-checked without mentioning the Reg. E service to the consumer.  In other cases the CFPB found that new customers were enrolled in Reg. E without requesting the customer’s oral enrollment decision.

Reg. E opt-in disclosures are highly sensitive matters with regulators and strict compliance is required.  Strunk is the leader in overdraft privilege services and we have a great understanding on how to establish and implement policies and procedures that align with the laws and regulations around Reg. E opt-in. If you have any questions regarding your disclosures or your procedures, reach out to Strunk so we can assist you.

Create Letters On Demand with ODP Manager Ad Hoc Templates

ODP Manager allows you to easily generate your organization’s Collection or Custom letters based on specific criteria that is updated by importing your core extract file each day. There are situations where these criteria may not always be sufficient for each and every letter that you need to send.

What should you do if there is a letter that you want to send that doesn’t meet your existing letter criteria? Have you ever needed to send an Account Close letter to close an account before your standard number of days overdrawn? Do you have other ODP related letters that you’ve been sending manually?

Strunk Support can configure Ad Hoc letters within ODP Manager for your institution. This flexibility lets you send the letter as needed – it doesn’t rely on an account event to trigger it. When you need to generate the letter on demand, simply enter the account number and the letter will prefill with the information from the software, just as it would in a standard template. Once it is generated, ODP Manager tracks and retains the letter just like your Collection and Custom letter templates.

Please contact Strunk Support at to make the most of your ODP Manager solution and learn more about implementing or using this feature.

Customized Reporting Options in ODP Manager

Strunk’s ODP Manager includes a comprehensive suite of reports designed to help you monitor your ODP program. Reports are available in Excel or PDF format or can be viewed on screen. For each report you can apply individual data filters and export the filtered results.

PDFs of selected reports can be retained within the hosted software using the Archive Reports feature. After each import a copy of the specified report is saved within ODP Manager.

Your standard reports and Account Inquiry groups are configured based on Strunk’s standard recommendations. What are your options to customize your information?

Segment which information is displayed further by utilizing Query Groups. These client-specific groups limit your results to accounts that only meet your desired criteria. They can be added to an existing report or they can be used in Account Inquiry.

If you need more control over which data fields are displayed, you can use Custom Queries. They allow ODP Manager to specify not only which accounts are included but also the data columns that are displayed. If there is an institution-specific report that you will generate on a regular basis, a Custom Query may be your solution.

Please contact Strunk Support at to find out more about implementing or maximizing the usage of these features.

Is Your Overdraft Program Meeting the Needs of Your Account Holders?

Strunk’s Overdraft Privilege program has helped financial institutions streamline the daily overdraft payment process for the past 27 years. Consumers would much rather have you pay an item into overdraft status than return it to the merchant…which only causes them grief. For debit card transactions that consumers want paid rather than denied at the point of sale, financial institutions must obtain consumer consent before paying those items and charging an overdraft fee.

The Overdraft Privilege Revitalization Program with Strunk ensures that a financial institution’s overdraft payment program is consumer friendly and compliant with current regulations and best practices. Like all bank services, overdraft payment policies and procedures should be fully disclosed to consumers, giving them a choice on how they want their account handled.

Our services include a four stage approach: 1) Review existing policies and procedures for paying overdrafts; 2) Make recommendations to improve the process; 3) Implement the time tested and proven strategies to ensure a high level of service and 4) Train your employees on the benefits of a fully disclosed overdraft privilege program.

Our recommendations cover four areas as well: 1) Compliance; 2) Account Holder Service and Education; 3) Operational Efficiency; and 4) Fee Income Enhancement.

Is it time to review your program to ensure what you are doing is meeting the needs of your account holders? Strunk has worked with over 1,800 financial institutions nationwide to help them implement a formal, fully disclosed overdraft payment process.

ODP Manager Features to Streamline your Fresh Start Loan Process

ODP Manager includes tools that may help you manage your Fresh Start Loan process.

For each account in a Fresh Start repayment plan, you can add the Fresh Start Loan repayment schedule. Payment reminders are created that display when due to remind you to check if the payment has been made as agreed. Once the payment is received, you can track the payment amount and date.

Also, you can easily create the Fresh Start Loan agreement using the ODP Manager account information and repayment schedule. Even if you choose not to track repayment schedules, you can still streamline FSL agreement creation by generating the document using ODP Manager.

The standard letter templates include an FSL Default close letter. If an account under a repayment schedule has defaulted and must now be closed and charged off, this letter can be generated and tracked in ODP Manager.

Do you send other Fresh Start Loan letters to accounts in repayment status? An Ad Hoc letter can be created for you to generate as needed – just enter the deposit account number and the letter will pre-fill with the account information. Once it is generated, it is tracked and retained within ODP Manager just like your Collection and Custom letters.

ODP Manager also includes a Fresh Start Tracking report that lists all accounts with a Fresh Start Loan Repayment ODP Status code. Use this report to monitor accounts currently in repayment or to identify accounts that have paid the Fresh Start Loan in full and should be reassigned an overdraft limit.

Let ODP Manager make managing your Fresh Start Loan process easier!