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 firstname.lastname@example.org to find out more about implementing or using this feature.