Managing Fresh Start Repayment Plans in ODP Manager

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Fresh Start Repayment Plans may be available to customers to allow them to repay an overdrawn balance in up to 4 payments while still retaining the use of their checking account. Fresh Starts may also assist financial institutions in collecting on overdrawn accounts which may have been charged off otherwise. When requested, accounts are reviewed to determine if the account meets criteria to qualify for the Fresh Start.

Once an account has qualified, users can choose to enter and track Fresh Start Repayment Plan information in ODP Manager. Entering the repayment schedule start date, balance, and number of payments will allow the correct payment amounts and dates to be determined. The Fresh Start agreement can be populated directly from the repayment schedule. The individual account’s Fresh Start information can also be exported as a PDF. Individual payment reminders are created and will show when due/overdue in ODP Manager. This reminds users to check the core system to verify if the payment was made as agreed. If so, users can enter payment dates and amounts in ODP Manager.

If a customer’s Fresh Start payment is not paid as agreed (ten or more days past due), the Fresh Start is in default, and the checking account should be closed and charged off. The Fresh Start Default letter in ODP Manager can be generated by entering the customer’s account number to prefill the name and address. This letter notifies the customer that the account has been closed, charged off, and reported to the appropriate agencies.

ODP Manager also includes a Fresh Start Tracking report which will list all accounts currently assigned a Fresh Start ODP Status Code. The Fresh Start ODP Status Code should be assigned to accounts when the ODP Limit is removed when the Fresh Start Repayment Plan is initiated. In addition, ODP Manager can display a list of all currently entered Repayment Plans that can assist users in tracking loan amounts, payments made, and outstanding balances. This summary reporting can be exported to PDF or Excel.

If you have any questions about ODP Manager’s Fresh Start Repayment Plan features, please contact Strunk Support at support@strunkaccess.com for more details.

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.