Strunk
  • Partners
    • Econocheck
    • Quilo
  • Markets
    • Financial Services
    • Service Providers
    • Healthcare
  • Our Software
    • Pricing Manager
    • Risk Assessor
    • Policy Manager
    • Controls Manager
    • Issues Manager
    • Vendor Manager
    • Skills Manager
    • Overdraft Privilege
  • Connect
    • The Strunk Perspective
    • Contact Us
  • Login
  • DEMO
  • Menu Menu
  • Twitter
  • LinkedIn

Reg E Opt-In Options Presented in ODP Manager

November 10, 2021/in Banks, Compliance, Credit Unions, Financial Services, Markets, Overdraft Privilege/by Melissa Newbury

How are you offering your customers the chance to opt in for Regulation E to choose ATM and everyday debit card coverage for Overdraft Privilege? There are four options for a customer to consent: in person, by mail, over the phone, or electronically.

Strunk’s hosted ODP Manager software can help you provide your customers with the information they need to choose to have their ATM and everyday debit card transactions covered by ODP.

When you include the Reg E Opt-in Flag in the extract file, ODP Manager can determine if an account has already opted in or has not yet responded with a Reg E election. This allows financial institutions to provide the Consent Form to Overdraft Services to accounts that have not yet opted in. When a Welcome, Reinstatement, or Followup letter is mailed to these accounts, these letters include the A-9 Consent Form and the information about opting in by contacting you by mail, in person or over the phone, or electronically.

If a customer has already opted in for Reg E coverage, the Welcome and Reinstatement letters will remind them that their Overdraft Privilege service includes coverage of ATM and everyday debit card transactions.

If you would like to use ODP Manager to offer your customers the option to opt in on your website, Strunk can create a Reg E opt-in form that mirrors the content in your ODP Manager letters. When your customer submits the Consent Form electronically, the opt-in consent is tracked in ODP Manager, and a confirmation of the Reg E election is emailed. The ODP Manager software will also provide the Confirmation of Opt-in letter to be mailed.

Please contact Strunk Support at support@strunkaccess.com with any questions or for more details.

Share this entry
  • Share on Facebook
  • Share on Twitter
  • Share on WhatsApp
  • Share on Pinterest
  • Share on LinkedIn
  • Share on Tumblr
  • Share on Vk
  • Share on Reddit
  • Share by Mail
https://strunkaccess.com/wp-content/uploads/2021/11/hand-ga8ba2f86e_1280.jpg 853 1280 Melissa Newbury https://strunkaccess.com/wp-content/uploads/2022/03/Strunk-Original-300x100.png Melissa Newbury2021-11-10 10:00:152022-01-02 17:24:27Reg E Opt-In Options Presented in ODP Manager

Recent Articles

  • 2023 Potential FocusMarch 29, 2023 - 10:00 am
  • Strunk at the ICBA’s Live 2023March 22, 2023 - 10:00 am
  • Communicating Alternatives to Overdraft PrivilegeMarch 15, 2023 - 10:00 am
  • Strunk Response to Recent Overdraft HeadlinesMarch 8, 2023 - 10:00 am

GRC Topics

  • Banks
  • COCC
  • Compliance
  • Credit Unions
  • Financial Services
  • FINSYNC
  • Markets
  • Overdraft Privilege
  • Perspectives
  • Policy Manager
  • Pricing Manager
  • Quilo
  • Risk Manager
  • Sales
  • SOC2
  • Tips
  • Uncategorized
  • Vendor Manager
  • WBA
Schedule A Demo

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.

© Copyright - Strunk | Privacy Policy | Security Policy | Business Continuity Policy
Scroll to top
Meet Quilo, Your All Digital Lending Officer