Representatives highlighted the results of a recent Morning Consult survey that found 90% of respondents valued overdraft protection, and 72% of respondents who paid a fee in the last year were glad their bank paid the overdraft. Your Payments Partner Shouldn’t Cost Customers an Arm and a Leg If your institution is looking to create a merchant services program or change payment processors, Fitech by Deluxe can help you increase residual income while keeping limbs intact. Fitech provides payment solutions for almost every business vertical, including the modern technology needed to support each. From contactless payment solutions and system agnostic hardware to business solutions like HR/Payroll programs, the technology and resources your merchants need are readily available and can easily be integrated with your banking platform. After all, the banks that control how their small businesses get paid, control where the deposits go. Couple these solutions with customized programs for you and your merchants, and you’re both armed with the tools to get a leg up on the competition. Ready to grow your commercial portfolio? Contact us today. www.fitech.com Erin Jester, Director of Sales ejester@fitech.com 559.908.4010 Overdraft Protection Act was reintroduced for the ninth time last summer by Rep. Carolyn Maloney, and the CFPB has launched an inquiry into fees on consumer financial products. A fully transparent overdraft program + reasonable fees = a solution to the committee’s concerns – no legislation required. Every financial institution that has made any changes to its overdraft program is doing so as a well-intended practice. It’s also important to note that it’s a clear indicator that a one-size-fits-all solution doesn’t work. Moreover, a transparent, easy-to-understand and fully disclosed overdraft solution where consumers can make a choice makes the most sense. All community banks and credit unions should be evaluating the options they offer their consumers to address their cash flow needs and adapt accordingly. While legislators and regulators continue to debate the issues caused by undisclosed overdraft strategies, JMFA’s community bank and credit union clients continue to educate their account holders about how overdrafts are handled and the options available. Our recommendations support the effective use of overdraft services, and we continue to provide a 100% compliance guarantee against federal or state regulatory criticism. JMFA provides community banks and credit unions comprehensive overdraft consulting with consumer-focused recommendations, datadriven intelligence and a 100% compliance guarantee to address your evolving needs. To learn more, please visit www.JMFA.com or call 800 809-2307. May • June 2022 11
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