Pub. 12 2022-2023 Issue 2

Is your overdraft program taking a backseat? Like many Americans, community banks continue to face challenges related to a lack of time, money and/or the personnel to get things done. One thing that can get overlooked along the way — but shouldn’t — is your overdraft program. While you may not notice any issues on the surface, all aspects must be periodically evaluated to ensure it’s adhering to regulatory guidelines, industry best practices and consumer expectations. If your program has been stuck on the back burner, you not only risk lackluster service and results but also leave your bank open to regulatory scrutiny, litigation, and more. So much to do, so little time — and resources Your staff members have a lot vying for their attention these days. Your team may be facing: • Too many projects A lengthy list of exciting strategic initiatives, including the rush to the digital transformation brought on by the pandemic, can take up valuable time, pushing important but less-exciting tasks — like your overdraft program — to the side. Is evaluating your overdraft strategy more complicated given recent market shifts and regulatory uncertainty? The Impact of Delaying By John Cohron, Chief Executive Officer JMFA Overcome Obstacles With Proven Resources an Overdraft Evaluation www.coloradobankers.org 12

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