them first. If you’re unsure whether your program meets and exceeds the expectations, take a closer look at your strategy and determine if there is a need to make changes. Evaluating, diagnosing and implementing improvements is the easiest way to get your overdraft program back on track. Keeping your goals, your market and how your customers currently utilize it in mind, ask yourself: • Are our fees reasonable? • Do we offer an overdraft threshold (de minimis) to ensure customers do not get charged a fee unreasonably? • Do we have an appropriate daily cap on fees? • Do we offer a grace period that allows customers to bring their account positive and avoid a fee? • Are our service disclosures clear, updated and readily available? • Is our communication transparent and easy to understand? • Does our staff receive the training necessary to properly explain the service? • Do we have the resources and tools in place to run an effective and responsible program? Redefining your overdraft strategy will ensure you can deliver on your mission to promote financial health and well-being for your customers. These and many other best practices can help you offer a responsible overdraft service that they can rely on. Ensure Long-Term Relationships Stay in Focus When you put overdraft best practices into motion today, you’re planting the seeds of trust that can grow into stronger customer loyalty through all stages of their financial journey. Cheryl Lawson serves as the principal liaison for regulatory requirements of overdraft services, including consumer protection issues and strategies to enhance safety and soundness. For more information and for help creating a successful overdraft strategy, visit www.jmfa.com/check-the-boxes to download the e-book, “Does Your Overdraft Program Check All the Boxes?” from JMFA. Or visit www.jmfa.com or call 800-809-2307. 11 Colorado Banker
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