Pub 3 2021 Issue 3

HOMETOWN BANKER | HOMETOWNBANKER.ORG | 19 ABOUT JMFA JMFA IS ONE OF THE MOST TRUSTED NAMES IN THE INDUSTRY. WHETHER IT'S RECOVERING LOST REVENUE, UNCOVERING NEW SAVINGS WITH VENDOR CONTRACT NEGOTIATIONS, CREATING MORE VALUE, SERVING ACCOUNT HOLDERS BETTER OR DELIVERING A 100% COMPLIANT OVERDRAFT SERVICE — JMFA CAN HELP YOU DELIVER MEASURABLE RESULTS WITH PROVEN SOLUTIONS. TO LEARN MORE, PLEASE CONTACT YOUR LOCAL REPRESENTATIVE OR CALL US AT (800) 809-2307. 2. RENEW YOUR COMMITMENT TO EMPLOYEE EDUCATION Many employees continue to work remotely and may have fewer face-to-face interactions with account holders. This is even more of a reason to revisit your training program to ensure all staff members who interact with account holders are familiar with all aspects of your overdraft program. Your staff should be consistent with their explanation about the service to your account holders and have the confidence to address any errors that may occur in program processing. • Identify ways for employees to connect with account holders, opening conversations with “check-ins” so that they are warmly engaged. • Develop phone scripts that incorporate compliant discussion language and train front-line staff on their effective use. • Offer web-based learning options for staff, e.g., webinars and videos on Regulation E, overdraft alternatives and navigating your online portal to increase their ability to offer value in their conversations with account holders. 3. STAY THE COURSE OF BUILDING LONG-TERM RELATIONSHIPS Follow up by phone with all accounts opened digitally to welcome new account holders, to see if they have any questions, to make sure they chose the right account for their needs and to explain their overdraft coverage options in a compliant way. Provide ongoing messages via email and letters throughout the life of account relationships to keep account holders apprised of their account status and overdraft program usage. This will help them with financial planning and reinforce the value you place on their financial well-being. PROVIDE CONSISTENT MESSAGING ACROSS CHANNELS Going forward, whether or not consumers continue to rely heavily on digital access to transact their financial business, a commitment to ongoing communication is essential. Failure to provide consistent, up-to-date information about the products and services you provide — like overdraft privilege — can increase account holder confusion and reduce their reliance on your institution as their primary source of financial services. What’s more, it can lead to increased risk of compliance and legal scrutiny of your program’s processes. An overdraft program provider with knowledge and experience in program implementation, management and the changing regulatory environment can ensure your onboarding and account service strategy includes all of the components you need to keep your account holders informed and confident when financial challenges arise — whether they are accessing your services in a nearby branch or via their choice of digital channels. We Are All About You. At YHB we take a holistic approach to assisting community banks with growing, managing, and protecting their hard work. With over 180 professionals across 8 locations, we partner with many of the regions most trailblazing leaders and banks. We are passionate about making sure your bank has the tools and support it needs to thrive. Never settle for less. Choose the experts at YHB. Internal Audit | External Audit | IT Controls & Governance | Tax Services