Communicating the benefits of overdraft privilege
By James Atwood, JMFA Regional Director
Training is key when implementing any new program, but especially overdraft privilege. First of all, your employees need to thoroughly understand the benefits of overdraft privilege and the problems it is solving for their members for the program to really work.
The problems solved are the same reasons why members like overdraft privilege so much – covering unintentional mistakes, maintaining credit worthiness, upholding privacy and it is a safety net for some. By clearly identifying the problems overdraft privilege solves for members, a thorough training experience can take place.
When implementing an overdraft privilege program, in addition to training the member service staff, your overdraft privilege provider should also arrange for complete training for the credit union’s “back room” employees. Be sure the provider you choose will work with your staff throughout the installation and launch of the program to ensure it runs smoothly and all the members’ questions can be answered.
Once your employees understand the program, your members must also receive educational materials in order to know what to expect from you. After this, when your members have questions, your employees can thoroughly answer any questions concerning the program.
The bottom line
Overdraft privilege is a true win-win situation for your members and your credit union. Your members are relieved of the hassle of returned items and spared additional fees, while your credit union retains members and becomes more competitive in its market.
JMFA, a leading provider of overdraft privilege programs and a CUANM endorsed partner, serves more than 2,000 financial institutions in 49 states and Central America. JMFA is also nationally recognized for training, account acquisition and earnings enhancement programs, as well as product, service, pricing and technology improvement consulting. To learn more about JMFA, please visit www.JMFA.com. To contact the Regional Sales Director, James Atwood, call him at 877-668-4857 or email him at .