Publications & Resources

May/June 2010
Leadership & People

WIB Service Corporation Report
Get Reg E Compliance & Generate New Fee Income with Pinnacle’s Opt-In Total Solution & uMonitor’s Online Funds Transfer

“Two-thirds of the Earth's surface is covered with water. The other third is covered with auditors from headquarters.” ~ Norman R. Augustine (Chairman & CEO, Retired, Lockheed Martin Corporation)

By Anne K. Scully, WIB Service Corporation President

The clock is ticking down to the July 1st deadline when community banks must comply with the new Reg E overdraft opt-in rules. If your bank pays overdrafts – either through an in-house program or a third party provider – up to 60% of your fee income could be at risk. More importantly, you will have to make changes to your overdraft program to remain in compliance with the new rules.

As the market leader in overdraft protection, WIB-endorsed Pinnacle has helped over 900 financial institutions ensure their overdraft programs were both profitable and 100% compliant. Now, Pinnacle is again leading the way in response to the new Reg E amendment with the development of its Opt-in Total Solution SM.

The Opt-In Total Solution is a comprehensive, three-phased program designed to help community banks seamlessly modify their overdraft programs to ensure full compliance with the regulatory changes. It includes all the resources and implementation timeline you need to:

Ensure compliance
Maximize account holder understanding and opt-ins
Preserve fee income
Increase account holder loyalty

Phase 1: Planning Guide (Available Now) - Provides a step-by-step overview of what your bank will need to do between now and the mandatory compliance date regarding fee risk assessment, customer identification, including detailed implementation timelines.

Pinnacle’s Planning Guide is available at no charge to all banks. [Non-Pinnacle clients will need to purchase the Pinnacle Opt-In Total Solution in order to download the templates referenced in the Planning Guide, and to receive Phases II and III.]

Phase 2: Employee Training Tool Kit (Available Now) – Prepare everyone on the team. From internal communications to webinars to e-Learning training courses, the training tool kit will help your bank’s staff communicate with your existing and new account holders.

Phase 3: Customer Communications Tool Kit (Available Now) – Ensure that your account holders are informed and understand the benefits of your overdraft service and an opportunity to opt-in. Pinnacle provides a complete turnkey communications program from calling scripts to system-generated letters to direct mail templates and more, designed to maximize your bank’s account-holder opt-ins.

If your bank needs assistance with Reg E regulatory issues, please visit Pinnacle’s compliance site at http://compliance.pinnstrat.com for helpful videos and regulatory resources, or contact Cindy Miller (cindy.miller@pinnstrat.com; (303) 245-9900).

Generate New Fee Income with uMonitor’s Business & Consumer A2A Funds Transfer

One way to backfill your bank’s anticipated drop in fee income from ODP restrictions is to offer your customers – retail and business – online “account to account” (A2A) funds transfer.

uTransfer, offered by WIB-endorsed VIP Partner uMonitor, provides online A2A and now, “person-to-person” (P2P) funds transfer options that are inexpensive, efficient and easy to implement.

uTransfer is available either as a standalone service or as an integrated offering with your online banking platform. Your bank gets the highest level of security with multifactor authentication, including transaction level security and customer appropriate service levels. Back office support staff will be amazed with management capabilities while online banking customers will enjoy the most advanced service in the industry.

With uTransfer, your bank can generate ongoing transaction revenue with outbound transfer fees, as well as grow deposits with increased inbound transfers (65% or greater).

Customer Benefits with uTransfer’s A2A Option

Ability to move money between their accounts with any of their financial institutions (A2A)
Ability to move money between their accounts and other individuals’ accounts (P2P)
Multiple scheduling options - schedule on demand, recurring, and future transactions
Account verification - double deposit withdrawal verification - verifies ownership and control to ensure security and authenticity
Tracking and monitoring - audit trail of all transactions available online
Fraud protection - email notifications on any account activity such as service registration, account registration, account activation, and scheduled transactions. uTransfer is in compliance with NACHA and e-regulations

Additional Bank Benefits with uTransfer’s A2A Option

Increase deposits with increased inbound transfers (65% or greater)
Avoid customer flight
Minimize staff dependency
Increase assets under management
Reduce expenses and processing costs
Improve customer satisfaction

Special WIB Member Offer: Sign up for uMonitor’s uOpen & uFund (online account opening & funding) by June 30th and get uTransfer – with both A2A and P2P included – for free! This member benefit is valued between $10,000 & $30,000!

Contact: Chris Beedles (cbeedles@umonitor.com; (901) 757-1212 x7129).