|
ICUL Services Corporation Partners With Floyd & Associates for Overdraft Privilege Program - Program Helps Members Avoid Negative Consequences of Bounced Share Drafts (Checks)
Indiana Credit Union League's subsidiary, ICUL Services Corporation, has partnered with John M. Floyd & Associates of Houston to introduce JMFA Overdraft Privilege program statewide to ICUL's more than 200 credit unions and their millions of members. With the program, members who have insufficient funds checks avoid embarrassment, merchant fees and bad credit records.
HOUSTON, TX & INDIANAPOLIS, IN March 19, 2004 - ICUL Services Corporation (Servicecorp), has signed an agreement with John M. Floyd & Associates, Inc. (JMFA) of Houston naming the profitability consulting firm as its endorsed business partner for the JMFA OVERDRAFT PRIVILEGESM program. (www.OverdraftPrivilege.org)
Servicecorp, a subsidiary of the Indiana Credit Union League representing more than 200 credit unions, has begun marketing the program, which allows credit union members to avoid the consequences of returned checks. Other groups working with JMFA include credit union organizations in Alabama, Florida, Hawaii, Michigan, Mississippi, New Jersey, New Mexico, Pennsylvania, Tennessee, Texas and Vermont, as well as the Credit Union League of the West (CA, NV, WA, OR) and CUNA and Affiliates.
This discreet service avoids the embarrassment of members making good on a share draft (check) with a valued retailer, according to CEO John M. Floyd. Neither the member nor the merchant loses time or productivity in straightening out an NSF (insufficient funds) mess, he says. Members dont wind up on retailers bad check lists.
Members can avoid multiple NSF charges from a merchant or late payment penalties on mortgages, car loans or tuition payments. They also can prevent negative entries on their credit record or other legal issues created by NSFs, he added.
Diligent Search
Member Friendly Program
With an overdraft privilege program, Indiana credit unions have the opportunity to enhance member satisfaction while also increasing their non-interest fee income, noted Servicecorp Chief Operating Officer Connie Curtis. As a credit union-owned cooperative organization that networks collective business volume to offer affordable products and services, Servicecorp is well-positioned to match this product with the credit unions whose members will benefit from its availability.
We diligently researched and compared suppliers and programs before partnering with Floyd & Associates, explained Curtis. Our goal was to identify an outstanding partner that will combine all the benefits of an overdraft program with the credit union philosophy of focusing on the members well being. Im convinced our partnership with Floyd & Associates will help credit unions implement member-friendly programs, she added.
Overdraft Programs Vary Widely
JMFA, founded in 1973, is a leading provider of non-interest or fee income products to financial institutions. The company has installed profit improvement programs in 1,650-plus financial institutions, adding more than $10 billion in increased pre-tax earnings for its clients. The company also has successfully implemented variations of its overdraft privilege program in more than 550 credit unions, banks and thrifts.
JMFAs overdraft privilege program (www.OverdraftPrivilege.org) is nondiscriminatory and 100% compliant with federal and state regulations, as well as with recently suggested changes, Floyd emphasized. Our program has a proven track record of producing more income and less charge-offs. He also disclosed:
Of 18,000 financial institutions in the United States, more than 2,000 are estimated to now have defined and communicated overdraft programs.
The typical fee charged on an insufficient funds (NSF) check is $17 to $35. The average is $22.50.
Studies indicate the average customer or member writes about 3.4 NSF items per year.
A well-managed overdraft program is a win-win-win for the consumer, the merchant and the financial institution, he said. Additionally, automated programs help identify troubled accountholders for necessary counseling.
The Federal Reserve System, at the urging of consumer advocate groups, including the National Consumer Law Center, has been reviewing compliance issues concerning bounce protection and similar overdraft programs. Some critics contend the programs need stricter controls under the Truth in Lending Act, however, the Fed decided in March 2003 to make no regulatory changes at that time, but to continue gathering information on the programs.
Floyd has been speaking from coast to coast this past year emphasizing the multiple benefits of overdraft programs, as well as the unfair practices endemic to the implementation, marketing and management of some overdraft programs. Some bounce or overdraft protection programs are discriminatory, over-promote the service, under-educate consumers on its use and base overdraft limits on a mystery matrix, he has advised consumers, regulators and bankers.
Brian R. Witt, chairman of the Credit Union Committee of the American Bar Association, agreeing with Floyds premise, stated in the May issue of Credit Union Magazine: The hidden, unquantifiable costs of not covering overdrafts could be more insidious than the overdraft fees now imposed under current disclosure laws.
JMFA creates strategic programs, including PRIVILEGE MANAGER CRM(TM) software, specific to each credit union, its organization and its market that maximizes all aspects of NSF revenue. It then delivers expert training, marketing and software to assure successful implementation and full regulatory compliance.
|
Company: Indiana Credit Union League
| Related press releases |
ICUL Services Corporation Partners With Floyd & Associates for Overdraft Privile... [2004-09-09 00:00:00]
Indiana Credit Union League's subsidiary, ICUL Services Corporation, has partnered with John M. Floyd & Associates of Houston to introduce JMFA Overdraft Privilege program statewide to ICUL's more tha...
|
|
ClydeSight Productions' Self-Esteem Uses Science to Help People Feel Good About ... [2006-09-21 13:04:55]
ClydeSight Productions has released Self-Esteem DSPP, a new subliminal messaging program as part of their Brain Wave Stimulating Digital Perception Programs (DSPP) series. It helps people maintain the...
|
|
Real Estate Investor Manager 1.5 Released [2004-09-30 00:00:00]
MBCS Real Estate Investor Manager for Windows released for general distribution. Investor Manager 1.5 is available for immediate purchase and trial.
New York, NY October 22, 2003 - Michael Bartmon ...
|
|
FOR IMMEDIATE RELEASE WOWGAO.COM 'INTERNATIONAL WEB SERVICES CONFERENCE & EXPO' ... [2003-01-09 00:00:00]
Premier Canadian 'Web Services' event to take place in late spring 2003, Toronto ON Canada. This release confirms the development of conference content and participation by leaders in Information Tech...
|
|
Poker Software Developer Launches Partner Program in UK [2004-08-23 00:00:00]
Online poker software developer Fireswirl Technologies has launched its first channel partner program for the European market. Their aim is to work with local partners in the UK to explore the online ...
|
|
Winter Corporation Announces September 30th Deadline for the Winter TopTen Progr... [2004-09-04 00:00:00]
WALTHAM, Mass. (September 4, 2003) -- Winter Corporation, a leading center of expertise in large databases, announces that the Winter TopTen Program, a campaign to identify world's leading databases,...
|
|
Y2G Associates Provides Strategic Sales Analysis to Software Vendors [2004-09-18 00:00:00]
New Win-Loss Analysis Service Increases Sales Productivity and Revenue. Y2 Associates Win-Loss Analysis solution is designed to help software vendors increase sales productivity and revenue. The offer...
|
|
Amplusnet - new affiliate program [2008-02-03 19:59:53]
Amplusnet Company develops both computer monitoring solution and online privacy software. With our new affiliate program your business will record major incomes in the easiest way.
Let me tell yo...
|
|
Government-Auctions-Guide.com Announces the Launch of its High-Paying Affiliate ... [2003-08-24 00:00:00]
Release discusses Affiliate Program, web site information, and company background.
Great Neck, NY (August 24, 2003) - Government-Auctions-Guide.com, a division of Cyweb Holdings Inc., announces that...
|
|
Y2G Associates Reports Over 75 Percent of Software Companies Sales Cycles Increa... [2004-09-06 00:00:00]
Y2G Associates, the premier provider of custom market research and executive outsourcing services for software companies, announces the availability of its newest Software Vendor Sales Management Bes...
|
|
|
|
| Password Commander |
 Password Commander manages and generates secure passwords, sticks them to web pages and programs with ONE click and clicks the "Log in" button for you. The program keeps personal data encrypted, runs from USB-flash and protects data from keyloggers. |
|
| Screen Paver |
 Screen Paver is an easy to use make-your-own slide show screen saver. The program will display an unlimited number of your own jpeg, png, or bitmap images from local and/or network directories. Plays music too. Great for digital camera users. |
|
| Search My Network |
 Search My Network is a professional file search and management program for LANs and desktop PCs. Look for computers, printers, files, folders on your LAN or PC. Create reports, print, export, sort, copy, move, delete, etc. Try it now! |
|
| Abee MP3 Duplicates Finder |
 The purpose of this program is to find all mp3(ogg,wma) duplicates on your computer and remove useless
files from your hard drive. As this program performs just this single task it copes with it much
better than other more universal programs. |
|
| DigiMode X Pro |
 The program is made of about 85 working panels each panel is specialized in a media type or a function: You can use this program to play Audio, mp3 audio cd, ogg, etc, all video file types that your codec supports, change wallpaper.. |
|
| PA Server Monitor |
 PA Server Monitor is a Windows service that monitors the health and availability of Windows servers, network services (on Windows, Linux and other operating systems), and devices. No agents are needed to monitor remote servers. Rich reporting too. |
|
| WhatDisk |
 WhatDisk is an easy-to-use program with an Explorer-like user interface that helps you categorize your disks (CD's, DVD's, ZIP disks, external hard drives, USB sticks etc.) into a single, searchable database. |
|
|
Latest press releases
