TOPIC: Consumer Accounts

Security Agreement

Manager at a bank ($1.1BUSA)
The Security Agreement on our consumer loans states the following: “You may, but you do not have to, allow me to take a portion of money from my account(s) without affecting the security interest.  If I have given you a specific pledge of shares in the amount and in the account indicated above, I may not withdraw those sums until what I owe is paid in pull.” Do your security agreements include similar language?   Specifically, I’m wondering if that second sentence doesn’t create more problems than it is intended to solve.  With the first sentence alone, we would have the ability—but not the mandate—to release whatever portion of the amount secured is in excess of the amount owed.  Eliminating the second sentence would seem to give us greater flexibility while maintaining our security interest and minimizing our liability.  If a joint signer pledged the funds and the other signer withdrew the excess without the knowledge of the other, for example, including that second sentence and indicating a specific amount on the security agreement would seem to place the financial institution in a position of liability. What are your thoughts? 

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      Credit Card Incentive - Cross Sales

      Employee at a credit_union ($147MUSA)
      Hi all,

      We're currently reviewing our cross-sale incentives, specifically on our credit card. I'm looking for some insight to see what others are doing to incentivize your front line to cross-sell credit cards.
       
      Could you please share how your credit card incentive is set up?
      How often do you pay the incentive, bi-weekly, monthly etc.
      How much do you pay per approved application?

        Account Perks for Stockholders

        Manager at a bank ($66MUSA)
        Currently we offer some perks to the handful of stockholders we have, we give them free checks, free safe deposit boxes, and we waive some service charges. 

        These are a remnant of previous ownership, and management is looking to do away with them altogether, but they have a few questions. 

        Do any other banks give these perks to their stock holders?

        Does having these perks put us at any Consumer Compliance risk?

        Would we need to issue new disclosures when we make these changes? 
        We are certain that these perks are not listed in their account disclosures because 1) These accounts are so old that they were opened before the fee disclosures were mandatory and 2) We don't have a type of account on our system with these fees waived. The perks are kind of just given to them. 

        We are a small ($66mm) community state-chartered bank in Texas, and we are not publicly traded. 



          How to Optimize Your Digital Banking Experience for the New Normal

          The Coronavirus crisis has forced the banking world to compress years change into weeks. As we adjust to the realities of the new normal and fewer face-to-face in-branch interactions, credit unions must now deliver an excellent member experience, digitally. 
          Register for this webinar on Wednesday, May 20th at 2pm to learn actionable steps and best practices that credit unions of any size can easily implement that will allow you to: 
          • Improve the member experience by providing automated self-service 
          • Increase technology adoption while reducing the number of calls and emails
          • Drive more product adoption via your mobile and online banking 
          Register
          Can't make it? Register anyways and we will send you the recording afterwards!

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              ELAN Credit Card Integration with FIS Core

              Manager at a bank ($574MUSA)
              We have recently teamed with ELAN to provide our customers credit cards.  We are looking for a way to know that a customer has our card with ELAN.  We are on FIS HORIZON core and use CeB/BeB.  Is anyone uploading a third-party file into HORIZON to make that another account on a customers profile?  And if so, does that make the account then viewable on the online banking platforms mentions?  Thank you in advance for your time!

                Texas Ownership Selection - Customer Explanation in English/Spanish

                VP at a bank ($198MUSA)
                Each of our New Account Reps shows a laminated copy of the “Texas Uniform Single-Party or Multiple-Party Account Selection Form Notice” for their customer to review before account opening so the customer can make an educated decision.  Since we’re located in South Central Texas many of our customers do not speak English, so we must get assistance from one of our few employees who are bilingual to translate for the customer in Spanish.  

                I understand that if a bank chooses to print any of our account documents in Spanish, we are required to print them all in Spanish.  I do not have the manpower to do that SO I’d like your advice on this idea.  

                We’d provide each New Account Rep a “Spanish copy” of the “Texas Uniform Single-Party or Multiple-Party Account Selection Form Notice”.  

                ·         This form would only be used to let the customer “read the Spanish version”; we would NOT give them a copy (hoping this would keep us from having to furnish all forms in Spanish).  ·         The other thought we had was to read it to them in Spanish.  In my opinion, there’s no difference between the New Account Rep reading it to them versus having one of our employees explain it to them in Spanish. 

                We also have our account interview sheet in Spanish so our New Account Reps can interview the customer (again in this case, we are not giving the form to the customer to complete, but it enables the New Account Rep to “ask for the info in Spanish”). 

                Note:  We have 4 New Account Reps & only “one” speaks Spanish.  We do have 4 other employees who speak Spanish, but they work in other departments & aren’t always available.

                  FISERV Retirement Module

                  Employee at a bank ($394MUSA)
                  Looking for any banks that use Fiserv's Navigator System when loading IRA's in the Retirement Module. What do you do when adding a Beneficiary IRA that is set up on RMD? Right now we have to go in each year and update the age/Uniform Lifetime Table figure to make the RMD correct. Also, how is your bank structure set up regarding IRA reporting and monitoring? Is there someone in operations or do you have several people for this? We are a smaller bank (11 branches). Any advise would be much appreciated.