LAKE BLUFF, Ill. – Moebs Services has been granted a patent for a new service that will allow credit unions and banks to customize their overdraft protection programs.
Moebs said its Debit $coring allows financial institutions to provide overdraft service to the largest number of qualified account holders possible, while simultaneously helping them manage risk and lower their cost. The process is embedded in a service sold by Moebs Services called No-Bounce Checking, which allows financial institutions to assess consumer risk and establish a wide range of customized overdraft limits while controlling their losses, protecting their revenue and increasing their volume of checking accounts.
The company says Debit$coring can qualify more consumers through its selection criteria, offer meaningful overdraft limits for each consumer, and reduce the fees they charge for coverage, while reducing losses and protect revenue generation while building consumer satisfaction and loyalty.
According to Moebs, when the process was tested in Miami, the worst checking market in the country, banks and credit unions using the service experienced only 4% in losses. Other financial institutions using the traditional approach to overdraft coverage experience 20% to more than 30% loss of revenue.
