Strunk, LP Leading Provider of Overdraft Protection Services: Put Your Credit Union in Good Hands
As the use of overdraft payment services continues to grow among credit unions nationwide, so do the rules and regulations governing these services. Federal regulators have established a stronger, more definitive, structure - to take effect this July 1-under which overdraft services may be designed and implemented. What's more, the February 2005 Joint Guidance on Overdraft Protection Programs - which set the original framework for such services-also requires that financial institutions entering into an agreement with a 3rd party provider conduct very specific due diligence reviews of any 3rd party provider prior to signing a contract.
Credit union executives looking to adopt or enhance an overdraft payment service are often in a quandary as to where to turn. How can they be assured the program they're installing is compliant? How do they know their 3rd party provider can stand up to the thorough and detailed due diligence process now required by federal directives, especially when some of them attempt to avoid or minimize the due diligence requirements? Is it simply too much trouble? Is it too great a risk? Strunk's answer to that is a resounding "No".
A properly designed and carefully monitored overdraft payment program is something many credit union members want and deserve. Members are not looking for a payment guarantee; they just want and deserve consideration. And a well-designed program is a member service that adds great value to a credit union's service portfolio. What's more, the fees charged for the service contribute a significant source of revenue that has but one purpose; improved infrastructure and member services.
Strunk & Associates has been implementing The Original "Overdraft Privilege Service Program" in financial institutions since the early 90s. And because they are pioneers and have tracked the evolution of overdraft programs, they lead the industry in terms of understanding the regulations governing these services.
When it became clear that the regulatory climate was changing, and overdraft programs would ultimately be governed by a tailored set of rules and regulations, Strunk executives were quick to respond to both state and federal officials on any and all inquiries about their service. Strunk's knowledge of overdraft payment services, and their reputation, led state and federal agencies to use them as a resource when drafting the original as well as the final language of the regulatory requirements, something no other competitor can claim. And because Strunk brought no agenda to the process, their "real world" perspective and opinions were sought out, valued, and utilized.
As testament to their leadership efforts, anyone interested in confirming the important role Strunk played need only to compare and contrast Strunk's written responses to the proposed Guidance, which are a matter of public record, to those of any other agent or 3rd party provider.
If the litmus test in the selection of an overdraft payment service provider is regulatory expertise, let the record show - and in fact it does - that Strunk is the choice hands down. But analyzing and incorporating the regulations into their company and their overdraft product, is not Strunk's only strength.
First and foremost, they are the original overdraft privilege service provider, having created and marketed the service to financial institutions before anyone else. None can demonstrate a truly comprehensive discretionary overdraft payment service program prior to the late 1990's and early 2000's and, even then, only with benefit of Strunk's "lessons learned" from a ten year track record. Second, their focus is on their proprietary product the Strunk & Associates' Overdraft PrivilegeSM Service Program. It is the only product they have in their portfolio and they are experts in the design and implementation of the service.
Third, Strunk & Associates has more than 30 years in the financial consulting services business, senior to other overdraft program providers. They have more full-time professionals with a total of over 500 plus years of industry experience.
They serve more than 1250 clients in 47 states and the Caribbean. Lastly, they have more trade association endorsements and data processing alliances than any other firm. By any objective analysis, comparison or measure,
Strunk & Associates is the premier provider of discretionary overdraft payment service programs in the country.
For more information, contact them at 1-800-728-3116, information