WILMINGTON, N.C.–Velocity Solutions here has released a tool designed to help financial institutions manage the opt-in process, following recent changes to Regulation E that require all consumers to opt in, or affirmatively consent, to overdraft services for ATM and one-time debit card transactions before overdraft fees can be assessed.
The rule will go into effect July 1, 2010.
"While most consumers never overdraw their account, millions of consumers depend on and want overdraft services today and will want to opt-in for the future," said Mike Bender, CEO of Velocity Solutions. "The challenge that most financial institutions face is in making sure they serve members well in this decision process. This requires identifying the segment of account holders that would be most impacted by the new regulatory changes and providing ongoing communication to all customers, making the decisions clear and understandable, along with tracking to make sure that customers opt-in or opt-out before the deadline."
The company said its Reg. E Opt-In Solution utilizes proprietary analytics, segmentation and communication methods to target account holders that will be impacted the most by the new regulatory changes. For info: www.myvelocity.com.
