Tool To Manage OD Regs Introduced

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WILMINGTON, N.C.-Velocity Solutions has released Intelligent Diagnostic System to assist CUs in managing the new overdraft regulatory environment and expected changes in the wake of the Dodd-Frank Act.

IDS provides an ongoing analysis of a financial institution's accounts to identify account holders who rely heavily on overdraft services; analyzes overdraft limits versus household income and adjusts limits as necessary; and identifies account holders who may be better served by utilizing alternative financial products or services.

In addition, IDS includes messaging features to notify these account holders of their options, along with a reporting component provides institutions with documentation to demonstrate the steps taken to proactively manage overdraft services in a fair and responsible manner.

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