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R.C. Giltner Services says it can help smaller financial institutions sell reimagined checking accounts for a consumer base that's hankering for them.
July 7 -
The CFPB should prohibit financial institutions from reordering transactions to maximize overdraft fees, require that fees be proportional to a banks costs to provide the loan and ban providers of prepaid cards from offering overdraft loans altogether, according to Susan Weinstock of The Pew Charitable Trusts.
July 8 -
Noninterest income seemed to stabilize some during the first quarter, though smaller banks are still struggling to see meaningful increases in fees.
April 29
Creative alternatives to overdrafts are not the sole domain of big banks.
First Clover Leaf Bank (FCLF), a $622 million-asset bank in Edwardsville, Ill., is now offering a special checking account that costs $14.95 per month. It ensures that unless a customer has a line of credit, a purchase will be blocked if there are insufficient funds in the account, says Chad Abernathy, senior vice president of retail banking at First Clover Leaf.
Customers have the additional option of a debit card that can be authorized to draw from a customer's other accounts at the bank to prevent overdrafts, Abernathy says. Otherwise, the card, which has a monthly fee of $5.95, would block a transaction that would overdraw the account.
Overdrafts remain a hot topic. A
First Clover Leaf's new products, called PaySound, are provided by a vendor, R.C. Giltner Services in Louisville, Ky.
"PaySound addresses the growing concern about overdraft fees on checking accounts by eliminating them," Robert Giltner, the vendor's chief executive, said in a press release Tuesday announcing its work with First Clover Leaf. "This generates interest among the consumers who want to pay for the peace of mind that their financial transactions will be processed and they won't incur overdraft charges."
