News & Information

Overdraft Nirvana: It's Just Taken Care of for Me

by Linda Meyer, Regional Director at JMFA Sep 27, 2018

Isn’t it nice when things are just … done for you? As kids head back to school, for instance, it’s a relief to be able to order their supplies through the school’s parent-teacher organization. No long shopping lists, hopping around to several stores, or waiting in long lines. Your child’s supplies are there on the first day. It’s one less thing you have to do. Why can’t overdraft protection be like that?

Well, it can.

That same no-effort level of service can be delivered to your account holders with a fully disclosed overdraft program.

Imagine an account holder walks into the store to purchase some much-needed items. She knows her balance may be low, but she also knows she opted in to your overdraft program. Well aware of both her limit and the fee she’ll be assessed if she overdraws her account, she decides the necessities can’t wait and is relieved everything is taken care of for her.

The Benefits Abound

Convenience — that’s the beauty of a fully disclosed overdraft program, along with:

  • No varying limits
  • No surprise fees
  • No declined payments within your limits
  • No confusion
  • No follow-up needed to resolve misunderstandings (because there are none)
  • No additional merchant or retailer fees
  • No worry about a negative impact to your credit report 

Your account holders opt in before ever using the courtesy pay program, empowering them to take personal financial responsibility and use the service after weighing their options.

We All Need One Less Thing To Do

An overdraft program like this delivers a positive customer experience. Your account holders may not even realize the time and stress you’re saving them (unless they’ve dealt with all the surprises that come with a non-disclosed, matrix-based overdraft program). But, they will come to appreciate having overdraft protection as a safety net that they can rely on without having to jump through hoops.

And let’s face it, most of us are juggling way too much as it is:

  • The average office worker receives 121 emails per day, according to a DMR report
  • Nearly 60% of employees in ComPsych’s 2017 StressPulseSM survey reported high levels of stress
  • In the same survey, workload was the top cause of stress at work (39%), while financial issues ranked as the #1 cause of stress at home (25%)
  • Americans work longer hours than most, including 137 hours more annually than the Japanese and 500 hours more annually than the French

So, anything that can be taken off of an account holder’s plate is a good thing.

Overdraft protection is first and foremost a service — an offering meant to meet the needs of your account holders. When fully disclosed and used responsibly, it can provide a reliable back up during hard times or an emergency. And the sign of a superior overdraft program is one that has your account holder’s back when they need it and offers peace of mind, with zero effort.

Learn more >>