COVID-19 Impact & Trends Update on Overdraft Services

01/10/2020 10 min
COVID-19 Impact & Trends Update on Overdraft Services

Listen "COVID-19 Impact & Trends Update on Overdraft Services"

Episode Synopsis

In April we provided initial takeaways for the impact of COVID-19 on overdraft services. Over the past few months, we have learned a great deal as our team continues to work closely with clients on effective strategies to enhance recovery efforts. As promised, we have new insights to share based on monitoring and evaluating results for our financial institution clients over the past six months. Additionally, we have analyzed data for all financial institutions across the nation.  Listen as John provides an overview of how community banks and credit unions are performing to recover earnings, client data trends, and performance highlights. You’ll also gain valuable perspective for addressing your overdraft program to enhance your results. Episode Highlights:1:23—Performance highlights for JMFA clients—NSF/Overdraft income, transaction volumes, program utilization, waived and refunded fees, charge offs3:33—Industry data comparisons for income decline4:58—Factors for improved recovery results for JMFA clients 5:35—Reg E opt-ins and communication6:34—Minimizing the impact of forecasted financial shortfalls7:29—Compliance considerations and best practices8:49—Areas of focus that will impact recovery results