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Aurum Technology and Strunk & Associates Partner to Provide Overdraft Privilege Program.


Business Editors

PLANO, Texas Plano (IPA: /ˈpleɪnoʊ/) is a wealthy suburb of Dallas, Texas, located to the north, mainly within Collin County, but also extending into Denton County. According to the 2000 U.S.  & HOUSTON--(BUSINESS WIRE)--April 16, 2003

Industry-recognized capability delivers customer satisfaction while

generating Non-Interest income for Aurum's nationwide customer base

Aurum Technology Inc, a leading provider of open and integrated solutions to Community Banks, Credit Unions and Savings Institutions, and Strunk & Associates, L.P., creators of the market-leading Overdraft Privilege(SM) program, today announced a three-year agreement to enable Aurum's customers to reap the benefits of Strunk's leading overdraft solution.

"Strunk's Overdraft Privilege program is an ideal addition to our best-of-breed integration strategy, which enables us to offer our customers seamless integration An addition of a new application, routine or device that works smoothly with the existing system. It implies that the new feature or program can be installed and used without problems. Contrast with "transparent," which implies that there is no discernible change after installation.  of superior market solutions," said Paul Bourke, Chairman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board.  and President of Aurum Technology. "Today, Aurum and Strunk share several common customers across the U.S. and look forward to providing more of Aurum's customers an attractive solution for generating Non-Interest fee income to offset today's shrinking margins."

Under the agreement, Aurum will offer its customers the opportunity to leverage its industry-leading core processing solutions and Strunk's Overdraft Privilege program to generate Non-Interest or fee-based income from overdraft transactions. A deposit solution, Strunk's Overdraft Privilege program enables financial institutions to extend overdraft services to their entire customer or member base as a non-contractual courtesy. Unlike traditional overdraft protection programs, which draw from existing customer or member funds or require a pre-approved credit line, Strunk's solution is a discretionary program that can be applied to virtually all of a financial institution's customers or members, providing a new channel for generating fee income from insufficient funds (NSF NSF - National Science Foundation ), while enabling the end-user to reduce their total NSF fees and eliminate the hassle and stigma associated with "bounced" checks.

"Our program gives financial institutions the opportunity to extend a non-contractual courtesy for NSF," said Bill Strunk, Chairman of Strunk & Associates. "While traditional overdraft programs only penetrate 10 to 15 percent of an institution's customers, Strunk's discretionary Overdraft Privilege solution can be applied to more than 90 percent of customers. That represents a significant opportunity to boost fee-based revenue and we look forward to extending that opportunity to Aurum's existing and future customers."

Financial Institutions can use Overdraft Privilege to extend discretionary deposits for all electronic and paper transactions - including checks, debit cards debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. , ATM and ACH (Automated Clearing House) A system of the U.S. Federal Reserve Bank that provides electronic funds transfer (EFT) between banks. It is used for all kinds of fund transfer transactions, including direct deposit of paychecks and monthly debits for routine payments to  transactions. Unlike competitor programs, Strunk's solution is continually reviewed to ensure the program meets both state and federal legal and compliance standards.

About Strunk and Associates, L.P.

Strunk and Associates, L.P., based in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation).
Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the
, is the developer of the original Overdraft Privilege(SM) Program. It has installed the program at more than 650 financial institutions in 43 states and Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. . For more information, visit the Strunk and Associates website at www.strunklp.com.

About Aurum Technology

Aurum Technology is a leading provider of open and integrated solutions to the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page.
 industry, with capabilities ranging from Core Solutions to eBanking to Check Imaging to Business Intelligence. Using its more than 30 years of experience and proven suite of products and services, Aurum provides Community Banks, Credit Unions and Savings Institutions with the means to increase efficiencies, grow market share and enhance profitability. Aurum Technology serves more than 600 customers across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , including many of the financial industry's highest performing institutions. More information is available at www.aurumtechnology.com.
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Publication:Business Wire
Geographic Code:1USA
Date:Apr 16, 2003
Words:541
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