CU Association of the West, LLC To Offer JMFA Overdraft Privilege to Credit Unions in Four States.Business Editors
FEDERAL WAY, Wash.--(BUSINESS WIRE)--Oct. 1, 2003
CU Association of the West, LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control , (CUAW) announced today it has named John M. Floyd & Associates, Inc. (JMFA JMFA John M Floyd and Associates (Baytown, TX) ) as its strategic alliance provider for JMFA's Overdraft Privilege(SM) program, an automated service to help credit union members avoid added costs and embarrassment from bounced share drafts (checks) and to help credit unions improve non-interest income.
"We've heard from Western-state credit unions that they and their members desire value-added services like overdraft privilege programs," said John Annaloro, chairman of CU Association of the West, and 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. of the Washington Credit Union League A credit union league (League) is a United States state-level trade association for credit unions, which are non-profit financial cooperatives. Credit union leagues hold a primary interest in the Credit Union National Association (CUNA). . "This discreet provider-backed service enables credit union members to avoid potential embarrassment associated with a bounced check Ask a Lawyer
Country: United States of America
I have recently found out that a check I wrote over a year ago bounced and never got paid and that I have a warrant out for my arrest. at a valued retailer. Credit unions and merchants don't lose time, money, or productivity in straightening out a problem with non-sufficient funds It has been suggested that Unavailable funds fee be merged into this article or section. , and members don't wind up on merchants' bad check lists."
"Overdraft privilege allows credit unions to increase their non-interest income without raising fees or making any capital outlay capital outlay
See capital expenditure. , by integrating into their existing core data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a system a program that makes automated NSF NSF - National Science Foundation decisions," said Gene Poitras, CUAW vice chairman, and president of the Credit Union Association of Oregon. "With overdraft privilege, credit unions don't have to scan each day's presented checks and determine manually which overdrafts to honor. They also get a proven program that saves them the time and cost of building their own NSF system from scratch."
Said John M. Floyd, CEO of JMFA, "Financial institutions face a very competitive market today. A well-managed overdraft program can distinguish a credit union. Our program has a proven track record of producing more income and less charge-offs.
"Members also can avoid multiple charges from a merchant, or larger late payment penalties for missing mortgage, car or tuition payments," Floyd said. "They will avoid bad marks on their credit record or potential visits from law enforcement for inadvertent but repeat bad checks. With overdraft privilege, credit unions have a sizable opportunity to enhance member satisfaction, flexibility and credibility while increasing fee income."
"Overdraft privilege provides a safety net for credit union members, but it is not a license for members to be irresponsible with their share drafts," said Sylvia Fath fath or fath.
fathom , vice president, business services, for the California Credit Union League, which serves credit unions in California and Nevada. "In fact, one of the advantages overdraft privilege offers credit unions is that it allows them to monitor overdraft use and collections, so credit union staff can keep in close contact with members, and counsel members who perhaps are relying too much on their overdraft protection."
Overdraft privilege is suitable for any size credit union, Fath said. The program automatically covers overdrafts to a preset limit for an entire class of share draft accounts, and leaves it to individual credit unions to determine when a member's overdraft privilege takes effect - for example, only if a member's share account or line of credit cannot be drawn upon to cover an overdraft.
In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. to members.
"JMFA's overdraft privilege program is non-discriminatory and 100 percent compliant with federal and state regulations, as well as with recently suggested changes," Floyd said. "JMFA creates a strategic program specific to each credit union, its organization and its market to help maximize all aspects of NSF revenue. It then delivers expert training, marketing and software to assure successful implementation and full regulatory compliance."
About CU Association of the West
CUAW represents credit union interests in the Western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River
Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century for the purpose of offering institutions and professionals expanded opportunities, financial products and association services. Combined, the CUAW leagues represent 960 credit union with nearly $100 billion in assets and more than 13 million credit union members.
About John M. Floyd & Associates, Inc.
JMFA, founded in 1973, also offers operational, financial and delivery system re-engineering services to financial institutions. Since February, state leagues in Alabama, Florida, Michigan, Mississippi, New Jersey, New Mexico, Texas and Vermont also have named JMFA a "preferred provider" for overdraft programs. The company's diverse consulting assignments have brought positive results to more than 1,500 credit unions, thrifts and banks in 46 states and Central America, adding more than $5 billion in increased pre-tax earnings for its clients.
The company has installed variations of its overdraft programs in more than 400 financial institutions in the past 15 years. JMFA also is recognized nationally for its training, incentive and earnings enhancement programs, as well as its product, service, pricing and technology improvement consulting services.
FOR MORE INFORMATION OR INTERVIEWS:
John M. Floyd, CEO, John M. Floyd & Associates, Houston, 800-409-8670 or 281-424-3800; Web site, www.overdraftprivilege.org; e-mail, John.Floyd@jmfa.com
Preston F. Kirk, APR APR
See: Annual Percentage Rate , Kirk Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most , Austin TX, 830-693-4447; firstname.lastname@example.org
Mark Lowe, Public Relations Specialist, California Credit Union League, 909-581-3235; email@example.com