Citizens-Union Savings Bank Increases Overdraft Management Efficiency with OverdraftHonor(R).LOUISVILLE, Ky. -- Louisville, Ky.-based BSG BSG Battlestar Galactica BSG Broadband Stakeholder Group (UK) BSG British Society of Gastroenterology (London, UK) BSG Business Systems Group BSG Business Solutions Group BSG Basigin Financial, a leading provider of profit-enhancing programs and marketing services 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, announced the successful implementation of its OverdraftHonor(R) courtesy pay program by Fall River, Mass.-based Citizens-Union Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. . According to company officials, Citizens-Union Savings Bank ($540 million in assets) selected BSG Financial because of its reputation as the industry's "responsible" provider of overdraft management solutions. The bank, with BSG Financial's expert training and installation, implemented OverdraftHonor in August 2005. "BSG Financial's OverdraftHonor equips us to provide a necessary service to our customers," said Julie Raposa, senior vice president for Citizens-Union Savings Bank. "With OverdraftHonor, we are able to extend our day-to-day services and spare our customers the embarrassment of having a check returned from a payee The person who is to receive the stated amount of money on a check, bill, or note. payee n. the one named on a check or promissory note to receive payment. PAYEE. The person in whose favor a bill of exchange is made payable. , as well as the associated returned check fees. BSG Financial's technical and regulatory expertise allows us to provide a highly appreciated service that is responsible and completely compliant." OverdraftPro(TM) software, the engine behind the OverdraftHonor program, provides Citizens-Union Savings Bank with account risk management and ongoing risk scoring as part of the proven collection and analysis system. OverdraftPro gives Citizens-Union Savings Bank the necessary tracking and reporting capabilities to ensure complete compliance with final guidance on the administration of courtesy overdraft programs (released February 2005). These capabilities, as outlined in the final guidance and amendments to Regulation DD, include the ability to track year-to-date non-sufficient fund (NSF NSF - National Science Foundation ) and overdraft fees; generate quantitative documentation for justifying the overdraft dollar limit and advance notice when the overdraft service is in jeopardy of being suspended; and track daily fees and usage, as well as number of days overdrawn o·ver·draw v. o·ver·drew , o·ver·drawn , o·ver·draw·ing, o·ver·draws v.tr. 1. To draw against (a bank account) in excess of credit. 2. and individual/cumulative overdraft balances. "OverdraftHonor enables Citizens-Union Savings Bank to reduce the time and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. of making fair and prudent pay/return decisions on daily overdrafts, while providing a very useful service to its customers," said Barrett Nichols, founder 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 BSG Financial. "The program's software increases the bank's contact with accountholders to assist in managing their non-sufficient fund fees and increasing retention. OverdraftHonor was built with an emphasis on protecting both accountholders and the institution, while forsaking nothing in fee-generating capabilities." About Citizens-Union Savings Bank Citizens-Union Savings Bank, with nine office locations in Tiverton, Fall River, Somerset, Swansea, Seekonk and now New Bedford, has been providing a wide range of financial services to the people and businesses of southeastern Massachusetts and Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. since 1851. For more information, visit www.citizensunionbank.com. About BSG Financial, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control Louisville, Ky.-based BSG Financial, LLC is a provider of programs and services to the financial industry that help increase profitability, while enhancing customer relations. Its flagship program, the "Responsible Approach" to courtesy overdrafts, is a proprietary courtesy overdraft program, uniquely providing both in-house and outsourced solutions with a conservative approach to customer and risk management, profitability and ongoing technical and customer service. In addition, BSG Financial offers other profit-enhancing programs that increase retail account openings; outsource collections; repair damage caused by identity theft; and reduce institutional costs. BSG Financial is privately owned and has offices in Kentucky, Florida, Texas, Massachusetts and Pennsylvania. For more information about the company, visit www.BSGfinancial.com. |
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