The digital age is here to stay. Electronic devices like phones and tablets have almost become extensions of ourselves. We use them for work, life, and play (come on, you know you have played one of those jewel match games at one point or another). They make life easier, and they’re terribly interactive.
Even your investments can be handled through a mobile app, and many of us use them. Many technology-driven and successful companies work daily to satisfy requests for mobile capabilities. Your members may be accustomed to the new trends. We now control home lighting, home energy, and home security systems from our phones, as well as drones, sprinkler systems, hotel room doors and your favorite juice order. Everything mobile is moving fast – even banking. However, have you forgotten something?
With the push to go digital, comes all sorts of paperless incentives. Among all of the rush to make a shift, some things can be forgotten. Things like making sure your members are protected. While banking may not be a snazzy sprinkler system or home security camera, it has just as much impact on the lives of your members. Your credit union may be forgetting something important, such as overdraft protection lines of credit.
So amid all of the excitement of moving to digital, make sure you answer one important question. Are your members losing overdraft protection? Make sure they know what their options are. Remind members of the most basic option, like savings account overdraft protection. This will simply pull money from their savings account should their checking account dip into the red. They will love the aspect of saving an overdraft fee. Those can add up quickly, especially if they go on a mini-shopping spree.
There is another option to help your members out when “life” happens, the Overdraft Protection Line of Credit. A mysterious (but explainable) trend has developed that might just be you, though….did you forget to disclose your Overdraft Protection Line of Credit? With the ‘barn burning’ pace that we’re all moving toward more & more digital experiences, we’ve seen come forget that their Overdraft Protection Lines of Credit are indeed credit products subject to Reg. Z disclosure – Yipes! Don’t let this be you. Our consumer lending package has everything you need to set it up right. Plus, they are safe, too. All of our forms maintain compliance with state and federal regulations, so you can lend securely.
Your members will be appreciative, too. Making a switch to digital and forgetting overdraft protection can leave finances quite vulnerable. A credit union that makes sure these services are offered during the digital transition will have one loyal customer on their hands.
We will be there to supply forms and disclosures. We have been serving the industry for more than 30 years and look forward to 30 more. We’d love to be along for the journey with you and your customers. If you are curious about Oak Tree forms and disclosures, we would love to hear from you. Reach out and let’s start a conversation – just like you do with your members – and we will go over options with you.