You know that sensation when you’re watching a TV commercial or walking down the street and something catches your eye so you have to whip around and do a quick double take? That’s exactly what your members will do with an overdraft and non-sufficient funds (NSF) program revamp thanks to our partners at DoubleCheck!
What is DoubleCheck?
What’s DoubleCheck, you ask? It’s a whole new way to earn your overdraft and NSF income while shifting more control to your members. How does it work exactly? It’s simple, really. Any time a member performs a transaction that will lead to a negative balance, DoubleCheck sends them a notification. Then, they have a given timeframe to decide how to proceed before your default decisioning kicks in. That means they can choose what to pay, what to return or what alternative payment source to utilize in order to cover the transaction.
It’s a member-led solution to most outdated overdraft programs. And, quite frankly, it’s a good solution for all parties because it appeases everyone’s frustration and meets everyone’s needs. When members have more control over their finances, they’re happier. DoubleCheck means fewer complaints from members and less time your staff has to deal with the backlash of making overdraft/NSF decisions on behalf of others. At the same time, credit unions earn revenue each time a member uses DoubleCheck, so you still receive income and have the flexibility to eliminate unwelcome fees. Silver linings all around!
Why DoubleCheck is a BIG DEAL for Credit Unions
If you’re asking yourself why DoubleCheck is a program you might want to consider, think about this. It’s part of a financial services renaissance, a reimagining of the way you package and offer solutions to your members. After all, the average American consumer was utilizing five retail subscription services as of November 2021. In our eyes, banking doesn’t have to be any different, and that’s what makes DoubleCheck a really big deal – because it allows your members to choose this as a precautionary service for themselves and puts the power of managing their finances in their hands, especially when it comes to sensitive overdraft and NSF situations.
It's time to embrace the renaissance and give your members a reason to do a double take! Not only is the DoubleCheck program a good way to give new life to your overdraft and NSF program, but it’s also a way to keep your member relationships evolving – in a good way. And on the back end, your credit union will still reap the benefits of member-friendly income.
Contact us at email@example.com for additional details about DoubleCheck!
Jeff Stoner currently serves as Vizo Financial’s chief strategy and technology officer. In this role, he directs the development of strategic plans for Vizo Financial products and services. His area also evaluates and implements new products and services. In addition to product strategy, Jeff oversees Vizo Financial’s project management office, internal software administration and member online access system, Zephyr.