Source: Profit Technologies
Community Bankers of Wisconsin (CBW), a trade association representing 220 community banks statewide, has joined with the Independent Community Bankers of America (ICBA) in selecting Profit Technologies' Courtesy Overdraft Processing System (COPS) as their preferred overdraft processing solution.
COPS is a complete end-to-end overdraft solution that enables banks to responsibly manage risk while providing a valuable service to their customers. Unlike other overdraft systems that apply a "one size fits all" approach to assigning overdraft limits, the COPS program calculates an overdraft limit for each individual account based on defined risk parameters. The system's flexibility allows customization to reflect the banks' individual risk tolerances and operational needs. The system also identifies those who bounce checks repeatedly and provides the bank with tools to manage them. This comprehensive approach helps banks achieve superior risk management controls unavailable with alternative overdraft solutions.
"Community Banks have a long tradition of responsiveness to customer needs through services like courtesy overdraft," says Richard McGuigan, executive vice president of the Community Bankers of Wisconsin. "This program makes formal the process for doing what they have historically done with a program that is sensitive and responsive to regulatory concerns about overdraft protection programs."
Banks implementing COPS experience fewer manual overrides and greater productivity while reducing customer embarrassment from returned checks, merchant fees, and ATM and POS rejections. Banks benefit from the process automation and the COPS interface is user-friendly, requiring just 20 minutes a month to manage.
"The selection of COPS by Community Bankers of Wisconsin is further evidence that community banks around the country are embracing the concept of courtesy overdraft risk management," says Cliff McKee, executive managing director at Profit Technologies. "And we are proud to be their preferred provider."