Approach to Business Overdraft Management
BSG Financial’s flagship overdraft
management program, OverdraftHonor®,
was the industry’s first courtesy
pay program to be offered to a financial
institutions business accounts. Today, the
same robust technology, adherence to federal
guidance, and responsible administration
is offered through CourtesyConnect®,
the company’s new Web-based courtesy
overdraft management system.
CourtesyConnect® for Business
Accounts is an effective way to
improve service for business accountholders,
while generating significant fee revenue.
The program utilizes the same conservative
standards used in the consumer version of
CourtesyConnect® The program does not
make use of marketing or other enticing
strategies; it discloses other lower cost
options; permits accountholders to opt out;
and provides guidance to prevent possible
abuse of the service.
Expand Your Business
Account Relationships. Our experience
shows that 60% or more of business accountholders
do not currently have a lending relationship
with their financial institution. CourtesyConnect®
for Business Accounts is an excellent way
to provide them with an additional
service that meets an existing need
and can lead to expanded relationships,
including loans. The increasing usage of
debit cards among business accountholders
makes this additional service particularly
attractive to your business accounts.
In addition, CourtesyConnect® for Business
Accounts gives businesses added benefits,
such as more flexibility in meeting payroll,
obtaining volume discounts and eliminating
the need to draw cash from personal accounts.
A New Set of Opportunities
While business accounts represent new service
and income opportunities, there are also
new challenges. Unlike personal accounts,
which have more predictable risk factors,
the fortunes of businesses — especially
smaller ones — are more volatile.
There is need for a specialized set of eligibility
criteria, more frequent updating of this
data, and different limits and collection
approaches. Our experience provides you
with a reliable set of Best Practices to
ensure positive results.
CourtesyConnect® for Business Accounts
offers your institution a way to differentiate
itself to existing and potential business
accountholders, while adding more fee income.
Call today for a