Preparing for Check 21 -- John M. Floyd and Associates

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Preparing for Check 21
by John M. Floyd

Question: What can be done now to prepare our customers for Check 21?

Answer: The best thing to do to help your customers is education. Let them know how the new Act will affect them. As you well know, you will still have a number of accountholders unfamiliar with Check 21 who will try to "float" their checks for a day or two, but that will no longer work. With Check 21, it will be a matter of hours, or even minutes, before their checks clear.

In the meantime, your bank can implement an overdraft privilege program to soften the blow for those customers. When you implement an overdraft privilege program, your customers will be saved from:

high fee penalties;
a possible negative impact on their credit rating; and
the embarrassment of returning to the merchant.

This fall, you're bound to have many "first-time offenders" who will be very grateful for the service you're providing. Merchants will thank you as well for freeing them from processing so many returned items.

JMF Boilerplate John M. Floyd & Associates (JMFA) is a leading vendor of overdraft privilege programs serving more than 2,000 financial institutions in 49 states and Central America. JMFA is also nationally recognized for training, account acquisition and earnings enhancement programs, as well as product, service, pricing and technology improvement consulting. To learn more about John M. Floyd and Associates and to receive a FREE Overdraft Privilege Analysis, please visit www.JMFA.com or call 800-809-2307.

First published on BankersOnline.com 8/2/04

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