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#2210266 - 04/03/19 04:14 PM Bundled Services
ahkcompliance Offline
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Joined: Sep 2008
Posts: 2,470
Midwest
Has anyone ever done bundled services? These bundles would included various services that you would normally be charged for separately and include them all in a bundle and you pay a monthly fee. The services would include checks, so many OD fees waived/refunded, etc.

This is something we are kicking around but I have a few questions on.

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General Discussion
#2210273 - 04/03/19 04:54 PM Re: Bundled Services ahkcompliance
Rocky P Offline
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Joined: Jun 2003
Posts: 7,399
Florida
Only seen them in conjunction with senior citizen direct deposit and included free checking, 50% off small safety deposit box, fee free cashier's checks, etc.
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#2210282 - 04/03/19 06:05 PM Re: Bundled Services ahkcompliance
ahkcompliance Offline
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Joined: Sep 2008
Posts: 2,470
Midwest
Our senior account has those.

We are looking outside of that account and other services.

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#2210355 - 04/04/19 04:12 PM Re: Bundled Services ahkcompliance
P*Q Offline

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P*Q
Joined: May 2001
Posts: 8,458
Somewhere
We do not offer these and quite frankly, what you've posted scares me a little bit, especially regarding the "so many OD fees waived, refunded" versus those customers/accounts who would be charged each time. In general I think it's tough for someone to opine without a lot more details on what your institution is looking to do.

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#2210359 - 04/04/19 04:17 PM Re: Bundled Services ahkcompliance
Rocky P Offline
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Joined: Jun 2003
Posts: 7,399
Florida
Piggybacking on PQ, what you would end up with are those who do not not a benefit, dropping the service, and the bank will be stuck with those getting the full benefits - cutting back fee income.
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#2210388 - 04/04/19 06:58 PM Re: Bundled Services ahkcompliance
BrianC Offline
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BrianC
Joined: Nov 2004
Posts: 6,275
Illinois
Make sure that you do not establish a formal process/account to waive/reduce OD fees based on age. An overdraft is an extension of credit under Reg B and charging different amounts for a credit transaction based on the prohibited basis of age will have fair lending consequences..
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#2210398 - 04/04/19 07:28 PM Re: Bundled Services ahkcompliance
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,470
Midwest
Thanks everyone! Any account is able to select the bundles which include the OD fees. I am putting some disclosures together and going to send it off to our FDIC compliance examiner to review.

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