We are in the process of setting up online account opening. Our thought is to offer our Overdraft Protection (transfer from savings to checking to cover overdrafts) on the online account opening application. The vendor we are working with has told us that they do not offer automatic transfers through the automated system, so basically we would have to make sure we set this up after the account was opened manually. There are some other concerns I have, one being if an existing customer is opening an account online, how do they provide us with their savings account number if it is the existing account. Things such as this, leads me to believe it is not going to be an easy process, or even capable through the system. I have suggested possibly not offering it. However, I am getting pushback because some believe it could cause issues if the customer becomes overdrawn and didn't realize they could sign up for Overdraft Protection because we didn't offer it online.
Is there any reason or rules as to why we shouldn't not offer it online? Is anyone else offering it through their online account opening process? If so, how does it work. I'm just trying to figure out the best way to proceed. We are currently only allowing consumer checking and savings accounts to be opened online. We are not offering all products.
Any input would be appreciated! Thanks!