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#2251924 - 04/07/21 01:45 PM Overdraft Protection & Online Account Opening
Bankwoman1 Offline
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Joined: Dec 2015
Posts: 716
Midwest
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!

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#2251929 - 04/07/21 02:04 PM Re: Overdraft Protection & Online Account Opening Bankwoman1
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 76,928
Galveston, TX
If you otherwise advertise that available overdraft transfer feature, I fail to see a big issue.
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#2251930 - 04/07/21 02:16 PM Re: Overdraft Protection & Online Account Opening rlcarey
Bankwoman1 Offline
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Joined: Dec 2015
Posts: 716
Midwest
We don't really "advertise" it - such as ads and commercials etc - but it is listed as an additional service on our TISA disclosures and we always offer it to customers who come into the banking center to open an account. So, online customers would see it as an additional service on their TISA disclosures and could come into the bank to sign up for it at a later time.

Would this be sufficient?

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#2252219 - 04/12/21 05:22 PM Re: Overdraft Protection & Online Account Opening Bankwoman1
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,285
Cape Cod
Just be clear in your messaging on the online account opening pages that the service is available (include how to go about obtaining it) after the new account has been established.
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