6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Richard Miller Richard joined JMFA after a 23-year career in banking, providing JMFA and our clients with a broad base of management experience in community banking, from chief lending officer to president … Web: www.jmfa.com Details Ask any financial institution about its mission and it will likely include “service-centric” or some variation of the idea. It’s something all smart institutions strive for. But excellent service doesn’t happen in a silo or start and end with tellers. It’s an all-encompassing idea that should be at the forefront of every decision and every offering.Yet some credit unions forget this part of their mission when it comes to providing a solution for overdrafts. Some overdraft programs – defined by data-driven algorithms that calculate unique and ever-changing limits for each member – seem designed to fail important service expectations. By contrast, fully disclosed overdraft programs with static limits offer a simple solution that empowers members to make informed financial decisions. Let’s compare how each method of overdraft protection delivers on serving your members’ best interest.Overdraft LimitsWith a data-driven overdraft solution, limits vary for each member based on factors like average daily balance, direct deposits, etc. These limits change as the data changes. So how can your members ever know how much they could overdraft? Unfortunately, they can’t. “Data-driven” feels safe to some credit unions, and provides the feeling of having control, but it comes at the expense of providing first-rate service.In a fully disclosed overdraft program, the limit is the same for everyone, all the time. Predictable, steady and reliable — all things that members appreciate, and count on.Ability to RepayWhile there’s an argument to be made that individuals with higher balances may be less risky overdraft users and therefore deserve a higher overdraft limit, I think this makes too many assumptions. Your members could have accounts elsewhere, have varying degrees of liabilities, or any number of other scenarios. The ability to repay is based on a lending process to determine credit worthiness. We can’t know everyone’s financial story from one account snapshot, so from a service standpoint it only seems fair to treat all members equally. Moreover, overdrafts are not subject to Truth in Lending regulations, so care should be taken to avoid the appearance of a credit product.TransparencyOverdraft programs without an established limit by their very nature cannot be fully disclosed — no limit can be stated at the beginning because it frequently changes. Fully disclosed overdraft programs require members to opt in before ever using them. Being transparent upfront gives individuals the power to make an informed decision about whether to use the service or not. Employee UnderstandingEver try to explain something you don’t fully understand? How about trying to do so to an upset member who keeps getting more confused by what you’re saying? It’s not fun, and it is bad for morale. Data-driven overdraft solutions are designed to be unexplainable in simple terms — they’re highly technical, with ever-changing limits based on information a person may be uncomfortable being judged on.For a more service-centric option, an overdraft program with simple rules that can be explained to an individual easily and concisely fits the bill. Employees will remain poised and confident during inquiries.Bottom line: You can’t offer great service if you can’t even explain your service to the people who use it.Member UnderstandingIf your employees can’t explain your service, how is a member ever supposed to understand it? Do you want your members leaving confused, frustrated and suspicious? Or do you want them to feel empowered, grateful and satisfied – which will lead to trust, loyalty and advocacy of your credit union to others.The solution is clear: If you want to offer excellent member service, offer an excellent service to your members. Fully disclosed overdraft protection programs line up with service-centric missions.And, if all else fails, use this litmus test: If I had limited funds available and needed to use an overdraft program, which type would I rather rely on?For more information on implementing a service-focused, fully disclosed overdraft solution with a 100 percent written compliance guarantee, contact your local JMFA representative.
With an overtime goal to give the home team the win Sunday night, the Wisconsin women’s soccer team wrapped up its weekend series with two victories.After a 2-1 victory over Illinois (7-5-2, 4-2-1 Big Ten) Sunday and a win by the same score Friday over Northwestern (4-10-2, 0-8-0), Wisconsin earned its second and third Big Ten victories thanks in large part to solid play by UW’s defensive unit.In a weekend where the defense allowed only two goals, the strong defensive play Sunday impressed head coach Paula Wilkins. “I thought it was a group effort in defending,” Wilkins said. “[Illinois] came out with a different system than we expected them to play, so people were able to adapt which I was really happy with. Lindsey Johnson has been fantastic for us in the back and being able to step in for (Alexandra) Heller. She was [as] good again today as she was on Friday.”The Badgers (10-5-1, 3-4-1) held the Fighting Illini to just seven shots on goal with junior goalkeeper Genevieve Richard stopping six of them.Richard, who has now started four games for Wisconsin, got the nod Sunday, but it was redshirt senior Lauren Gunderson who started for the Badgers on Friday despite Richard’s shutout in Wisconsin’s game against UW-Green Bay Monday. Wilkins explained the choice to start two different goalkeepers this weekend.“They are both great goalkeepers and they both bring different things,” Wilkins said. “We thought what Illinois brought to the game was going to be the strength for Genevieve today. We are looking at that game-by-game in terms of what goalkeeper brings special qualities.“It’s so difficult as a coach because they give me the most challenging problem of deciding who is going to play, because they both bring great things to the game.”Richard has 18 saves and has allowed only four goals in her four starts.The Wisconsin goalkeeper may have been able to earn her second-straight shutout if it wasn’t for Illinois forward Marissa Holden, who drilled a shot to the far upper corner of the goal in the 41st minute.Illinois’ goal was reminiscent of another goal made last Friday on Richard by Nebraska’s Mayme Conroy, who nailed a top corner shot in overtime.Richard was happy with the way she played on Sunday and is determined to stop at least one top corner missile this year.“[The Illinois goal] made me think of the Nebraska goal (last weekend). I was very close to it, so I will work on it in practice. I just want to save it at least once. I have to, it’s like my ego,” Richard said with a smile. “Strikers cannot just keep doing the same ball.“Overall I think [I played] fine. I really focused on getting over the ball. My kicks in the first half were terrible. I think it is not acceptable for me to give counterattacks and gifts to the opponent, so I will work on it again.”Friday it was Gunderson who played goalkeeper for the Badgers, recording three saves and holding the Wildcats to just one goal.After getting out to a fast 2-0 lead, Gunderson was happy the Wisconsin defense continued to play at full intensity despite playing with a two-goal cushion.“At the end, to win a game you kind of have to keep focusing on the details,” Gunderson said. “I didn’t think that we did that in a couple other games that we lost so it was good that we came out and worked hard.”In both games over the weekend, Wisconsin was able to keep the opponent’s offensive pressure to a minimum, doing well to limit the opposing transition attack.Senior defender Joana Bielefeld thought her defensive squad did a nice job stopping the fast breaks of the opposition.“For the most part I think that we really defended as a team and stopped them from transitioning,” Bielefeld said. “We were really concentrating on tackling and I think for the most part we did a good job.”Follow Spencer on Twitter