Consumer Education and Communication About the Impact of Reg. E Decisions
It’s a hard truth, but when your account holders experience failed debit card transactions due to lack of a Reg. E decision, they blame you. Perhaps they were never contacted about a Reg. E decision, or maybe they didn’t understand the ramifications. But regardless of the reason, a denied transaction creates a negative and embarrassing experience for your account holder, often jeopardizing your relationship with that individual.
While the amendment to Reg. E became effective over 12 years ago, educating your account holders about the consequences of making an opt-in decision should be an ongoing process for your financial institution. Velocity’s Reg. E experts can train your team how to have the conversation with new account holders, those who never made a decision and those who are frustrated due to failed transactions.
- You had an entire team helping to educate your account holders about Reg. E decisions?
- The scripting and messaging of these outreach communications were customized to your institution?
- You could drastically decrease the number of frustrated account holders due to debit card declines?
Our trainers can teach your team how to have a clear, compliant and objective conversation with account holders about the importance of making a Reg. E decision. Training can be provided onsite, via live meeting or a recorded training customized for your institution.
Outsource Your Communication
We can also conduct proactive Reg. E education on your behalf. Our skilled, friendly service team will call your account holders using an approved script, prioritized in the order you specify.
Our Reg. E Education team can contact your consumers with multiple NSFs, debit card declines and even account holders who previously opted out.
Reg. E Toolbox
If you prefer the DIY approach, our Reg. E trainers can provide you with customized scripts, training and tools necessary to conduct your own educational program.
Tracking & Reporting
Your financial institution will receive regular reports of opt-in performance and detailed tracking reports of outreach program progress.
Satisfied Account Holders
Educating and empowering consumers to help them choose the best overdraft option for them results in satisfied, loyal and long-term account holders.
Hear some of our financial institution clients talk about their experiences with Velocity’s Consumer Liquidity Engine, the platform on which our overdraft solution (Intelligent Limit System) and our small-dollar loan solution (CashPlease) work together to mitigate risk for both the financial institution and the account holder.
Learn how Velocity’s unique Regulation E Outreach program works.
Do you really understand how your overdraft management program calculates overdraft limits? Can you explain the specific factors, trends and overrides that determine the overdraft limit?
Are your employees presenting Reg. E options to your account holders in a way that is clear, consistent, compliant and objective?