Community Bankers of Alabama Endorses JMFA for Overdraft Privilege Program; Popular Program Helps Consumers Avoid Hassle, Added Costs of Bounced Checks
BAYTOWN, TX and MONTGOMERY, AL
(ContentDesk) June 30, 2005 -- Alabama consumers who inadvertently overdraw their accounts can avoid embarrassment, inconvenience and onerous costs, if their bank offers a new overdraft privilege program being extended through members of the Community Bankers Association of Alabama (CBAA).CBAA Services, Inc., the wholly-owned subsidiary of the association, has signed an agreement with John M. Floyd & Associates, Inc. (JMFA) of Baytown, TX, near Houston, naming the performance improvement firm as its "Preferred Partner" for the JMFA OVERDRAFT PRIVILEGE(SM) program.The statewide banking trade association, formed in 1986, represents the interests of 130 community banks ? independently owned and operated financial institutions with $16 billion dollars in combined assets (www.cbaaonline.com). Financial organizations in more than 25 states have teamed with JMFA for its "courtesy pay" product (www.OverdraftPrivilege.com).Discreet, Value-added Service"The public is demanding value-added services like overdraft privilege," John M. Floyd, Chairman and CEO of JMFA, said.
Floyd has repeatedly emphasized this point in presentations to the Consumer Advisory Council to the Federal Reserve System, the American Bar Assn. and the Consumer Federation of America. Floyd, who originated the automated program 17 years ago, has been an outspoken advocate for ?best practices" in the implementation and management of the popular service."This discreet service avoids the embarrassment of bank customers ?making good' on a check with a valued retailer or creditor. Neither the accountholder nor the merchant loses time or productivity in straightening out an NSF (nonsufficient funds) mess," Floyd says. "Accountholders don't wind up on retailers' bad check lists."They can avoid additional NSF charges from a merchant or expensive late payment penalties on mortgages, car loans or tuition payments.
They also can prevent negative entries on their credit record or potential visits from law enforcement for inadvertent ? but repeated ? bad checks," he added."Alabama community banks with viable overdraft programs have the opportunity to enhance customer satisfaction while increasing their non-interest or fee income," noted Scott Miller, President of CBAA Services. "Fee income has become more important to profit margins in an era of declining income from lending, bold competition from non-bank institutions and an increasingly stringent regulatory environment." "We are proud to add John M. Floyd & Associates to our select list of endorsed providers," Miller said. "JMFA's portfolio of products coupled with its competitive pricing and well-recognized customer service clearly made it the best choice for our members.""Our goal was to identify an outstanding provider that would combine all the benefits of an overdraft program with the community bank philosophy of focusing on the customer's well being," added Scott E. Latham, President and CEO of CBAA.
"I?m convinced our relationship with Floyd will help our members implement consumer-friendly programs."Overdraft Programs Vary WidelyJMFA, founded in 1973, is a leading provider of non-interest or fee income products to financial institutions. The company has installed profit improvement programs in more than 2,000 banks, thrifts and credit unions, adding billions in increased pre-tax earnings for its clients in 49 states and Central America.
The company has implemented nearly 1,000 variations of its JMFA OVERDRAFT PRIVILEGE(SM) program in the past 17 years and is partnered with leading national core processors serving financial institutions."JMFA OVERDRAFT PRIVILEGE(SM) is nondiscriminatory and guaranteed to be 100% compliant with federal and state regulations, as well as with recently suggested changes," Floyd emphasized. "Our program has a proven track record of producing more income and less charge-offs for financial institutions than typical NSF programs." He also disclosed:* Of 18,000 financial institutions in the United States, as many as 3,000 are estimated to now have defined and communicated overdraft programs.* The typical fee charged on an insufficient funds check is $17 to $35. The average in 2003 was $22.50.* Studies indicate the average accountholder writes about 3.4 NSF items per year."A well-managed overdraft program is a win-win-win for the consumer, the merchant and the financial institution," Floyd said.
"Additionally, automated programs help identify troubled accountholders for necessary counseling."JMFA creates strategic programs, including PRIVILEGE MANAGER CRM(TM) software, specific to each bank, its organization and its market that maximizes all aspects of NSF revenue. It then delivers expert training, accountholder education and software to assure successful implementation and full regulatory compliance.About Community Bankers Association of Alabama:The Community Bankers Association of Alabama, founded in 1986, is a member-driven organization, representing about 130 community banks and more than 100 associate members.
Its mission is to promote the preservation and continued development of community banking in Alabama through unified efforts of its membership and staff and by representing the political and educational interests of community banks within the state. JMFA OVERDRAFT PRIVILEGE(SM) and PRIVILEGE MANAGER CRM(TM) are service marks of John M. Floyd & Associates, Inc.
PRIVILEGE MANAGER CRM? is patent pending.FOR MORE INFORMATION OR INTERVIEWS:Jared Cahill, JMFA National Director of Alliances, Baytown, TX, 877-510-5603 or 505-228-7509; www.OverdraftPrivilege.comShelley G. Hildebrand, Director of Communications, Community Bankers Assn. of Alabama, Montgomery, AL, 800-239-7338; Fax 334-244-9382;
www.cbaaonline.com Preston F. Kirk, APR, Kirk Public Relations, Austin, TX, 830-693-4447.
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President and Chief Executive Officer of The Romar Group, Inc., a 100 million dollar Los Angeles based company, said today, "It is necessary to take back day to day control of Romar in an effort to build a more productive and efficient business."
Don Polk, majority shareholder, who worked very hard for over 26 years to parley his experience to build a company whereby shareholders, investors and associates could be proud to be associated, was stunned and appalled to learn about the awful dishonesty, contempt and mischaracterization of Romar's current management team, executive committee and Don Polk.
Polk, who sits on Boards of three of the most powerful civil rights and political organizations in the world, has been an advocate and champion for fair treatment of employees and communities both domestically and abroad.
Mr. Polk said, "It is my philosophy and Romar's policy that we must inspire and instill hope and positive empowerment not inferiority and despair."Romar's...
Checks > Romar CEO Takes Back Control of Highly Creative Design and Production Business
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Enterprise Car Rental Combats Bad Checks
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How Will Check 21 Affect You?
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Frequent Flyer Credit Cards
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Checks > Tanning Beds Proving More Problematic as Legal Restrictions Increase - Noted Dermatologist Joshua Fox, MD, Says Teens Run Greatest Risk of Exposure to Tanning Beds
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Emerging Market Exchange Traded Funds Doing Well hedge funds Community Bankers of Alabama Endorses JMFA for Overdraft Privilege Program; Popular Program Helps Consumers Avoid Hassle, Added Costs of Bounced Checks
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If you're in the process of trying to find a cheap loan, you might find it frustrating and wonder if you're ever going to find the loan that you want. If you haven't already, you might want to consider applying for a cheap loan online instead of using a traditional lender? online lenders can usually offer a competitive if not better loan, and may feature a variety of repayment options as well as a convenient application process and 24 hour inquiry and support availability. Combine that with the...
Community Bankers of Alabama Endorses JMFA for Overdraft Privilege Program; Popular Program Helps Consumers Avoid Hassle, Added Costs of Bounced Checks
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Andrew K. Claims He Has Found a Consistent Method to Beat BetonMarkets and Have Profitable Trades
Until sometime ago the only way to enter the markets (Forex, Stocks, Gold, etc) was through the use of a broker firm and a considerable starting capital was required. But Betonmarkets has changed the rules and now anyone with a minimum of $5 can enter the markets and try to make a profit. It is easy to enter the markets using BetonMarkets great trading plataform but the same does not apply to the profits factor. The markets (Forex, Stocks, Gold, etc) have always been a dangerous place and BetonMarkets...
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