Alliance Between Summit Unit of Fiserv and JMFA Turns Overdrafts Into Goodwill for Credit Unions

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Summit Information Systems, a Fiserv unit based in Corvallis, OR, and John M. Floyd & Associates of Baytown (Houston), Texas, have formed an alliance to offer JMFA OVERDRAFT PRIVILEGE to credit unions for automated management of NSF items such as bounced checks (share drafts). The program saves accountholders time, money and embarrassment.

Summit Information Systems, a unit of Fiserv, Inc. (NASDAQ:FISV) recently formed a strategic business alliance with John M. Floyd & Associates (JMFA) of Baytown, Texas (near Houston), provider of the JMFA OVERDRAFT PRIVILEGE(SM) program. The alliance enables credit unions to implement an automated non-sufficient funds (NSF) program that is profitable for the credit union and appreciated by its members.

The Summit Spectrum® core processing system paid NSF capability gives the credit union the power to set limits and criteria to automatically track and pay NSF items and to charge the account holder a fee for each NSF item paid. JMFA’s overdraft privilege program provides comprehensive evaluation and recommendations on all aspects of the credit union NSF program, including marketing, operational, disclosure, training and compliance.

“The powerful combination of the Summit system capabilities and JMFA’s program and services can generate substantial non-interest income for the credit union,” said Kevin Sparks, president of Summit. “But, a greater value may be the member goodwill that is created when the credit union honors NSF items, saving members the embarrassment of returned checks and the cost of high fees levied by merchants and banks for NSF items.”

“The JMFA interface into the Summit Spectrum system provides a flexible member-relationship solution that is compliant with all federal and state regulations,” said John M. Floyd, chairman and CEO of JMFA. “Already dozens of Summit clients are realizing significant performance improvements in their non-sufficient funds and overdraft handling processes while increasing member loyalty.”

About Summit:

Summit Information Systems, a unit of Fiserv, Inc., serves many of the nation’s leading credit unions with Spectrum, the advanced core processing system that delivers the technology credit unions need to diversify revenue sources, streamline operations, enhance member services and respond to regulatory and market demands. The Summit Spectrum system is available in-house, service bureau or facility management environments. Information on Summit and its products can be found on the Internet at

About Fiserv:

Fiserv, Inc. (NASDAQ: FISV) provides information management systems to the financial industry, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 15,000 clients worldwide, including banks, credit unions, brokers/dealers, financial planners/investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $2.7 billion in processing and services revenues for 2003. Fiserv can be found on the Internet at

About John M. Floyd &Associates

JMFA, founded in 1972, offers operational, financial and delivery system re-engineering services to financial institutions. Its diverse consulting assignments have added more than $10 billion in increased pre-tax earnings for its clients, which include 1,850 credit unions, banks and thrifts in 49 states and Central America. JMFA also is recognized nationally for its training, incentive and earnings enhancement programs, as well as its product, service, pricing and technology improvement consulting services. For more information, go to

JMFA OVERDRAFT PRIVILEGESM and PRIVILEGE MANAGER CRM are service marks of John M. Floyd & Associates, Inc. PRIVILEGE MANAGER CRM is patent pending.


Tom Neill, President, Credit Union & Industry Products Group, Fiserv,Inc.,(262) 879-5966

Dave Pumper, Marketing Communications, Summit Information Systems, 800) 937-7500, ext. 6235,

Mike Muckian, Asst. PR Director, Fiserv, Inc.,

(262) 879-5667,

Preston F. Kirk, APR, Sr. Associate, Kirk Public Relations, (830) 693-4447,

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Preston F. Kirk, A:R
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