The compliance aspect of the program was a big draw for us. We liked having the ability to coach our clients toward financial success, rather than giving them a static limit of overdraft protection that may not properly meet their needs.
(PRWEB) March 29, 2018
BSG Financial Group, a provider of revenue-enhancing programs and compliance solutions for financial institutions nationwide, announced today that it has added three financial institutions to its roster of clients that will utilize its CourtesyConnect®/CourtesyLimit™ technology and procedures to manage their discretionary overdraft services beginning in the first quarter of 2018. The three banks are:
· Benton, Ky.-based Community Financial Services Bank ($1 billion in assets)
· Harlingen, Tex.-based, Texas Regional Bank ($850 million in assets)
· Fairmont, W. Va.-based MVB Bank, Inc. ($1.5 billion in assets)
CourtesyConnect®/CourtesyLimit™ helps financial institutions automate their discretionary overdraft service to provide a safe, short-term liquidity option for their customers to purchase necessities like groceries and gas when they are short on funds. The service covers NSF checks as well as ATM and one-time debit card transactions for those customers who opt-in to the service in compliance with Reg E.
According to bank officials, a primary reason Community Financial Services Bank selected CourtesyConnect/CourtesyLimit is the software’s ability to assign on a daily basis individual overdraft limits that align with a customer’s ability to repay the overdraft and corresponding fees. These dynamic limits, which are determined based on algorithms that analyze multiple account data points, help the bank to better serve customers while meeting regulators’ guidelines for monitoring the “individual credit worthiness of account holders."
Nancy Adams, Deposit Services Team Leader at Community Financial Services Bank said, “The compliance aspect of the program was a big draw for us. We liked having the ability to coach our clients toward financial success, rather than giving them a static limit of overdraft protection that may not properly meet their needs.” In addition to offering dynamic limits, BSG Financial Group provides its CourtesyConnect/CourtesyLimit clients with a comprehensive set of best practices in order to comply with all federal guidelines regarding overdraft management; on-site and video training for bank personnel; a no-cost annual review to guide the institution in optimizing program performance; and in-depth reports that allow the bank to predict risk and more effectively manage this line of business.
“We are always looking for ways to improve client experience while reducing risk for our bank,” continued Adams. “Once we saw this product, we knew it was a fit and would grow along with CFSB.”
About Community Financial Services Bank
Community Financial Services Bank is committed to creating value for its customers by providing the best financial products, technology, and personal service since 1890. For over 125 years, this added value has come in the form of exceptional checking and savings accounts, personalized loan offerings, convenient, state-of-the art services, and friendly, customized service every step of the way. For additional information, visit http://www.cfsbky.com.
About Texas Regional Bank
The idea for Texas Regional Bank emerged in 2008 when four businessmen recognized the community banking void in their local region caused by the consolidation of privately-held community and regional banks. Over the years, locally-owned banks had decreased, reducing the banking choices in many parts of Texas. Today, Texas Regional Bank has assets of approximately $850 million and 14 banking centers across the Rio Grande Valley and the Texas Hill Country. Texas Regional Bank is a wholly-owned subsidiary of Texas State Bankshares, Inc. with equity more than $80 million and more than 500 shareholders across Texas. Without a doubt, the influence of its broad shareholder base and team of well-known and seasoned bankers has made Texas Regional the “Bank of Choice” in the Texas markets.
About MVB Bank, Inc. (MVB Financial Corp.)
MVB is a financial holding company headquartered in Fairmont, W.Va. Through its subsidiary, MVB Bank, Inc., and the bank's subsidiary, MVB Mortgage, the company provides financial services to individuals and corporate clients in the Mid-Atlantic region.
The OTCQB is a market tier operated by the OTC Market Group Inc., for over-the-counter traded companies that are current in their reporting with a U.S. regulator. For more information, please visit ir.mvbbanking.com.
About BSG Financial Group
Louisville, Ky.-based BSG Financial Group is a group of independently organized companies that provides revenue-enhancement and compliance solutions for financial institutions nationwide. BSG Financial Group has been a provider of innovative overdraft programs since 1999, including the industry's first cloud-based overdraft management solution, Courtesy Connect®/Courtesy Limit™.
The company's additional revenue-enhancing solutions include: Fee-Based Packaged Checking Accounts; Digital Lending Solutions; Vendor Management; Account Acquisition Strategies; Social Media Management; and CD Pricing and Selling Strategies.
BSG Financial Group includes the following companies: CourtesyCloud Management Solutions, LLC; BSG Financial, LLC; and IQ Development, LLC. For more information about the company, visit http://www.BSGfinancial.com.