Lisa Lindsey
President / CFOGulf Coast Community FCU
Gulfport, Mississippi
Asset Size: $64 MM
Core Processor: Open Solutions
“We were one of the first credit unions in the area to implement the Strunk & Associates’ Overdraft PrivilegeSM Service Program, and that was in 2002. The core processing system we were using at that time was not able to handle it but we were so impressed with the service, we decided to go ahead and implement the program manually. We recently converted to Open Solutions and they do offer the automated processing so that’s been great, but we have never regretted going ahead and implementing it manually as it has been that valuable to us.
We never really considered implementing a program on our own as we were very concerned about compliance. We researched some other providers but one of the consultants we work with highly recommended Strunk and their Overdraft Privilege product. We valued his judgment, so we chose Strunk.
We relied on Strunk to handle the program and they have done that. They provide information on communicating with members, letters, and procedures to keep the service running smoothly. They are also excellent in keeping up with all the rules and regulations. In fact, we believe their regulatory compliance expertise is second to none. Maintaining appropriate compliance is very important to us and we like knowing that anything Strunk sends us to use in our communications with members has already been cleared by their compliance team.
Our members love Overdraft Privilege. As far as the economy, our area has had its ups and downs. After Katrina, we had a thriving economy and there was a large influx of cash. Naturally the service wasn’t as necessary for our members during that time. However, our economy has leveled out now, so we find members are utilizing it again. Although we don’t actively market or promote Overdraft Privilege, we announced the service to our membership when we initially implemented it, and now we simply provide information on it to new members. The members know it is available if and when they need it, and they obviously appreciate having the program. It’s just a great service in every way and we would certainly recommend it to any other credit union looking to expand its service offerings.”
Dennis Hunter
Marketing DirectorCoast Central Credit Union
Eureka, California
Asset Size: $954 MM
Core Processor: Ultra Data
“We’re very proud of our credit union. We operate in three counties in northern California – Humboldt, Del Norte and Trinity serving 52,000 members.
We adopted Strunk’s Overdraft Privilege Service, which we call Courtesy Pay, in the spring of 2007. We took the decision seriously, looking at two or three other overdraft payment providers before deciding on Strunk & Associates. We even looked at developing and implementing an overdraft payment program on our own but that proved to be a little bigger task than we wanted to take on.
If you summarize our decision to go with Strunk in two words they are – Cost & Compliance. Strunk’s program was preferred both from a cost and revenue standpoint; plus their attention to regulatory aspects of overdraft services was superior to the others. They make sure their program is compliant and we like the fact that they send out regulatory mailings twice a year to keep us apprised of any regulatory changes. We don’t have a compliance manager and we rely on Strunk and the important information they provide to help keep the program running smoothly and properly.
We’re audited regularly, of course, and our audits can attest to Strunk’s regulatory expertise. We have internal audits as well as audits by the State Department of Finance and the NCUA and have never had an issue with our Courtesy Pay program.
Our members appreciate the value of Courtesy Pay which we’ve packaged with a number of other services such as electronic banking, debit cards, direct deposit and other products.
We were very impressed with the way Strunk rolled out the product. They were exceptional in implementation and training. Their representatives went to all 11 of our member service branches and briefed management as well as back office staff.
Jeff Cole
Vice PresidentEFT Payment Services
Georgia’s Own Credit Union
Atlanta, Georgia
Asset Size: $1,658 MM
Core Processor: EPL, Inc.
In 2007, Georgia’s Own Credit Union officially changed its name from Georgia Telco Credit Union as a means of reflecting an expanding membership base. Serving more than 120,000 members, the Credit Union’s field of membership includes over 350 Sponsor Groups, as well as the residents of Chatham, Cobb, Cherokee, DeKalb, Fulton, Gwinnett, Hall and Rockdale counties. Georgia’s Own operates 17 branches located throughout the state, including a new environmentally friendly Alpharetta, GA location. In addition to a wide array of competitive products and services designed to help our members build strong financial futures, Georgia’s Own organizes itself around three core tenets: We stand for the prosperity of our members; we stand for unmatched service; and, we stand for a healthy planet.
While the Credit Union prides itself on our expansive and competitive product/service offering, one of the services our members most value is the Overdraft Privilege Program, which we implemented in April of 2007. After considering designing and implementing a program on our own, we found it more efficient to utilize Strunk & Associates, L.P. Not only is the company experts in the context of Overdraft Protection, but they also understand the landscape in which we operate.
In addition to their expertise, there were other reasons we chose to partner with Strunk & Associates. After reviewing two other providers, we determined that the firm’s excellent relationship with our core processor, coupled with the references we received from Strunk clients, gave the firm clear advantage.
Because of our success with Strunk & Associates, we have also reviewed the Reward Checking program as an additional member service, but are yet to implement the product.
Members have expressed a great deal of appreciation for the Overdraft Privilege Service and the fact that their items are considered for payment and purchases completed, saving time, money and embarrassment. In addition to our members, management realizes the value of the product and how it has enhances our ability to offer solutions to our membership.
Beyond the overwhelming positive manner in which the service has been received, Strunk & Associates also made the introduction and implementation seamless. Strunk worked hand in hand with our Implementation Coordinator to map out a well organized plan, to stay in constant contact with us, and to keep the project on an efficient schedule. Strunk & Associates also worked with staff to ensure a positive experience for both the employee and the member. In fact, our entire staff received on-site training for over a week, coupled with follow-up teleconferences. As a result, the program roll-out went off without a hitch, and we were pleased with the level of confidence our front-line employees gained through the training. This level of know-how enabled staff to explain the service to our members with both accuracy and conviction.
The product was ultimately launched as a part of our new Checking Offering, which has been very successful in adding and retaining Checking Accounts. Overdraft Privilege has become an excellent service addition and selling point coupled with checking services. We would recommend Strunk & Associates with enthusiasm and confidence.
Mary Isaacs
Senior Vice President / CFOAltra Federal Credit Union
Lacrosse, Wisconsin
Asset Size: $843 MM
Core Processor: Summit Information Systems
Altra Federal Credit Union implemented Strunk’s Overdraft Privilege in July of 2006 and in 2007 the credit union added REWARDChecking to their service portfolio. Focused on the member, Altra incorporates products and services that enhance its value. It’s been working. Altra has been experiencing extraordinary growth, especially in recent months. Mary Isaacs, Senior Vice President and CFO discusses how these services have contributed to both member relations as well as growth.
“Our members appreciate the overdraft privilege service . . . they would rather have us pay the check and avoid the embarrassment. It’s especially useful with the check card. We’ve had very few members opt out; only 57 members out of 55,000.
Implementation went great. Our employees received thorough training and the software installation went smoothly.
When NCUA was here, Strunk was available to answer specific questions about the program and help us point the NCUA examiners in the right direction. We have never had any regulatory issues with our program. Our brochures and policy were reviewed by Strunk and this helped us feel more comfortable about the compliance aspect of overdraft privilege.
Our first full month with REWARDChecking, what we call Altra Plus, was September of last year. Since then, we’ve received around $6 million in new accounts and we estimate we’ve increased existing accounts between $10 and $15 million. We have around 1200 new members and 300 existing members who have opened checking accounts. In February we had our best new member and new checking month in the history of our credit union. The buzz that Altra Plus checking is creating in the community is phenomenal.
We’ve tied other services to our Altra Plus checking which members enjoy; these include the use of E-statements, online banking, direct deposit or one on-line ACH debit, and 10 Altra Visa Check Card purchases.”
Nicholas M. Lacetera
President / CEOPeople’s Alliance Federal Credit Union
Happauge, New York
Asset Size: $218 MM
Core Processor: XP Systems
The People’s Alliance Federal Credit Union has been a Strunk client since 2006, having adopted Overdraft Privilege in July of that year. Their members have been delighted with the product and it’s been a win-win service since its inception. President and CEO Nick Lacetera discusses their experience and the product benefits.
“Since we adopted Strunk Overdraft Privilege we’ve had a very positive response. Members could not believe we were paying overdrafts and not returning them unpaid.
Strunk was excellent to work with. They had a representative here for a week assisting with implementation and training. And they were willing to hold as many training sessions when and where we needed. Plus, Strunk provided samples of policies, procedures and letters for us to use and customize if we wished. On the regulatory front they stay up on the issues and send documentation on any regulatory changes that affect us and they have a person on staff we can contact when we need answers.
Our overdraft privilege program has been a benefit to both members and our credit union. The revenue we accrue goes back into the credit union, enabling us to provide more benefits and member services.”
Keith Cranfield
Executive Vice President Of FinanceE Federal Credit Union
Baton Rouge, Louisiana Asset Size: $264 MM Core Processor: Fiserv IntegraSys – CUBE
Strunk & Associates has made it top priority to design a discretionary overdraft payment program that meets or exceeds all known regulatory rules and regulations. We are committed to providing the best operational and compliance support in the industry. But in the final analysis, it’s up to the individual credit union – to make sure its service is consistent, run properly and its program provides a true benefit to its members.
We visited recently with representatives of E Federal Credit Union in Baton Rouge, Louisiana. One of the first credit unions chartered in the country, with charter #13, E Federal will celebrate its 75th year of operation next October. They have a simple philosophy – put the member first. Or, as they like to say, be member-focused.
E Federal is a client of Strunk’s, having implemented our overdraft privilege service in April of 2006. Before they did, however, they weighed the merits of the program for its suitability to the membership at large and evaluated a number of vendors to see which overdraft payment firm best fit their needs.
E Federal follows the policy of only enlisting into the program eligible members, according to Executive Vice President of Finance Keith Cranfield. It is strictly discretionary. “If we have a member who doesn’t want to participate, we honor that request. We also educate members about other overdraft protection options, such as funds transfer from savings or a line of credit,” he explains.
Carried a step further, Cranfield says if someone wants to opt out, even after an overdraft has been paid and fee assessed, they may opt out and E Federal refunds the overdraft privilege fee on a one-time basis. “Most of our members like the service and feel it provides value. But for those who don’t, they can easily withdraw from the program,” he continues.
Cranfield also appreciates the regulatory and compliance support that Strunk provides. E ederal’s Executive Vice President of Operations Mark Staid has, among his other duties, the responsibility of insuring that all of the credit union’s products and services will stand up to regulatory review. He notes that Strunk’s periodical mailings, newsletters, and regulatory expertise help them keep the program in compliance.
Cranfield points out that E Federal is regularly checked by internal auditors, outside auditors as well as regulatory examiners and their overdraft privilege service has passed all tests. “We also take the information Strunk provides very seriously. We review it thoroughly to make sure our program is up to par and their recommendations on best practices are followed,” according to Cranfield.
E Federal has a long tradition of serving its members, many of whom are in the energy industry in and around Baton Rouge. They currently have nine branches with an eye on expansion. “Revenue generated from our overdraft privilege service goes back into our institution helping us provide better services for our membership as well as expand our base of operation,” Cranfield adds.
“We recently applied for, and were granted, a Community Charter. Our plans are to add three branches in the next 18 months to better serve our outlying members as well as grow our membership,” he says.
Ellen Kuiper
President & CEOABCO Federal Credit Union
Rancocas, New Jersey
Asset Size: $156 MM
Core Processor: In-house With Harland Ultradata
“We heard about Strunk through Dollar and Associates who we use as consultants. Dollar highly recommended Strunk.
We had looked at other discretionary overdraft payment programs but decided on Strunk. We liked Strunk mostly because of their expertise in compliance. We knew we were well covered. They understood everything in terms of regulatory issues surrounding overdraft privilege.
Before Overdraft Privilege we had a basic line of credit for overdrafts.
We got the program going in October of 2006. It was easy to implement but we tweaked it a little. For one thing, we set a little tighter limit on overdraft than is standard. Everything went easily and efficiently.
The members love it. We monitor it carefully to make sure members don’t get into a bad situation. If they get too extended we take them off the program for a period of time. Most straighten their account out and are anxious to get back on.
We’ve been focused on fee based services for a number of years so we’re a little ahead of the curve. In fact, with the addition of overdraft privilege and some other fee-based products, we’ve been fortunate enough to where we’ve recently been able to reduce some fees overall for our members. Strunk’s overdraft privilege has out-performed our expectations. The company provided us revenue projections and our program has surpassed them.”
Martha Richardson
CEOFranklin First Federal Credit Union
Greenfield, Massachusetts
Asset Size: $53 MM
Core Processor: COCC
“We had been interested in implementing a program for quite some time. We had done some research on various overdraft payment providers. We were sent some information on Strunk & Associates so we decided to give them a try. We implemented the program in May of 2006.
A principal reason we liked Strunk was that they had a good working relationship with our core processor, COCC. In fact, COCC recommended Strunk.
Before implementing overdraft privilege, we had two options for members who had an overdraft: 1) conventional overdraft with fees or, 2) we had an overdraft loan.
Without a doubt, one of the major strengths of Strunk is their knowledge of all the regulatory issues surrounding overdraft privilege services. You can see that in all aspects of their program. From their staff training, to their recommended forms, letters, reports, the entire service is well thought out and organized. We’ve had audits by independent agencies and haven’t had any compliance issues.
The members apparently appreciate the program. We’ve only had two opt out since we started it.
I’ve been here 23 years and I’ve never seen our net interest income squeezed to the extent it has been recently. It’s been hurting us. You can’t plan long term. Our margins just aren’t there so other sources of revenue are important.
We evaluate very carefully what products we offer members. We always want to implement services that are in our member’s best interest. The credit card we offer, for example, has a very competitive rate. Our overdraft privilege is something members appreciate and we feel is a benefit to both them and our institution. And although our non-interest income has grown compared to our interest income, our fee based income is still only 19.5% of our total gross income.
Overall, partnering with Strunk has been a win-win situation for us and our members. The implementation went smoothly, and the software has been problem-free. Our overdraft privilege service has enhanced our fees. Strunk made some conservative projections regarding income and the program exceeded those projections as well as our expectations.”
Linda Barlett
Operations ManagerCommunity Driven Credit Union
Ypsilanti, Michigan
Asset Size: $58 MM
Core Processor: Aftech
“When we decided to look into an overdraft payment program, we evaluated four different companies. We were most impressed with Strunk. Their program worked in with us very well. In fact, when we first went with Strunk we had a different processor. We changed over to our current processor with no problems whatsoever.
We compared the providers based on a number of factors. We looked at cost, what kind of software they provided and would it interface with our system. Member service was important to us. With cost and software the other providers were comparable. But Strunk excelled when it came to member service. We have been on the Strunk program since June of 2005.
Another area that we felt very strongly about was regulatory expertise. It was apparent Strunk understood compliance. They provided compliance materials and they periodically send out compliance packages that contain updates as well as recommendations for best practices. It’s worry-free because Strunk is behind you and advising you on a continual basis.
Our credit union has been checked out a number of times since we adopted the overdraft privilege service, both by auditors and examiners. The overdraft service has never come up. They’ve reviewed it and never found a problem.
When we implemented our overdraft privilege we didn’t increase our fees over what we had been doing before. We just offered the additional service. So instead of returning the check and incurring fees, the check is paid. I don’t think we’ve had one member ask to be taken off the program. We’ve had a number of members call us and thank us for the service.”
Jeanne Chichello
Executive Vice President Of OperationsPinnacle FCU
Edison, New Jersey
Asset Size: $154 MM
Core Processor: XP Systems
“We learned about Strunk from one of our vendors who had brought us other programs. We liked Strunk primarily because they were the most responsive, always called back when we needed something, and explained everything very thoroughly.
It surprised us that the program enhanced earnings and at the same time our members loved the service. It was hard to believe. Frankly, before the decision was made to implement a discretionary overdraft payment service, our board was a little skeptical whether the product was member friendly. After adopting the service, we found that members actually saved money in total fees.
Strunk conducted extensive on-site training. The representative from Strunk went to all of our branches to explain this process. It surprised us that the program enhanced revenue and at the same time our members loved the service. It was hard to believe. The Strunk account manager came with me to every branch to explain the process, attend our staff meetings, managers meetings and spent lots of time with our back office departments to make sure the flow was correct and the program was integrated properly.
Strunk also supplied all the materials we needed including manuals, compliance information, everything required to process the program, even the letters to our members.
In terms of Strunk’s experience on regulatory aspects of the program, they were right on the money. They also took their time with us explaining each and every compliance area and recommendation to make sure we understood what we were committed to.
Before implementing the discretionary overdraft payment program, we returned all overdrafts.
Member feedback has been positive, not an issue…our members love the service. It saves them the embarrassment of returned drafts and it saves them money. The service has definitely helped our bottom line. We are pleased with the service, our Board is pleased and our members are very happy.”
Steve Pollman
CEOMagnolia FCU
Jackson, Mississippi
Asset Size: $112 MM
Core Processor: Internal
“We were looking at various options when considering an overdraft payment program. We knew some organizations implemented their own but we didn’t want to take that route for a number of reasons. We decided to go outside. We evaluated programs offered by Pinnacle, Strunk and Floyd. We were serious about finding the right firm.
We eventually decided on Strunk. They understood the program and were up to speed on all aspects of compliance. They presented us the right way to design and implement an overdraft privilege service. I had worked for other financial institutions in the past. There wasn’t always consistency in the way they treated overdrafts. With the Strunk Overdraft Privilege Service Program it’s all automated and fees are consistent for all members.
Before the Strunk program, this credit union handled all overdrafts pretty much the same. If you wrote a bad check, for whatever reason, and had made no prior arrangement for overdraft protection, that check was returned unpaid. This system certainly provides a way to offer a better service for our members.
Regulatory compliance was probably the biggest reason we didn’t implement our own overdraft service. The regulatory environment dictates that these programs be designed and implemented just so without room for error. We decided it would not be wise to do one on our own. We wanted to get started right and we wanted the program to stand up to all the rules and regulations. That’s another reason we went with Strunk.
Another strong point with Strunk is that they provided all sorts of materials, letters, a Best Practices manual, guidance on the program; I can’t remember offhand, all the things that were made available to us. And on top of that, they would send us reminder e-mails throughout the implementation process.
Member feedback has been good. They see it as a distinct benefit. And in fact, none of our members has opted out.
Lastly the program has enhanced our earnings, strengthening our organization and the services we offer.”
Lynn W. Owen, III
President & CEOInsight Financial Credit Union
Orlando, Florida
Asset Size: $438 MM
Core Processor: Ultradata
“When we first considered a program we conducted an exhaustive search of overdraft privilege providers. We found Strunk through their ads in industry publications such as Credit Union Times.
Strunk came highly recommended from other credit union leaders as a first-class overdraft privilege service. We carefully evaluated comments from references, especially with regard to member service. It is a priority at Insight Financial to identify our members’ needs and offer a solution that will improve their financial life.
All of the compliance issues were handled fully by Strunk. We received all of the disclosures necessary to introduce the new service, and Strunk worked with our marketing department to help them develop compliant promotional materials. Strunk also provided all of the procedures for our employees to begin offering the service.
Strunk also provided training classes on-site for all of our front-line employees. By the end of the training session our staff was fully prepared to present the service to members, answer questions and even address member objections. The training was very interactive and also served as a kick-off to excite our staff about the new service.
We were provided all of the necessary materials to ensure the program ran smoothly including the President’s letter to members announcing the new service, compliant language to be used in the brochure, procedures for our staff, letters to set up the Fresh Start Loan for members who overdraft into the negative, as well as ongoing regulatory updates.
Member feedback has been positive. They love the program because it gives them peace of mind that their overdrafts will likely be covered. There are many member benefits to the overdraft privilege service:
Overdraft privilege saves our members money because previously their overdrafts were returned to them and they would have to pay merchants a bounced check fee.
Overdraft privilege is less expensive and safer than a payday lender or a check cashing company.
There’s no waiting for paperwork to be approved since the overdraft service is tied directly to the member’s checking account and they can access up to $900 immediately.
Our members know that we always have their financial well-being in mind. It is the mission of Insight Financial Credit Union to provide exceptional member service and innovative financial products. Overdraft privilege does just that.
Overdraft privilege has made us less reliant on the interest rate spread. Fees are a constant and can be projected from month to month, independent of interest rates. The fee income from overdraft privilege has given us the ability to offer other products and services and be more competitive on savings and loan rates. And the best part is, offering overdraft privilege — even for a fee — is in the best interest of the member.”
Michelle Brown
Financial Reporting ManagerTruStone Financial Federal Credit Union
Minneapolis, Minnesota
Asset Size: $643 MM
Core Processor: Ultradata
“We interviewed several ODP providers before choosing Strunk. We liked the fact we could utilize their program using our core processor.
In the past we had no overdraft payment program. We returned all items NSF.
Strunk is very good at giving us the information we need to give to our members. They also were good in answering questions about how the new regulations will affect us at the credit union. They are conservative in their approach and recommend we give all the information on the program to our members rather than not enough.
Strunk spent three days with us setting up the program and conducting training sessions so everyone at our credit union could learn about and understand the new ODP product. Strunk even helped conduct training at our various branches – even in southwestern Minnesota — to make it easier for staff to attend classes.
We received lots of information on the program from Strunk, which we really appreciate. They gave us a 27 page training guide which we gave our staff. I also like their information guide on Best Practices plus the sample letters. And we have brochures we can share with our members. I have a two inch binder with all the information we need provided by Strunk.
We have members who think the program is a lifesaver. We’ve had very few members opt out.
The program has increased our non interest income but most importantly, it has been a great new service for our members.”
R. Lee Powell Jr.
President/CEODesco Federal Credit Union
Portsmouth, Ohio
Asset Size: $254 MM
Core Processor: In-house
“Our credit union has $181mm in assets. We don’t have a core processor. We employ several programmers and all code is written in-house. As far as overdrafts go, historically we paid them on a selective basis.
References were very important to us when selecting an overdraft payment provider. The Kemba Credit Union in Cincinnati actually referred Strunk & Associates to us. We also checked with others who had experience with Strunk and got good reports.
Compliance is a major issue with overdraft payment programs. It is very important to us to implement a program that is compliant with all of the new regulations. We are pleased with Strunk’s emphasis in the area of compliance. In fact, Strunk conducted on-site educational sessions on regulatory and other aspects of their program with all of our staff. They were up to speed on everything before we even initiated the service.
It’s been a good service for our credit union as well as our members. We’ve received excellent feedback from many of our members and it’s been positive in terms of our organization’s bottom line.
Barbara Lennox
Director Of Member ServicesNew York State Credit Union League
“While the New York State Credit Union League (NYSCUL) does not officially endorse companies, we have developed a program called the Credit Union Resource Program. This program allows different levels of marketing opportunities for companies and it also provides credit unions with choices for their products and services. We only accept companies into the Resource Program who have had favorable references from the credit union community.
Strunk & Associates is a Platinum (our highest) level sponsor and has attended our annual convention as an exhibitor for several years.
Our experience and ongoing relationship with Strunk has been very positive. They have demonstrated a high level of
commitment to provide quality, customer-focused service to their clients.
We’re also very proud of our organization. The NYSCUL has served as the trade association for the state’s credit unions for more than 80 years. It is the fifth largest league in the country. New York credit unions have assets of more than $38 billion and more than 4.1 million members. To learn more about us visit www.nyscul.org.”
Bob Hoefer
President & CEODupaco Community Credit Union
Asset Size: $965 MM
Core Processor: Harland Financial Solutions – Ultra
“When we became interested in implementing an overdraft privilege service for our members we knew the selection of a program provider would be an important one. After careful consideration, we chose to work with Strunk & Associates because of their excellent reputation and proven experience. They introduced our overdraft program. That was in 2003 and we have not been disappointed.
Since we began working with Strunk & Associates they have delivered an excellent product, been responsive to our needs, and have operated in a highly professional manner. Strunk’s expertise in the regulatory arena and diligence in keeping their product fully compliant has also been beneficial in light of new federal regulations. Their discretionary overdraft program has been a valuable addition to our service portfolio, creating a win-win situation for both the credit union and the members.”
Tom Crapo
V.P. OperationsVermont Federal Credit Union
Asset Size: $330 MM
Core Processor: Summit Information Systems (Fiserv)
“We were familiar with Strunk but our first experience with the company was at a Florida conference where some of our credit union attendees heard Bill’s presentation. We then decided to meet with them. But they weren’t the only provider being considered.
When the credit union wants to evaluate a program like this, we typically identify a lead person from the senior management team to coordinate the review process. In this case, I had that responsibility. The first step was to identify the companies that we wanted to review, develop and send an RFP, and evaluate the responses to those RFP’s. After the initial review of the RFP’s, site visits were scheduled to meet with our management team. After the site visits, an analysis was prepared – along with my recommendation for Strunk & Associates – and was delivered
to the senior management team. I might add that we were also looking at the possibility of producing and administering our own overdraft service. We ultimately decided an outside provider made the most sense.
We selected Strunk & Associates for a number of reasons. First, their regulatory expertise on issues involving overdraft programs was excellent. Their methodology to implement the program at the credit union, compliance and marketing support, and the positive feedback resulting from my discussions with other Strunk clients. I also have to add that their lead representative, Mike Potter presented himself and the company very professionally and his knowledge of the product and his ‘best practices’ suggestions were very helpful. Overall, the package he presented to us was outstanding.
Our decision for selecting Strunk was further validated through our program implementation – specifically training – which was done very well. They assigned to us a special trainer, Edgar Millan, who led the senior management team and key retail staff through everything including all aspects of the decisionmaking process, best practices, and policy and procedures development. They made sure we were up and running smoothly.”
Barbara Irle
Senior Vice PresidentKern Schools FCU
Bakersfield, California
Asset Size: $1,255 MM
Core Processor: EPL
“We first heard about Strunk and Associates at an EPL users’ conference. Since they were already working with EPL, we thought it would be easy to integrate the Strunk Program within our system.”
Offered A Complete Package
“What attracted us to Strunk and Associates was that they had all the marketing materials, offered to conduct all the training and in general, provided a package that we couldn’t resist. We also felt that Strunk and Associates really did their homework with regard to compliance with regulations and notices. And their service turned out to be just great. They got everything ready for us. We brought in all of our staff from the Bakersfield area and Strunk conducted training for our entire group. We now have Strunk’s Overdraft Privilege Service Program offered in all 13 of our branches.”
Marketing Strategy
“We started the program by mailing a brochure to all of our members explaining the discretionary Overdraft Privilege Service Program. Our members just love it. Yes, it does cost our members a service fee, but it is the same fee they would be charged for an NSF. But if we send the check back, it would cost them an NSF fee and a fee from whomever they originally made their purchase. Plus, the ODP program saves them the embarrassment of having the check go back.
We have a lot of non-depository cash checking places in our area – as everybody does. In fact, we’re across the street from a check cashing company. Even though we charge a fee for the ODP service, it’s still less expensive than going there. We’re now giving a lot of people reasons to open a checking account with us which they wouldn’t have considered before.
The Strunk program continues to be very good for our credit union. It has strengthened our financial position and charge offs have been very low. We’ve also had a lot of success with the Fresh Star program.”
Tommy Seargeant
President & CEOGreater Texas FCU
Austin, Texas
Asset Size: $468 MM
Core Processor: Ultradata
“When we first considered adopting an Overdraft Privilege Program we spoke to a number of providers including Strunk & Associates. Robert Hernandez, our CFO, contacted our regional Strunk Representative and he came out and gave a very impressive presentation. I was especially impressed by Strunk’s expertise on regulatory issues and compliance.”
Member Demand
“We frankly hadn’t considered the program until we had several members ask for this service. We have three branches in the College Station area that serve Texas A&M University. We actually lost a few of these members to other credit unions and banks because we did not offer a discretionary overdraft payment program. Account closures will get your attention. Our program is just now getting started.”
Engagement Services
“I like the way Strunk handles the program. An engagement manager was involved in implementation and came in and trained our staff. He did an outstanding job in covering everything we needed to know.
The bottom line is that it’s a service our members want. When we announced the service in our member newsletter, Insights, we got an overwhelming response – members are happy it will be available. Many of them may not use it, but they are glad it’s there. They appreciate the fact that payment of their check may be considered which may help them avoid the embarrassment of a returned check.”
“The bottom line is that it’s a service our members want”
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