How will your financial institution deal with potential lost fee income?  Is this truly the end of free checking as some have suggested?

If your institution is wrestling with these questions you are not alone. No financial institution is thrilled by the changes the Electronic Funds Transfer Act, Regulation E Section 205 (“Reg E”) brings.

Do you have a plan for recovering the costs and lost revenues?

According to a recent Federal Reserve study, POS debit and ATM transactions make up 48.8 percent of all NSF transactions. Extrapolating from this, regulation change could result in a loss of up to half of all overdraft revenues. Additionally the cost of compliance is not insignificant.

Turn Reg E compliance requirements into opportunities.

With deep industry experience, West Monroe Partners can help your institution turn Credit Card Accountability and Disclosure Act compliance responsibilities into opportunities to build trust with your customers and replace lost revenue. To learn more, take a few minutes to read our recently published white paper, which outlines our structured approach to Regulation E compliance in more detail. At the core of this approach are several strategic activities: segmenting your customer base, understanding these segments’ impact on revenue, prioritizing resources, and, of course, selecting the right partner.

Leading banks are evaluating an array of potential strategies.

West Monroe Partners can help you determine which strategy or strategies are right for your financial institution based on several factors: your technology flexibility, DDA customer base and its use of overdraft, desired market positioning, and overall business strategy.

Please take a minute to read our white paper and contact West Monroe Today.

That's Business in the Right Direction.  Go West.