We are pleased to announce that Springfield, Ohio-based IH Credit Union has selected BSG Financial Group as its partner in managing its courtesy overdraft service.
According to credit union officials, IH Credit Union ($314 million in assets) selected BSG Financial Group and its CourtesyConnect®/CourtesyLimit™ software—displacing an incumbent third-party vendor it had engaged for 12 years—as a way to streamline overdraft management processes, while continuing to provide the same or better service that members have come to expect from the credit union.
In addition, the credit union sought to improve the methodology of setting overdraft limits in order to better meet members’ short-term liquidity needs. “We had been using a ‘one-size-fits-all’ approach to overdraft limits, but felt we should be more responsive to changes in our members’ financial situations," said Robb White, Chief Executive Officer of IH Credit Union.
The web-based CourtesyConnect®/CourtesyLimit™ software automatically calculates individual, daily overdraft limits that change based on a member’s ability to repay the overdraft and its corresponding fees. In addition the software also provides detailed reporting, including usage, Reg E opt-ins/opt-outs/no responses, charge-offs and collections, to assist the credit union in effectively managing risk and overall program performance.