FOR IMMEDIATE RELEASE
ICBA and IMPACT Financial Services Partner To Offer Overdraft Solutions for Community Banks
Washington, D.C. (July 8, 2009) —The Independent Community Bankers of America (ICBA) today announced it has selected IMPACT Financial Services, a fee enhancement program provider headquartered in Franklin, Tenn., as its Preferred Service Provider (PSP) for community banking overdraft solutions. The ICBA/IMPACT Overdraft Solutions Program is designed to help community banks create more robust overdraft programs and improve account holder loyalty as well as mitigate regulatory risk and increase program compliance.
“To thrive in today’s economy, many community banks are looking beyond the conventional methods to increase core deposits,” said Dan Clancy, ICBA senior vice president of services. “IMPACT was selected to provide overdraft solutions for ICBA member banks because it offers a responsible and balanced approach that provides equal value for both the bank and the consumer. This, along with IMPACT’s emphasis on compliance and its unmatched compliance guarantees, makes the program very attractive and effective for community banks of all sizes.”
The program will help ICBA member banks create new and fine-tune existing overdraft programs for maximum return. This service is geared toward community banks that have an existing vendor-provided program, an internal non-promoted program or no formal overdraft program.
“IMPACT is pleased to have the opportunity to serve the nation’s community banks with comprehensive overdraft solutions,” said Robert Flowers Sr., president of IMPACT Financial Services. “Our goal is to foster the continued growth and success of participating community banks by unleashing the potential of their existing overdraft programs.”