Velocity Solutions is the NAFCU Services Preferred Partner for Account Holder Premium Card Rewards Program and Overdraft Management Solutions.
Listen On:
Key Takeaways:
- [03:27] Out of the top 20, 12 out of 20, 60% of the larger banks have gotten rid of the NSF fee.
- [05:32] A Morning Consult study showed that about half of Americans said that overdraft fees are fair.
- [06:19] There are studies out there that show that responsibly run overdraft programs actually provide benefits to consumers that are many times the amount of the overdraft fee. 7 to 1 is the benefit that consumers receive.
- [10:28] If you are a credit union that is willing to pay items for consumers that value overdraft and not charge a monthly fee just to have an account you can really win here.
Presented By
Christopher Leonard
CEO, Velocity Solutions
Christopher Leonard is CEO of Velocity Solutions. He’s been with the company since 2005, having previously served as President, Chief Operating Officer and General Counsel. Prior to joining the company in 2005, Christopher was an attorney working with privately and publicly held companies in various transactional, compliance and advisory capacities. He also served as counsel to Velocity Solutions advising on, among other things, regulatory issues affecting the banking industry.
This experience allows him to serve as a valuable resource for Velocity Solutions clients and partners on a host of legal and regulatory issues. One area that he has been closely monitoring over the years is the changing guidance and thinking around short-term, small-dollar consumer lending from the various regulatory agencies, and how it affects community financial institutions and their account holders.