High Yield ‘Rewards’ Checking

Product Info Sheet

 

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Have you considered offering a high yield/rewards checking product, but were put off by the high price of the software to support it?

 

One of our clients found themselves needing to offer a High Yield Checking solution to compete in their local market, but were suffering from sticker shock from the other solutions that had been presented to them. Then they came to Problem Solved and asked us to develop a product designed to satisfy all their needs.


The solution we developed provides all the required functionality and does so entirely on the core Spectrum system. Not only does this design make your life easier, it is also extremely efficient, and is offered at a very affordable price.


Credit unions implementing a high yield/rewards-type checking product define a specific set of criteria that must be met to qualify for the full benefits of this product. Requirements normally include:

The members that qualify for the benefits will normally receive a higher than market dividend rate or a special reward, and a rebate of foreign ATM/POS surcharges and credit union charged ATM fees for that period.

 

Member notification of qualification or lack thereof is provided on the member’s monthly statement. We provide all the information in this notification to let the member know why they did or did not qualify. This can include the interest rate they received or the reward earned, and the amount of surcharge and fee rebate for the period.

 

One of the very important features of our solution is the speed of the end-of-period processing. To ensure that this part of the process runs efficiently, we track the transaction-related data each day throughout the month. The end-of-period process is normally completed in less than 20 minutes and is a dramatic improvement over other solutions currently available from other vendors.

 

In implementing this product, our consultants work with the credit union to ensure we set up all the options to match your requirements and any needed changes to support the custom notification messages that will be displayed on the members statements.

 

Our solution provides all the functionality you need without the monthly account fees charged by other vendors.

 

As with all of our solutions, we make sure this important project proves to be a very painless process for the credit union.