Peak Series – Assistance During Covid-19: Waiving or Reducing Deposit Fees

During these uncertain times Peak Consulting is here to assist community banks to better serve their customers. As much of the population has found themselves in tough situations whether it be reduction in income or filing for unemployment many banks are assisting by waiving charges and fees to help offset the impact of the pandemic.

Although many banks are interested in aiding their customers, they don’t always know how to make these changes happen within the core. Here are some ideas for taking care of bank customers affected by the coronavirus by reducing or waiving fees on Deposit accounts:

  1.      Create a Waiver Service Charge Code to waive normal maintenance and activity charges per account. Peak recommends setting up a special waiver code and description for the pandemic to be able to identify these accounts.
  2.      Create a Waiver Overdraft Code to waive subsequent overdraft charges on negative accounts. Peak recommends setting up a special waiver code and description for the pandemic to be able to identify these accounts.
  3.      Reduce or eliminate fees for Insufficient Funds for specific accounts or for all customers. Exception Plans can be set up to use on an account by account basis and new Decision Plans and Charge Plans can be set up with specific criteria to Pay – No Charge or to Pay with a reduced charge.
If you would like consulting on the best way to set up your Fiserv Premier® core platform for these recommendations contact us today for more information.

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