Software Solution for Regulation E Opt-In Requirements

SCS has developed the Regulation E Opt-In Tracker solution to facilitate the opt-in requirements under Regulation E. Best practice strategies are included in the solution to generate letters, phone calls, online banking messages, mobile banking alerts, and email notifications, all of which can be customized to meet your needs. Its contact management application processes automatically scheduled, follow-up call activity through its contact management application. The Tracker solution takes a holistic approach to addressing the Regulation E opt-in requirements and is an organization-wide solution for in house use.

Communication Strategy Application

The communication strategy application, populated via predefined data feeds from your core applications, automatically produces the communications needed to contact your account holders based on their own channel preference. Using account-based, segmentation techniques, we can identify key usage groups based on the account holder’s propensity to use the overdraft service and the channel where the service is used. These groups receive targeted messages that convey the importance of opting in to the service. The actual communications can be a combination of letters, calls, email files, online and mobile banking messages, or alerts.

We align the communication process with your institution’s preferred strategic approach and your account holders’ preferred communication method. Once the confirmation is received, the opt-in confirmation letter is automatically generated. The confirmation letter documents the account holder’s decision and provides the account holder with the right to revoke the decision at a future date.

We recognize that tracking the opt in is critical to the overall process and our application stores the opt-in preference in history whenever a change occurs. What this means is that you are able to see over time whenever the account holder or a joint holder on the account has changed the opt- in preference. This feature may aid in researching any questions about the assessment of fees if the opt- in preference changes frequently.

A vital component of opt-in management and the future success of your overdraft service is knowing when it is necessary to communicate with existing account holders after the August 15 deadline. While every attempt may be made to obtain the opt in prior to the deadline and to implementation of new account opening procedures, your account holders may just not respond to your requests. We provide you with the tool to offer the service when the account holder is most likely to opt in. Our strategy application identifies those times and automatically generates the necessary communications to convey the benefits of the service and how to exercise the option to opt in. No person has to manually review or initiate the activity; the strategy solution automatically monitors your accounts and generates the necessary communications.

Dedicated, Hosted Website

If you are interested in using a website for this process, but incorporating the changes into your existing online banking solutions is an obstacle, no need to abandon the idea. We can provide you with a dedicated, hosted website unique to your institution. Included in the website is:

• Content and images that conform to your brand
• Account holder authentication
• Presentment of the consent opt in form and clear, concise instructions on how to opt in
• Confirmation automatically sent via email

Customized to your Institution’s Needs

We want to ensure that you have the most effective approach to reach your account holders and to successfully administer the opt-in requirement. Whether you need