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Use the right overdraft provider to do the right thing

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first_img 12SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Jeff Harper Jeffrey Harper brings more than 25 years of industry experience to his position as president of ​BSG Financial Group. ​ where he heads up the Sales and Marketing divisions of the … Web: www.bsgfinancial.com Details I think we can agree that there are consumers who need short-term liquidity options. Among several recent studies, the Brookings Institution reveals that one-third of American households live paycheck to paycheck; and American Banker data cites that 54% of checking account customers are in poor financial health.Financial institutions can provide a valued service by offering a compliant overdraft privilege program to help these individuals manage unexpected, ill-timed expenses. In fact, a recent study by Novantas said that 66% of overdrafts occur when consumers knew they have a low balance, but want the payment to go through anyway.So how does your credit union offer a cost-effective service without encouraging reckless behavior? A good place to start is to review how your third-party overdraft vendor is compensated, which can affect the way the program is viewed by regulators and how it is executed vis-a-vis account holders.In a webinar called “Avoiding ‘OOPS!’ in Your Overdraft Protection Program,” Patti J. Blenden, CRCM, CPA, President, Financial Solutions for Growing Companies, Inc., warned that the practice by some third-party overdraft providers of pricing their overdraft programs based on a percentage of the increase in income the bank will generate is generally inconsistent with promoting the responsible use of these programs. You may have heard of this type of incentive compensation referred to as a “pay for performance,” which essentially rewards the provider with a percentage of the additional fee income generated by the program.Unfortunately, many third-party providers today still price their programs based on this form of incentive compensation. However, when compliance examiners evaluate whether the third-party relationship raises the potential for compliance, operational, financial and reputational risks to the financial institution, they may look harshly on such an arrangement.A third-party provider in this type of an arrangement may encourage practices that boost revenue in the short term, but are detrimental to the customer and the bank in the long run. The preferred pricing methodology is to establish a fixed price for the service that is not tied to program performance.Ms. Blenden made it very clear that neither an institution’s third-party vendor nor its own internal infrastructure should incent the fee income that can be generated by the overdraft service. She drew a comparison to the loan originator compensation that led to mortgage reform restrictions: “If we give people the incentive to make more money, they are going to come up with creative ways to do so and they may not be in the bank’s long-term best interest.”She suggested that institutions not only look at their third-party overdraft arrangement and eliminate incentive compensation, but also at their own institution: Do you incent employees to get more people involved in the program? These activities can be an indicator to a regulator or to an independent reviewer that your institution is focusing on incentivizing employees or the third-party vendor at the expense of the consumer… exactly what you do not want.Ms. Blenden’s final word on the topic (and we couldn’t agree more): “Make sure you’re using the right people to do the right thing.”last_img read more

Ian Bradley: Big Bang just the start for SBTech in 2019

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first_img Submit Just a few moments after the eagerly anticipated launch of Exploding Jackpots at ICE London, SBC News was there to talk to Ian Bradley, SBTech’s Chief Strategy Officer.We asked him what SBTech had learned from the successful Pulse reveal in 2018, and how the ‘Big Bang’ will bring about a new betting experience for SBTech partners.SBC: What did you learn from last year’s Pulse reveal?IB: We had great success with the Pulse launch last year, so we wanted to continue to drive innovation. Pulse has been very successful for our partners. Success has been two-fold, one: for SBTech in terms of how we talk and communicate with partners on the innovative features we can deliver, and two: for our partners who can offer our cutting-edge technology and new and highly engaging ways to bet to their players which, in turn, leads to a world-class betting experience.With the Big Bang launch, it was very similar. We launched two products at ICE: Exploding Jackpots and In-Play Aggregates, and it’s that innovation they can really talk to their customers about.SBC: How will the Big Bang bring about a new betting experience for SBTech partners?IB: The Big Bang centres on real-time progressive jackpots. Progressive jackpots exist across several game vendors’ own games already.But, we can now offer this across our entire sportsbook product and across any bet. This means operators can undertake highly targeted marketing promotions around what specific users want to bet on, whether it’s a certain game type or whether it’s the Super Bowl.An example might be ‘It’s the Super Bowl, come and bet live with us’, and a jackpot would be positioned to drop at any point during this event if players deposit £50 to £100 for example.SBC: What are the key target markets for the product?IB: The target markets for Exploding Jackpots are any of the regulated markets across Europe and the US where we have platform partners. It’s a unique feature for them to talk about and is really targeting that fun, recreational demographic that is looking for new and exciting ways to bet, enjoy their experience and win. If you look at In-Play Aggregates, that’s more focused across Europe where soccer bettors skip from game to game – across the Bundesliga, La Liga and the Premier League. In the UK we have Soccer Saturday, and then you go to the US and you’ve got things like the Red Zone on a Sunday, which means that people consume all games at once. They’re watching all these games, they’re watching highlights as it jumps around, so we’re really targeting the recreational fun of it all. It targets millennials, or Generation Z who have access to all the relevant games at once.SBC: What are the big hopes and targets for SBTech in 2019?IB: We’re going to continue to push our features, going live with Exploding Jackpots and In-Play Aggregates, and extending Pulse and the Yourbet Betbuilder style products, for example, while the US is going to have a lot of attention placed on it for sports as more states regulate. SBTech has achieved a great deal in 10 years, however we have huge ambitions to achieve even more, whether that’s across Europe or in the US. We’re launching some very exciting new European partners in the first half of the year and we’re building the whole of their front-end from our APIs. Also, as states start to regulate in the US, we’re going to have an aggressive roll out strategy for all our partners in retail and online. We’ve already launched the Big Bang and I’m sure there’ll be a lot more to come from SBTech. Related Articles StumbleUpon Kambi takes control of Churchill Downs BetAmerica sportsbook August 28, 2020 Jason Ader – No Boogeyman… Activism will play a vital part in reshaping gambling August 20, 2020 Share SG OpenMarket approval sees SportCaller expand FTP distribution capacity August 18, 2020 Sharelast_img read more

Kole Calhoun reflects on Angels career, being back in Arizona

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first_imgTEMPE, Ariz. — When Kole Calhoun played the final game of the 2019 season in an Angels uniform, he suspected that it would be his last time.The subsequent winter didn’t change that, up until the moment he signed with the Arizona Diamondbacks.“Never really a moment I though I’d be back,” Calhoun said Saturday, just before playing a spring training game against his former team. “There was some talk, but nothing very serious, which was fine. Don’t get me wrong. I know what’s coming in the minor leagues. I know what they got. And Goody. Like I said before I left, right field in the Angels organization is in pretty good hands with what they’ve got coming.”The presence of Brian Goodwin, and the looming presence of top prospect Jo Adell, made it a fairly straightforward decision for the Angels to decline Calhoun’s $14 million option for 2020. Calhoun had spent parts of eight seasons with the Angels, who drafted him out of Arizona State in the eighth round of the 2010 draft. He had a chance to revisit his Angels career when pulling into Tempe Diablo Stadium on Saturday, though. Many of the fans gave him a standing ovation before his first plate appearance.“Driving up and seeing all the old stuff, some old faces and stuff, it’s cool,” Calhoun said. “After so many years over here, getting to come back and see so many people and friendly people, it was really cool.” Angels offense breaks out to split doubleheader with Astros Angels’ poor pitching spoils an Albert Pujols milestone Angels’ Shohei Ohtani spending downtime working in outfield Calhoun said he was excited to sign with the Diamondbacks, a team he cheered for as a kid growing up in Arizona. He still lives in the Phoenix area, so it has made the transition easy.Related Articles Newsroom GuidelinesNews TipsContact UsReport an Error Angels’ Mike Trout working on his defense, thanks to Twitter Jose Suarez’s rocky start sinks Angels in loss to Astros last_img read more

Wellington Police Notes: Friday, Jan. 3 to Sunday, Jan. 5, 2013

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first_imgSunday, January 5, 2014•10:53 a.m. Non-Injury accident at U.S. 81 & U.S. 160, Wellington involved a vehicle operated by Roxy E. Callison, 66, Winfield, Ks.•5:03 p.m. Non-Injury accident in the 900 block N. B, Wellington involved a vehicle operated by Brietan R. Rader,19, Peck, and a parked and unoccupied vehicle owned by Christopher P. Burden, Wellington.•6 p.m. Non-Injury accident in the 900 block N. C, Wellington involved a vehicle operated by juvenile male, 15, Wellington and a parked and unoccupied vehicle owned by Charles R. Harris, Wellington. Saturday, January 4, 2014•10:40 a.m. Non-Injury accident in the 200 block N. U.S. 81, Wellington involved vehicles operated by Cody L. Patterson, 18, Wellington and Sharon E. Kimbel, 49, Wellington.•10:50 a.m. Cody L. Patterson, 18, Wellington was issued a notice to appear charged with inattentive driving.•11:26 a.m. Officers investigated a theft of a laptop in the 500 block W. Harvey, Wellington.•3:30 p.m. Officers investigated possession of drug paraphernalia by known suspects in the 300 block E. 13th, Wellington.•4:36 p.m. Nathan S. Rowe, 21, Wellington was arrested, charged with domestic battery.•5:24 p.m. Officers investigated a theft of a wallet in the 500 block W. Harvey, Wellington.•8:13 p.m. Officers investigated a battery by an unknown suspect(s) in the 1100 block N. Washington, Wellington.•11:10 p.m. Non-Injury accident in the 200 block E. 15th, Wellington involving a vehicle operated by Steven J. Koch, 25, Caldwell, and a fixed object/sign owned by Kansas Department of Transportation. Wellington Police notes for Friday, Jan. 3 to Sunday, Jan. 5, 2014…Friday, January 3, 2014•On January 1, 2014 at 2:45 a.m. non-injury accident in the 300 block S. Boundary, Wellington involved a vehicle operated by an unknown driver and a ditch.•3:19 p.m. Officers took a report of suspicious activity in the 1200 block S. F, Wellington.•3:22 p.m. Officers investigated criminal trespass and disorderly conduct by a known suspect in the 300 block N. Blaine, Wellington.•3:42 p.m. Officers investigated a theft of currency in the 100 block W. 12th, Wellington.•10:10 p.m. Officers investigated a burglary by a known suspect in the 100 block W. 12th, Wellington.last_img read more

O’Shaun Connection making waves at the track

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first_imgPopular owner Oneil Hinds (O’Shaun Connection) has hit the ground running at the start of the new season, thanks to four winners including the grey ITALIANO who romped the opening James B. Dawes Memorial Trophy over 1300 metres at Caymanas Park yesterday. Hinds and trainer Neive Graham teamed up for a second winner on the nine-race card when highly fancied PERSIAN BELLE (2-1) made all in the fourth race for $250,000 – $210,000) claimers over 1820 metres, winning by six lengths from PERFECT FLYER (5-2) who chased him relentlessly. The seven-year-old gelding, ITALIANO, running as the 1-4 favourite with former champion Omar Walker again in the saddle, shot past early leader AGAKHAN (2-1) leaving the half mile and breezed home by five lengths from 2-1 chance GOLDEN BULLET in a field of seven $450,000 $400,000 claiming horses. PERSIAN BELLE, on the other hand was ridden by Kerry-Gayle Robinson. Significantly, both horses were claimed, but Hinds was not perturbed. “That ‘s the nature of game, you would like to keep horses when they win and do well for the most part, but there are others out there in the claiming marketplace with an eye for an Italiano or Persian Belle and as the owner, it’s best you lose them as winners,” said Hinds who finished sixth on the list of top owners last year with 18 winners and $81 million in stakes. “I can’t complain about my numbers in 2015, but the plan is to finish higher in the standings this season even though most of my earnings will come through claimers,” added Hinds ,who owns the O&S Tack Room (horse supplies and accessories provider) located on the Caymanas Park compound.last_img read more