"...we had our quarterly compliance committee meeting yesterday. We love this product and the performance. It was a great CRA factor in our recent exam. Just wanted to say thanks for all you do."
The popularity of courtesy overdraft programs combined with recent COVID financial stress has resulted in many potential checking customers not qualifying for a traditional checking account. With fewer customers qualifying, checking account growth rates are lower, and account acquisition costs are higher. To help financial institutions overcome this challenge, the value of a product Stratis created has become even more viable to change this trend. Over the past 12 years with great success they installed it’s StartFresh Checking® program in over 50 banks and 2 credit unions.
Helping Customers build a Financial Foundation
At Banterra Bank, Head of Retail Debra Becht saw that they were turning down about 15% of checking applicants due to past closure history. She didn’t like losing potential customers, and more importantly not helping people with their banking needs. Further, their small business customers were also experiencing frustration: they wanted to pay all of their employees via direct deposit, but many employees don’t qualify for a traditional checking account due to previous closure history.
The StartFresh program has been a great solution. It helps Banterra Bank serve a previously underserved segment in a way that meets their needs, is profitable, and earns compliance favor. As Debra recently shared:
“…we had our quarterly compliance committee meeting yesterday. We love this product and the performance. It was a great CRA factor in our recent exam. Just wanted to say thanks for all you do.”