From profiting off overdrafts to preventing them: How FIs are evolving their revenue models - Tearsheet

The Consumer Financial Protection Bureau has implemented a new rule capping bank overdraft fees at $5, a substantial reduction from the previous average of $35. This move is part of a broader trend of scrutiny on banks' revenue strategies. In response, many financial institutions (FIs) are adopting innovative services, such as those provided by DoubleCheck, which offers overdraft protection and transaction management solutions. DoubleCheck's integrations help FIs offer real-time notifications and transaction reviews, improving compliance and customer satisfaction while maintaining competitive advantage.

DoubleCheck, built by bankers for banks and credit unions, notifies account holders in real-time if they have non-sufficient funds in their account and allows them to alter the financial institution's decisions on what gets paid, using a range of payment methods.

DoubleCheck's offerings help FIs not only prove that their offerings are on the 'right side of the law,' but more importantly, that in both letter and spirit, their services are adding value to their end-customers.

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