DoubleCheck bills themselves as “not another overdraft program.” That makes sense, considering that they deal with far more than overdraft fees. They say that overdraft protection products currently available to today’s bankers bring an unacceptable level of risk on institutions when left unchecked.
DoubleCheck! They’re the modern complement to outdated overdraft practices. They consider the needs of all parties involved to ensure everyone wins. DoubleCheck is the result of a need to rethink the system and to balance three driving forces in the market:
- The need to ensure the financial safety and wellbeing of consumers and small businesses who are low on funds;
- The need for banks and credit unions to maintain some of their fee-based income; and
- The need for these institutions to reduce their risk exposure from overdraft programs.
Instead of charging overdraft fees left and right, DoubleCheck provides an ecosystem of alternatives and benefits:
Provide a real-time heads up to consumers and small businesses when they have an NSF problem;
Give the consumer or small business control over what overdrawn items are paid or returned;
Allow consumers and small businesses to cover their NSF’s with a variety of payment options; and
Avoid reporting unresolved overdrawn accounts to credit bureaus.
DoubleCheck was founded with the mission of solving the most common banking problems of our time: outdated overdraft practices that place unnecessary burden on consumers, small businesses, and financial institutions. They’ve taken careful measures to completely rethink the system and have developed innovative, modern solutions to complement existing banking practices to ensure everyone wins.
Whether you’re a bank or credit union, they have solutions to help you empower your customers or members and give them the control they deserve. Even better, you’ll realize new streams of organic income while retaining the entirety of your existing NSF revenue; a win-win situation
- Unpacking Legislation That Will Impact Credit Unions in 2021
- Credit Unions and Fintechs: A How-to Vetting Guide
- CU 2.0 Podcast Episode 135 Joel Schwartz DoubleCheck and NSF Fees