As legislators support more consumer protection, DoubleCheck brings an innovative solution to overdraft and NSF that provides transparency and puts more control in the hands of the consumer
LOS ANGELES – For the first time, Ohio-based CME Federal Credit Union (CME FCU) members can address non-sufficient funds (NSF) before any payments are declined. Based on a new partnership with DoubleCheck Solutions, a fintech company addressing outdated NSF and overdraft practices with practical software solutions, CME FCU members now have extra time to review and prioritize their transactions.
DoubleCheck, which recently won the 2022 CUNA Governmental Affairs Conference Best of Show Award, notifies CME FCU members in real-time when their account is overdrawn. This advanced notice enables members to see which transactions had NSF and providing options to correct the situation before payments are returned, and they suffer negative outcomes. By offering new sources of alternative payment methods for members to address their overdrafts, including the ability to bring cash into the credit union or use a credit card, members are able to protect their hard-earned financial reputation.
As legislators prioritize consumer protection, more financial institutions are updating their NSF and overdraft programs. With DoubleCheck, CME FCU members have a new way to avoid the ripple effect of negative consequences that result from a declined payment, including multiple fees and poor credit ratings. On average, members that experience three NSF transactions in one day will save $175 with the DoubleCheck solution.
“With a rich history of building better financial futures, DoubleCheck’s NSF and overdraft solution aligns perfectly with our commitment to helping our members and providing Banking That Has Your Back,” said Brian Warner, CME Federal Credit Union President & CEO. “Year after year, we provide our members with tools that save them time and money and safeguard their financial reputations. Our members now have more control over their overdraft transactions and can address them before any payments are declined.”
CME FCU members have the option to pay for NSF transactions and potentially overdrawn items with cash, credit card, or a third-party payment service. This control makes it easy to ensure priority payments like rent, mortgage and utilities are made first. In addition, members can report suspicious charges as fraud through DoubleCheck, enabling CME FCU to immediately reject the item and avoid fraudulent transactions being charged to the member’s account.
“The Consumer Financial Protection Bureau recently announced a renewed commitment to prioritize consumer overdraft protection and restore a fair marketplace. At DoubleCheck, we also believe all consumers deserve a financial solution that delivers exceptional visibility and control in addressing their NSF and overdraft transactions,” said Joel Schwartz, Founder and Co-CEO of DoubleCheck Solutions. “We are thrilled to partner with CME FCU and empower their valued members with an innovative solution to manage NSF and overdrafts with the most transparent approach.”
To learn more about DoubleCheck Solutions, visit: www.mydoublecheck.com
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About CME Federal Credit Union
CME Federal Credit Union was established in 1935, serving City of Columbus Firefighters and Police Officers. A lot has changed since we first opened our doors. But our commitment to the financial futures of our members is as strong as the day we started. And today, we’re proud to extend that commitment to everyone who lives works and worships in Central Ohio.
About DoubleCheck Solutions
DoubleCheck, built by bankers for banks and credit unions, notifies consumers and small businesses in real-time if they have non-sufficient funds in their account, allowing them to alter the financial institution’s decisions on what gets paid, using a range of payment methods. DoubleCheck embraces the mission of solving the most common banking problems of our times: outdated overdraft practices that place an unnecessary burden on consumers, small businesses, and financial institutions. www.mydoublecheck.com