DoubleCheck’s overdraft and NSF solution enables credit unions to proactively increase transparency as legislators focus on consumer protection
LOS ANGELES – DoubleCheck Solutions, a fintech company addressing outdated non-sufficient funds (NSF) and overdraft practices with practical software solutions, was presented with the Credit Union National Association (CUNA) Technology Council’s Best of Show Award at the 2022 CUNA Governmental Affairs Conference (GAC).
This prestigious award is presented to a GAC exhibitor with a commitment to delivering technology that will further the growth of products and services in the credit union marketplace. It is based on a product’s ability to be integrated across any core processing system as well as its support of CUNA’s mission to help credit unions better serve their 130 million members.
“I am so excited to award this year’s Best in Show to DoubleCheck. In looking for innovative solutions that our credit unions and Members would love, DoubleCheck stood out as a timely, smart solution that puts Members in control of their finances,” Jim Phillips, SVP/Chief Information Officer, SchoolsFirst Federal Credit Union, and CUNA Technology Council Executive Committee and Conference Committee Chair. “At a time when inflation and prices are putting pressure on Members to get creative in how they manage their bills, the DoubleCheck platform stood out in terms of impact, value and benefit to credit unions and Members.”
DoubleCheck notifies members when they have insufficient funds and lets them determine what gets paid. This allows them time to review and reprioritize transactions and offers multiple new payment options. By providing this option, credit unions that use DoubleCheck have a new way to help members 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 DoubleCheck.
“This award is a testament to the positive impact that DoubleCheck can have on the lives of credit union members,” said Joel Schwartz, Founder and Co-CEO of DoubleCheck Solutions. “By empowering members to take control and decide what happens next when they experience an account shortage, our solution enables credit unions to deepen their commitment to meeting their members’ needs—and legislators’ evolving expectations—through financial inclusion.”
DoubleCheck’s unique solution proactively addresses two major issues that lead regulators to view NSF and overdraft practices as predatory: members’ lack of visibility and control in the process. For credit unions, the solution offers a competitive advantage in the marketplace, reduces the risk of litigation, and offers a new option for realigning overdraft and NSF revenue. DoubleCheck easily integrates with all core and digital banking providers without new hardware or software, enabling credit unions to quickly implement new solutions.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by more than 130 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.
About CUNA Councils:
CUNA Councils is a member-led, collaborative community of credit union leaders providing vibrant peer interaction, new ideas and innovation to foster professional development for our members while advocating for the overall success of the credit union movement. There are eight CUNA Councils with a network of more than 7,300 credit union professionals. For more information, visit cunacouncils.org.
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