4 Things to do AFTER August 15th

Despite your best efforts, your customers and members will likely learn about the Reg. E changes while shopping on August 16th.

You've sent them letters, called them at home, talked to them at the teller line and delivered emails ... but don't assume that your customers are ready for the Reg. E changes on August 15th.

In a recent survey by the Federal Reserve, only 3 of 9 participants understood the changes after reading an opt-in notice.

So, from a communications standpoint, August 15 is not the finish ... but the starting line. What should you do now?

1. Proactively Communicate with Declined Customers ASAP

The faster you can recognize and act on a declined debit card, the better. If you can call ... call. If you can send an email, that's fine too. If you have to, send a letter. The goal is to communicate with the customer BEFORE they call you to complain.

It's important for your staff to assume that EVERY declined debit card is a surprise to the customer and that it hit them at the most inopportune time and when they had no cash on hand.

• Be empathetic but not apologetic
• Assure them that this new federal regulation has impacted ALL financial institutions
• Let them know that you made several attempts to educate them and that you ultimately acted on their wishes
• Provide them with an easy way to opt-in now to avoid future declined cards at point of sale or at the ATM

2. Prepare Your Front Line and Call Center

• Again, make sure your staff is empathetic and assumes the worst case scenario for the customer
• Make sure that the team understands the Reg. E basics
• Arm them with a list and/or samples of all of the Reg. E communications that customers have been sent over the last few months
• Provide them the tools to help your customers opt-in immediately to avoid future issues

3. Add Opt-in to Your On-boarding Program

It's never too late for a customer or member to opt-in. Make sure that you're communicating, with real-world examples, what can happen if you opt-in (fee for convenience) vs opt-out (possible decline at transaction).

4. Communicate Reg. E Changes to Merchants & SEGs

This regulation will impact local merchants as customers will be declined more at the point of transaction. Use this as an opportunity to build relationships with existing and prospective local merchants by providing free education on the regulation.

Take care,

Eric

937-426-9848

egagliano@MarketMatch.com