SoundBite Provides Financial Institutions With Opt-In Solution to Continue ... CNNMoney.com (press release)
BEDFORD, Accumulation., Nov. 19, 2009 (GLOBE NEWSWIRE) -- SoundBite Communications, Inc. (Nasdaq:SDBT) today introduced SoundBite's Debit Greetings card Overdraft Opt-In solution, part of its Proactive Marketing Solutions Suite. This solution enables financial institutions to achieve expeditious compliance with a new rule announced on November 12, 2009 by the Federal Reserve Board prohibiting financial institutions from charging any consumer a fee for debit be direct overdraft services unless the consumer has consented, or opted in, to the overdraft services. With overdraft services, an formation charges a fee for processing transactions when a customer's account is overdrawn rather than denying the transaction. The new rule becomes effective on July 1, 2010, giving banks less than eight months to win consumer opt-in for more than 479 million debit cards.
The new rule, which was adopted under the Electronic Fund Transfer Act, states that a fiscal institution must obtain a consumer's affirmative consent to the institution's overdraft service and provide the consumer with written confirmation of the concur. However, securing consumer opt-in through the mail can be slow and not cost-effective. A financial institution can use SoundBite's on-demand Debit Postal card Overdraft Opt-In solution to quickly contact consumers, solicit their consent, and update the financial institution's systems of dossier with the obtained opt-in information.
