Over the past number of years, there has been a significant increase in the threat of lawsuits alleging improper assessment of overdraft and/or NSF fees. Plaintiff attorneys across the nation are targeting consumers to file suit against. In this podcast Cheryl Lawson, JMFA’s EVP-Compliance Review, and Jennifer Peoples, JMFA’s Director of Implementation offer additional information and practical advice on this hot topic. 

Learn more about what these types of Demand Letters are and the components, what to do if your financial institution receives one and how JMFA can assist you. More importantly, you will gain a better understanding of the best practices, including precautions, existing tools, and support offered to proactively address any concerns and be prepared. 

 Episode Highlights

• 0:51 – The components of a Demand Letter for NSF/overdraft related class-action lawsuits
• 1:35 – What we have come across with the trend of demand letters being issues to clients
• 2:30 – What you should do if you receive a Demand Letter
• 3:34 – How JMFA will assist—forensic audit/analysis of the transactional data and communication, disclosures, and other details for the account holder(s)
• 5:06 – Hear an example of a real-world scenario
• 7:09 – How we offer assistance and support
• 8:56 – Best practices for being prepared and minimizing risk
• 14:50 – Final thoughts