Combined Fee Notice
The Combined Fee Notice application is a non-updating application that allows a financial institution to produce one notice per account that contains all fee transactions posted within a selected reporting period, along with additional information such as the date/time of the transactions, the transaction that cause the fee (if applicable) and the account available balance at the time fees were assessed. This application also allows the financial institution to produce a notice extract file which can be sent to a third party vendor to be printed.
The Combined Fee Notice application provides the financial institution with several operational efficiencies, which include:
- Ability to list fees from online, channel and application/posting file applications on a single notice.
- Eliminates customer/member confusion as to why the fee was posted by providing both a time/date stamp and available account balance at the time the fee transaction was posted, so the customer/member can clearly see why the fee was assessed (i.e. negative balance).
- Allows the customer/member to see the related transaction(s) that caused the fee(s), with significant detail (such as for an ACH or ATM/POS transaction).
- Reduction of mailing costs by sending out a single notice instead of multiple notices for different fees for an account.
- Offers the capability of "point to point" reporting time periods, which can be over multiple business days and with time cutoffs to accommodate mailing deadlines.
- Allows the financial institution to create a pipe delimited notice extract file which can be sent to a third party vendor.