Tuesday, March 30, 2010

T8 Webware Prepares Clients for Reg E Requirements

http://www.t8webware.com/

Financial Web strategy firm develops customizable opt-in/opt-out online form for electronic submission of consumers’ overdraft protection decisions

CEDAR FALLS, Iowa--(BUSINESS WIRE)--T8 Webware, a provider of Web developmentmanagement and hosting services for the financial industry, introduced a customizable online overdraft consent form and electronic submission tool to meet financial institutions’ Regulation E requirements.
“T8 Webware is focused exclusively on the financial sector, so we are familiar with making regulatory updates and changes front-of-mind to properly address the compliance challenges that our clients face”
Reg E, which will be enacted July 1, 2010, requires that all financial institutions must receive an opt-in agreement from customers for overdraft services prior to charging fees applied with paying the overdrafts on automated teller machine (ATM) or one-time debit transactions. T8 Webware designed a module to fully automate and simplify the consumer consent process while mitigating compliance concerns. Included is a custom homepage advertisement that links directly to a Reg E description, as well as a sub-page with a statement from the bank or credit union explaining the options to either sign-up for or opt-out of overdraft protection. The actual opt-in/opt-out form contains an official explanation of the service and the electronic submission of the consumer’s decision. All submitted data is then stored in a secure forms manager database and is available for export only by authorized bank personnel.
“T8 Webware is focused exclusively on the financial sector, so we are familiar with making regulatory updates and changes front-of-mind to properly address the compliance challenges that our clients face,” explained Wade Arnold, CEO of T8 Webware. “Our preparation for Reg E is just one example of the forward-looking nature of our company, and our focus on meeting the needs of financial institutions in a timely, relevant manner. This overdraft consent module serves as a huge value add to our clients, giving them one less concern in an era of frequent change and turmoil.”
The tool is currently only being implemented into the Web sites of existing T8 Webware clients. Arnold added, “T8 Webware is already an innovator with our standard mobile site optimization and SmartSite™ technology. With Reg E, we have been able to further demonstrate how the technological expertise integrates with our understanding of the financial arena to ultimately be of the highest benefit to the banks and credit unions we serve.”
About T8 Webware
T8 Webware is a strategic Web development, management and hosting firm that caters specifically to financial institutions. The company provides progressive, non-template driven Web sites to more than 150 banks and credit unions, all of which are mobile-enabled. T8 Webware’s philosophy is to help financial institutions leverage their most powerful marketing tool, their Web site, to drive new business and build an online marketing presence. Many customers experience an ROI within months because of cross sales, while Web traffic is also dramatically improved.
For more information, please visit www.T8Webware.com, e-mail sales@t8webware.com or call 877.884.3327.

Contacts

T8 Webware

Megan Ard, 678-781-7223
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