SynTel, LLC Simplifies Regulation E Compliance for Financial Institutions

Banks, Credit Unions Meet Compliance Deadline with Mailroom Automation Software

JONESBORO, Ark--(BUSINESS WIRE)--SynTel™ LLC, a provider of mailroom automation software and document design software, is helping financial institutions meet mandatory Regulation E compliance by July 1. The regulation requires banks and credit unions to request in writing that consumers affirmatively consent to fee-based overdraft services for ATM and one-time debit card transactions.

“Banks and credit unions have a very narrow window to obtain permission from customers on overdraft options”

In order to be compliant with Regulation E, financial institutions must print, mail and track notices to customers. SynTel, best known for AutoMail® mail automation software’s fast delivery and tracking, has expanded its services to include Regulation E mailings. Banks and credit unions concerned with staying in compliance, improving opt ins and optimizing internal mailing resources have chosen to automate the process.

“First State Bank Louise takes customer communications, customer service and compliance very seriously,” said Dana Treadgold, senior vice president of Compliance for First State Bank Louise in Sweeny, Texas. “With SynTel, we are doing everything in our power to continue providing overdraft to those customers who value the service, and it is as simple as providing SynTel with a letter and list of addresses. SynTel takes care of every detail and meets my demands as a compliance person.”

Financial institutions simply provide a mailing list, and SynTel’s Regulation E solution completes the compliance requirements from printing and mailing to reporting and confirmation. The solution includes template notices of the rule to customers, giving them a reasonable opportunity to affirmatively consent to overdraft protection and respond via the SynTel-provided return envelope.

“Banks and credit unions have a very narrow window to obtain permission from customers on overdraft options,” said Harry Herget, co-founder and chief marketing officer for SynTel, “Without these options, financial institutions could lose millions in fee income. SynTel offers a solution that eliminates the burden of handling and mailing these crucial notices quickly, ensures compliance with the regulation and keeps the customer relations top of mind.”

About SynTel, LLC

SynTel LLC (Jonesboro, Ark.) helps more than 1,250 companies optimize their mailrooms, saving on labor, equipment, supplies and postage costs. The company provides automation tools for the design, printing, packaging and delivery of customer communications to increase productivity and reduce expenses. For more information, visit the company’s website at www.syntelllc.com or follow them on Twitter @SynTelLLC and Facebook.

Contacts

For SynTel, LLC

David Jones, 678-781-7238

or

Elizabeth McMillan, APR, 678-781-7224

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