Fly on the Wall

Here's an Idea for Washington: 'Unintended Consequences' Day

So... what if every financial institution in the country agreed to--on the same day--return ALL of their customers' overdrawn items? (Consider it a test of what might happen.)

How do you think your customers would react to being charged an overdraft fee, PLUS a returned check fee, AND possibly a late fee?  

Based on the Senate and House bills as they are written, most banks will have to resort to becoming a "return-all" bank, as in the scenario above. And this is apparently what the legislators in Washington think your customers want.

So maybe we should select a day and see if they are right.

We'll call it 'Unintended Consequences' Day. Is your institution in?

Personal Savings at Highest Point in 15 Years

From The New York Times this morning--

The GOOD NEWS: personal incomes rose sharply in May.

The BAD NEWS: many people are putting their money away instead of spending it. 

So, what does this mean for the economy?

According to the article:

Although saving money helps individuals repair their finances and pay debts, a sharp rise in overall personal saving can actually deepen a recession and hurt the people who are saving more. As people save money, fewer dollars circulate through shopping malls, Main Street businesses, and large employers and subsequently back to workers through their paychecks. This thrift pulls the economy lower.

Economists say the recent spike in personal saving is likely to fall back slightly as the effects of government stimulus fade, but they have said that Americans are becoming thriftier and are not likely to return to the free-spending patterns that fueled much of the growth of the last nine years.

Read the entire article here.

Peep Show

Few things say “Spring” like Peeps--those yummy, pastel-y, sugar-y marshmallow treats. They're everywhere! This link to photographs of Peeps at landmarks around the world inspired “the fly” to get in on the action.

We’ve put our Peeps to work to explain BSG Financial's Re$ubmitIt® program, the electronic check recovery solution that:

• increases income for your bank and
• helps your business customers collect more funds from returned deposit items.

The process is so simple a Peep can do it!

See for yourself… (click on the image below to enlarge.)

 

If you want to learn more about Re$ubmitIt, click here. Happy Spring!

Game On!

Excellence is the unlimited ability to improve the quality of what you have to offer.

Rick Pitino, Univ. of Louisville, head basketball coach

The NCAA Division I men’s basketball tournament starts today, and according to the seeds, our city has the team to beat.

BSG Financial is located in Louisville, Kentucky, home of the University of Louisville fighting Cardinals—Big East champs and #1 seed in the tournament.

We do love our basketball in Kentucky and our interest in this year’s tournament is obviously high.

Rest assured, however, all of us at BSG Financial will continue to bring our clients "above-the-net" customer service and "slam dunk" profit-enhancing programs.

Even on game day.