First Clover Leaf Bank Now Offers R.C. Giltner Services’ PaySound® “No Overdraft Fee Ever” Checking Plan to Customers
Meets growing demand for checking accounts with no surprises
LOUISVILLE, Ky.--(BUSINESS WIRE)--R.C. Giltner Services, a provider of financial services and technology products to financial institutions, has announced First Clover Leaf Bank, a $622 million bank headquartered in St. Louis, has begun offering the PaySound® “No Overdraft Fees Ever” Checking Plan to its customers.
“As service charge income for most banks continues to decline and account growth is elusive, we needed to look at channels that are expanding, and PaySound offers us access to a new group of consumers who have a strong demand for a checking account that doesn’t have overdraft charges”
First Clover Leaf Bank opted to offer PaySound to give customers an alternative to incurring overdraft fees and instead pay a flat rate of $14.95 per month. PaySound is available at all four branches of First Clover Leaf Bank. Through this innovative product suite, customers may also apply for and set up a line of credit with the checking account through PaySound’s cloud-based automated underwriting function.
Additionally, as a part of the PaySound product suite, First Clover Leaf Bank will offer the PaySound Companion Card, which allows its users to make secure purchases online or in store by simply segregating funds through intentional account transfers. Similar to PaySound Checking, the Companion Card is not subject to overdraft fees and has a flat monthly fee of $5.95.
“As service charge income for most banks continues to decline and account growth is elusive, we needed to look at channels that are expanding, and PaySound offers us access to a new group of consumers who have a strong demand for a checking account that doesn’t have overdraft charges,” said Chad Abernathy, senior vice president of First Clover Leaf Bank.
“PaySound addresses the growing concern about overdraft fees on checking accounts by eliminating them,” said Robert C. Giltner, president and CEO of R.C. Giltner. “This generates interest among the consumers who want to pay for the peace of mind that their financial transactions will be processed and they won’t incur overdraft charges.”
About First Clover Leaf Bank
First Clover Leaf Bank, whose parent company is First Clover Leaf Financial Corp., is led by President and CEO David Kuhl. The bank has three branches in Edwardsville, Ill., a branch in Wood River, Ill, a branch in Highland, Ill and a loan production office in O’Fallon, Ill.
About R.C. Giltner Services
Louisville, Kentucky-based R.C. Giltner Services provides financial services and technology products to community and regional banks and credit unions enabling them to acquire new customers and drive revenue customers willingly pay for valued services. For more information about R.C. Giltner Services, visit http://www.rcgiltner.com/.