BSG Financial, LLC, a provider of profit-enhancing programs and marketing services to the financial industry, announced that Lancaster, Penn-based Fulton Financial Corp. (NASDAQ: FULT), has selected its electronic check recovery solution, Re$ubmitIt®, to offer a valuable service to commercial accountholders within its 10-bank, $16.1 billion holding company.
According to bank officials, Fulton Financial Corp. was looking for an additional service for commercial accountholders that would also serve as a competitive advantage. BSG Financial’s Re$ubmitIt eases the burden of check collection for business customers, significantly increases the chances for successful collection, and also serves as a source of income for the bank. With Re$ubmitIt, businesses collect 100 percent of the face value of all NSF items collected through the completely automated process.
By utilizing electronic re-submission (RCK) technology, strategic re-presentment timing and multiple submissions to the check writer’s account, Re$ubmitIt successfully collects 70 to 75 percent of all items processed electronically, while eliminating the need for the business to participate in the collections process.
“We can help our commercial customers save time in the check collection process because of Re$ubmitIt’s ability to electronically collect funds from NSF checks,” said Ellen Whitmoyer, vice president of marketing for Fulton Financial Corp. “By enabling us to provide the businesses that bank with us with this value-added service free of charge, we can build stronger relationships with our commercial customers.”
“Electronic check recovery is a valuable service for commercial account holders, a revenue generator for the bank and a competitive differentiator,” said Barrett Nichols, founder and CEO of BSG Financial. “In today’s industry, where customer retention, deposit growth and revenue are all top issues, banks are wise to offer a service like Re$ubmitIt.”
About Fulton Financial Corp.
Fulton Financial Corp. is a $16.1 billion regional financial holding company headquartered in Lancaster, Penn., providing a variety of financial services throughout ten affiliates in Pennsylvania, Maryland, Delaware, New Jersey and Virginia. The 10 community banks operate more than 260 offices and ATMs.
About BSG Financial, LLC
Louisville, Ky.-based BSG Financial (bsgfinancial.com) develops and manages innovative, profit-enhancing programs for the financial industry. In addition to Re$ubmitIt®, the company offers CourtesyConnect®, the industry’s first Web-based overdraft management system, ExpenseMark™, a sourcing and procurement service to reduce expenses and improve an institution’s efficiency ratio; and a Sale/Leaseback program to help banks and credit unions generate capital from non-earning depreciated assets.
BSG Financial, recognized by Bank Technology News as an industry innovator, is privately owned and serves financial institutions nationwide whose assets range from $100 million to more than $35 billion.