Deposit Exceptions

The Challenge

FI had not followed internal policies that called for accounts with deposit exceptions over 45 days to be charged off.  When the project began there were over 700 accounts, with multiple exceptions per account, in charge off status.  An analysis identified problems with naming conventions, the reporting system, policy adherence and communication with the team responsible for clearing the exceptions. 

The Solution

  • Developed online system that;

    • Provided real time feedback to management for reporting purposes.

    • Allowed FI team members a single point of information on exception status.

    • Provided management control in override situations.

    • Implemented standardized naming conventions to streamline exception identification.

    • Developed skills and behaviors in FI branch teams to;

    • Request proper documentation from clients during account opening.

    • Properly document progress towards clearing exceptions.

The Result

  • Reduced number of potential charge off accounts to under 10.

  • Improved client experience by significantly reducing number of contacts requesting account opening information.

  • Eliminated audit and compliance exceptions.