How it Works

Coverage provided by the CLOC ODP service begins after the agreement is executed.

For CLOC ODP agreements dated before 04/03/2015, the following applies:

Note: The minimum draw limit is $100.00.

1. When the receiving account is overdrawn, the system transfers an amount in $100.00 increments from the CLOC account to cover the overdraft and to maintain the minimum required balance in the receiving account. However, if the minimum draw is not available, the system transfers all the remaining available funds from the CLOC account to the receiving account.
2. The system debits the $10 fee from the CLOC account.
3. The system generates a notice for the client.

For CLOC ODP agreements dated after 04/02/2015, the following applies:

Note: There is no minimum draw limit.

1. When the receiving account is overdrawn, the system transfers enough money from the CLOC account to cover the overdraft and to maintain the minimum required balance in the receiving account. However, if the CLOC account balance is not sufficient to cover the overdraft, the system transfers all the remaining available funds from the CLOC account to the receiving account.
2. The system debits the $10 fee from the CLOC account.
3. The system generates a notice for the client.

Enrolling in CLOC ODP

When a client requests the CLOC overdraft protection service in person, do the following:

1. Verify the client's identity.
2. Provide the client an ODP brochure.
3. Complete the Overdraft Protection (ODP) Modification of Credit Agreement form. 
4. Have all borrowers on the Consumer Line of Credit sign the agreement.
5. Create a Synapsys service event by doing the following: 
   1. In Xperience click Customer & Account Inquiry.
   2.  Search for the client using the name, CIF, or Tax ID. 
   3. Click Related Functions > CRM.
   4. Click New Event/Activity > New Event > Service Session.
   5. Click Loan Maintenance > ODP from Existing LOC. 
   6. Click OK. 
   7. Complete all applicable fields.
   8. Scan the Overdraft Protection (ODP) Modification of Credit Agreement form.
   9. Attach the scanned form to the service event by clicking Attachments > Add New > Complete applicable fields > Submit.
   10. Click Save > Save & Submit Session.

Cancelling CLOC ODP

When the client requests to cancel this service, do the following:

1. In Xperience click Customer & Account Inquiry. 
2. Search for the client using name, CIF, or Tax ID. 
3. Click Related Functions > CRM.  
4. Click New Event/Activity > New Event > Service Session.
5. Click Loan Maintenance > All Other Requests.
6. Click OK. 
7. Complete all applicable fields.
8. Click Save > Save & Submit Session.