Rebate Checking

Better than Checking — Rebate CheckingProvide your account holders with a CD-like rebate to reward the use of the financial institution’s existing low cost services and debit card program. The reward is based on monthly activity and account balance. Introduce a unique checking account to your market with MEA's turnkey Rebate Checking solution that attracts and retains the demographic that all of your competitors are pursuing. Rebate Checking provides a customizable program that enables a financial institution to tailor the program to their business strategy. Program management and reporting are done effortlessly with administration software included in the Rebate Checking solution.

Software Highlights

All software options are defined by each financial institution; including program parameters, account holder requirements, and rebate card increments.
All reports generated by the system can be user defined to track the programs success and the account holder's status. These reports can be printed to any network printer as well as be formatted to be sent to optical report storage.
The Rebate Checking software solution will track each account holder's requirements, generate necessary reporting information, and distribute all earned rebate without requiring any additional time from the financial institution's staff.

Adoption Rate of Technology

Online BankingRebate Checking will enhance the adoption rate of online services. Increases in online services will help to reduce the usage of higher cost in-branch services.

Debit Card TransactionsRebate Checking will double the number of debit card transactions, compared to standard free checking. Rebate Checking encourages account holders to increase the use of debit cards; this increase in transactions will provide a significant rise in fee income from a financial institution's debit card program.

Direct DepositEnrollment in direct deposit and other ACH transactions will increase; this increase leads to higher deposits on hand and a decrease in overall account maintenance costs.

Electronic StatementsRebate Checking will require account holders to enroll in e-statements. Adoption of e-statements eliminates the high cost of statement generation and mailing that is associated with traditional paper statements.

Acquisition of New Accounts

Competitive AdvantageRebate Checking will enhance the adoption rate of online services. Increases in online services will help to reduce the usage of higher cost in-branch services.

Lower Cost, Higher Profit AccountsEach new client is provided electronic versions of both policy and procedures. These documents are continually monitored and updated by MEA with the guidance of our customer base.

Higher Average Daily Balances MEA provides technical and program support from 7:00am to 7:00pm Monday – Friday. Customer base conference calls are done periodically to monitor the success of the program.

Checking Account Retention Checking accounts enrolled in loyalty programs, like Rebate Checking, traditionally are more profitable and have lower attrition rates than "run of the mill" free checking plans.

Rapid Deployment with a Turnkey Service

ImplementationThe installation is coordinated by an experienced MEA professional who will work directly with a Rebate Checking coordinator from the financial institution. This team effort will develop the program requirements and parameters, fully train the financial institution's staff, and install the Rebate Checking software solution. The typical implementation will take 30 days to complete and can be completed remotely to reduce upfront expenses.

Employee EducationTraining classes are designed and scheduled to fit the needs of the financial institution. All employees attend a one hour session and receive detailed materials on how the program will be administered. Employee education is the key to overall success when installing Rebate Checking.

Marketing The financial institution will be provided with an array of marketing options that can be tailored to fit the strategy of each financial institution. All designs are provided during implementation. It will be the responsibility of the financial institution to print all marketing material.

Tax PreparationMEA will track and distribute all tax forms to account holders and the IRS. Any account holder that earns more than $600.00 annually in Rebate will be sent a 1099-MISC form.

Policies & Procedures Each new client is provided electronic versions of both policy and procedures. These documents are continually monitored and updated by MEA with the guidance of our customer base.

Program & Software Support MEA provides technical and program support from 7:00am to 7:00pm Monday – Friday. Customer base conference calls are done periodically to monitor the success of the program.

Proven Track RecordMEA employees combine for over 200 years of experience serving the Finance Industry. In operation for more than 7 years, MEA now serves over 900 financial institutions with its products and services.

Software & Service Highlights

Institution Defined SystemAll software options are defined by each financial institution; including program parameters, account holder requirements, and earned rebate information.

Report ManagementAll reports generated by the system can be user defined to track the programs success and the account holder;s status. These reports can be printed to any network printer as well as be formatted to be sent to optical report storage.

Automated Program AdministrationThe Rebate Checking software solution will track each account holder's requirements, generate necessary reporting information, and organize rebate distribution without requiring any additional time from the financial institution's staff. All earned rebate will be distributed by MEA's Rebate Checking distribution center, funds will be deposited via ACH into the account holder's checking account; or if they choose to receive a Gift Card from various retail options. The Gift Cards will be distributed to the account holder's mailing address.