Account Remediation Services
FTI Consulting helps financial institutions address the regulatory and litigation pressures surrounding application of consistent consumer account services. Banks are often inadvertently assessing incorrect management or administrative fees, or applying inaccurate interest calculations on customer accounts.
These errors, introduced through a combination of business processes and systematic coding, are frequently due to system and portfolio conversions or unclear customer agreements which can be caused by a number of factors: flawed customer account setup processes, erroneous management fee calculations, incorrect interest reset dates, faulty rate calculations, mid-cycle account terminations, inter-branch transfers of accounts, and the freezing of accounts.
Proactive steps are recommended to understand the extent of the mischarges, miscoding, and the financial exposure associated. These steps include initiating self-disclosure to applicable regulators and developing a proactive program to remediate and reimburse.