Some large banks have partnered with NorthStar Technologies to collect their charged off checking accounts, outsource their collection letters, collect on bounced "third party checks," or offer free bad check collection to business customers.
In many cases NorthStar is a more cost effective option for sending out collection letters. NorthStar's no fees bank contingency collection service (option 2 below) is an ideal way for banks to deal with accounts they deem too small or difficult to collect. Since NorthStar is a collection agency as well as a technology service, it can interface with virtually any banking system to quickly and easily upload accounts requiring collection. If a special interface is needed so past due accounts can be sent electronically, this service is almost always provided at no charge to clients.
If your financial institution is looking for ways to recover outstanding accounts (large or small) and increase its bottom line, NorthStar has or will create a customized solution for you. Take a moment to listen to one bank CEO who has had great success using NorthStar (other references are available upon request). After visiting the testimonial page and reading about the basic options below feel free to contact me (Brad Price) by e-mail or phone (574-875-9994) to discuss your specific collection needs.
OPTION 1 for banks and credit unions:
Collection letters
This option is an inexpensive and
simple solution, especially for banks that charge off many checking accounts.
NorthStar will send out a series of three
collection letters telling debtors what they owe and how to remit payment.
Furthermore, NorthStar actually
automates this service for clients
(the information for charge offs can be provided to NorthStar in almost any type
of collection file each month).
OPTION
2 for banks and credit unions:
No fees contingency split
If
charge-off collection letters do not work, or if clients would prefer to use
NorthStar’s no-fee contingency split option, this second program is an ideal
choice. NorthStar
absorbs all the collection costs and returns to its clients 65% of all that is
collected.
With this second option NorthStar does skip-tracing when
necessary and will work these accounts for eighteen months.
With the no fees contingency split, businesses have
everything to gain and nothing to lose.
Of course, NorthStar strictly follows the FDCPA
(Fair Debt and Collection Practices Act) in its collections.
(574) 875-9994