Merchant Services Program Policy Update

Product Update Notification - 10/23/07

Merchant Services Program Policy Template Update

Bankpolicies.com is proud to announce the immediate availability of our revised Merchant Services Program Policy Template product.

This update is in response to the FDIC Financial Institution Letter FIL-72-2007 which contains best practices prepared by a coalition of financial institutions, Internet service providers, online payment processors and others:

http://www.fdic.gov/news/news/financial/2007/fil07072.html

What's Revised

Topic 3 - Risk Management. A new subtopic entitled "Enhanced Due Diligence" was added.

Topic 8 - Underwriting Guidelines Policy. A new subtopic entitled "Red Flags" was added. In addition, the following subtopics were revised:

Review and Approval Process

Additional Guidelines for Internet Merchant Customers

Topic 11 - Fraud Monitoring. The "Detection Methods" subtopic was revised and a new subtopic entitled "New Merchant Guidelines" was added.

Topic 13 - Audit Policy. Slight changes were made to this brief topic to reference a financial institution's requirement to conduct periodic independent audit reviews of its merchant services program.

Product Contents

Purpose and Contents - Topic 1

Policy Statement - Topic 2

Definitions - Topic 3

Structure of Accountability - Topic 4

Risk Management - Topic 5

Product Definition and Pricing - Topic 6

Operational Overview - Topic 7

Underwriting Guidelines Policy - Topic 8

Service Establishment Procedures and Responsibilities - Topic 9

Changes or Deletions - Topic 10

Fraud Monitoring - Topic 11

Chargeback Monitoring - Topic 12

Audit Policy - Topic 13

Retention of Documentation - Topic 14

Includes the following form templates:

Merchant Services Application and Agreement (6 pages)
Merchant Services Personal Guarantee (3 pages)
Merchant Services Training Checklist (1 page)

Ordering Information

This revised product is available to purchase from Bankpolicies.com for:

$275.00 - List Price

- or -

$50.00* - Update Price

*Applies only to clients who have purchased the Merchant Services Program Policy Template within the last three years in addition to the following prior update (if applicable):

Merchant Services Program Policy Template Update - 06/20/06 - $100.00

If you have ordered this product after 09/23/07 you are eligible to receive the product update at no charge.

Click here to place an order for this product. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the list or update price (whichever applies).

NOTE: Refer to our Place an Order page for important information regarding payment terms and our return policy. Orders placed for Product Updates are only available directly through Bankpolicies.com.

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