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Rebate/Dividend/Fee Income Programs
Title Insurance Program
The MBA’s title insurance ownership program is one of the most uniquely successful programs
in the country, providing over $7 million in dividends to owners and assisting in the
formation and management of 11 bank owned title agencies since 1996. Click
here for more information.
Michigan Bankers Workers Compensation Fund
The Fund provides participating banks with Workers' Compensation coverage as required by
law utilizing the pooling of risk with the concept of limited risk retention. All unused
claims dollars are returned to eligible participating banks.
Michigan Bankers Reinsurance Captive
A Vermont Domiciled, Association Reinsurance Captive that provides for investing member banks
to be shareholders where MGIC cedes 25% of all premium dollars into the Captive’s Trust
Account on behalf of the writing bank. Dividends are paid to each shareholder based on only
their own premiums. One share per bank may be purchased by MBA member banks for a $4,000 investment.
MBA Check Program
Harland Clarke was chosen for this unique and profitable program. Harland Clarke
is a
well-known provider of check printing and many other vital operational services throughout the
United States. The MBA check program is no exception. A strong combination of competitive
pricing and significant fee income are just two of the many benefits this program offers.
Please contact your MBASC representative or the Products and Services Division at 517-342-5683
or productsandservices@mibankers.com
for additional details.
Insurance Agency Services
Shell insurance agency formation for banks. Each agency is fully licensed and compliant.
Assistance in insurance agency acquisitions.
Consultant services.
Contact Lawrence J. Sauter
or Marvin Zischke
Debt Protection
A Debt Cancellation or Debt Suspension Agreement is a contractual agreement where a financial
institution agrees to cancel or suspend all or part of a borrower’s obligation to repay an extension
of credit if or when a protected event occurs. The Bank receives revenue from fees it charges for
providing the coverage agreement to the borrower. The MBA program is administered and underwritten
by Minnesota Life Insurance Company (AM Best rating is A+ [Superior]). Please contact an MBASC
representative or the Products and Services Division at 517-342-5683 or
productsandservices@mibankers.com
to arrange for a personalized bank presentation.
Liability Coverage Program-Progressive Insurance Captive
The ABA-sponsored insurance program, underwritten by Progressive, is a unique partnership
of over 1,300 community banks, the ABA, 26 state bankers associations and Progressive Insurance.
Developed by bankers to address the ever-changing insurance needs of financial institutions, the
ABA-sponsored insurance program provides innovative coverages expanding upon the traditional Financial
Institution Bond, Directors & Officers Liability, and Employment Practices Liability policies. Some
of the benefits of this program include:
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The broadest Entity Errors & Omissions coverage on the market, providing blanket coverage
for suits against the financial institution (not just coverage for fee-based services).
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Coverage for nontraditional activities under the D&O/Entity E&O policy and Fidelity Bond.
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Free loss control education on topics that impact the bottom-line.
- An opportunity to own and share in the profits of this unique partnership.
MBA/ABA members automatically become owners of the program and are eligible for multi-million
dollar distributions based on the program's success and profitability. This year, 56 Michigan
banks received checks totaling over $164,000 as part of the nationwide distribution of $4 million
in underwriting profits.
Remote Deposit Capture - iStream
Recent legislation in the United States commonly known as “Check 21” has made Remote Deposit
Capture (RDC) possible. The MBA Service Corporation has built an alliance with the Michigan
Retailers Association to offer Remote Deposit Capture to merchants and financial institutions.
This system allows merchants to deposit checks into their account without leaving the office,
improves their deposit funds availability and cash flow, eliminates mail float and reduces
back office overhead.
Some of the benefits to the financial institutions are:
- Potential revenue sharing
- Reduction in expenses and liability by eliminating a courier
- Complete outsourced option
- No IT staff or customer maintenance burden
- 24/7/365 monitoring and support
- Fully redundant tier 1 data center
- Compliant with FDIC security standards
- Low merchant transaction fees
Expand your geographical footprint by contacting your MBA Service Corporation representative
for more information or contact the Products & Services Division at
(517) 342-5683 or
productsandservices@mibankers.com
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