CARD Act Requires Financial Institutions to Post Toll Free Number

In 2010, the CARD Act required all financial institutions such as banks and credit unions to post a toll free number in their monthly statement that provides information about available credit card counseling agencies. While a number of banks are still working on complying with the regulation, many are seeing the benefits of using a toll free number coupled with voicemail service.

One of the organizations that is working to help financial institutions meet this requirement is Money Management International (MMI). MMI has set up what it calls the National Credit Counseling Referral Line, which connects those that dial into the toll free number with three non-profit credit counseling agencies. Using an automated voicemail system, callers can obtain all needed info simply by following the prompts.

It looks like MMI is taking advantage of some of the latest technology in telecommunication as voicemail is perfect for information lines and automated call-taking these days. Banks would do well to follow this model as voicemail could help revolutionize the way they do business. Voicemail is not just for leaving messages anymore, but it allows users to obtain needed information, track account balances and even speak to a representative that is out of the office. Current innovations in voicemail allow businesses to program the office phone system to ring into a second number should the recipient not immediately pick up, which means that professionals on the road can still take calls away from their desk.

While some may think that implementing this new voicemail technology might be pricey for banks and other businesses that need to comply with the regulation, many voicemail service providers actually offer these features at extremely low rates. For example, one of the premier providers of this life-simplifying technology, Voicemail Office, has plans available starting at just $9.95 a month.

For more information about how Voicemail Office can help your bank or business obtain voicemail service with a unique toll free number, visit

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