Protecting Your Organization's Money

Fraternal organizations across the country rely on OmegaFi to help them manage their financial operations. Because we perform financial transactions on a daily basis for clients, we want you to understand the steps we take to safeguard your organization’s money.

We believe it is critical to provide each client organization:

  • A real-time accounting of all funds held for that organization,
  • Easy access to the organization’s funds, including the ability to electronically transfer funds quickly,
  • Confidence in our ability to provide physical and electronic controls to ensure the safety of the organization’s assets temporarily entrusted to our care,
  • A governance structure that clearly designates client funds as assets belonging to our client organizations, not as corporate assets of OmegaFi

What is OmegaFi Doing to Protect Your Money? Daily Transfers: Unlike some of our competitors, each business day OmegaFi follows your instructions and electronically transfers the funds we collected on your behalf to the accounts you have specified (chapter’s bank account, house corporation account, your Bill Pay fund, etc.). Not only does this give you fast access to your funds, but it drastically limits the amount of time that your funds are held by OmegaFi.

Reporting to the Penny: Using our proprietary software and detailed reports, you can track every penny OmegaFi received for your organization and when it was deposited to your designated bank account(s).

Fund Segregation: Your funds are legally distinct from our funds. Any funds we receive on behalf of clients are held in a trust account that is separate and apart from the corporate funds of OmegaFi. Client funds held in our Client Funds Trust Account are designated by Corporate Resolution (“Omega Financial Client Funds Trust Account Resolution”) as assets belonging to the chapter, House Corporation or other OmegaFi client for whom they are held. Although we consider the prospect highly unlikely, in the event of adverse litigation or corporate bankruptcy, this means that client funds are not subject to court action and remain assets of the client.

Reputable Banks: OmegaFi only works with established and reputable banks. Credit card payments clear through accounts at Wells Fargo. OmegaFi’s trust account and corporate operating accounts are maintained at SunTrust.

Accounting Controls: Our accounting control structure includes physical separation of “money in” and “money out” functions with independent and multiple daily balancing routines among multiple employees. This ensures accuracy and, with a number of employees actively involved in the reconciliation process, greatly increases the likelihood that any attempt at malfeasance would be quickly detected.

Insurance: Your funds are insured against theft or criminal activity. OmegaFi protects our clients with a sizeable Commercial Crime insurance policy, underwritten by The Hanover Insurance Company, to safeguard against loss from employee malfeasance. We also carry a Network Security Privacy insurance policy with Columbia Casualty, and an Errors & Omissions insurance policy with Executive Risk Specialty Insurance Company, a division of CHUBB insurance.

Small Balance Ratios: Due to the frequency with which we transfer funds to clients and the speed with which clients typically spend their money, OmegaFi holds, on average, only 1.3% of total annual collections. PCI Compliance: OmegaFi complies with complex, industry security standards known as the Payment Card Industry Data Security Standards (PCI DSS or PCI Compliance). These security standards include requirements for security management, policies and procedures, network architecture and other proactive measures to secure credit card information. We work with outside auditors to independently verify that our systems are PCI compliant. For more information about our PCI compliance efforts, click here.

Encryption: All financial transactions and instructions sent to OmegaFi via the internet are encrypted using 256-bit encryption. Access to view or conduct financial activity is only granted with a username and password, both of which are self-selected by the user.

Secure Data Centers: Your financial information is maintained in our own three physically distinct data centers with redundant internet service providers, battery and generator-powered back-up power, physical and software security measures, video monitoring and more. Data is replicated and backed-up every 15 minutes. To learn more about the data security and business continuity protections in place, click here.