IBT Apps Blog

Thinking of De-Converting from Your Core Provider?

May 20, 2019 5:27:45 PM / by Megan Luna, Marketing Manager

De-conversion fees are the last thing you want to think about when you feel trapped in your core agreement. As daunting as these fees may seem they shouldn't stop you in looking for a better solution for your institution. There are a few things you should be aware of before starting your due diligence in evaluating core providers. The decision made at the end of this process is one of the most substantial investments you will decide on for your institution. The following two steps will help you set expectations correctly and gauge the level of difficulty you may encounter before you begin the  process. By “working backward” you will save yourself from spending hundreds of hours looking at various providers only to discover you are being held hostage by your current core provider and allow yourself the freedom to efficiently decide on a better partner for your core processing.

Step one:

Give notice to your current core provider.

Providing notice does not immediately imply you are leaving but affords you the option should you chose to do so. Ensure notice is inclusive of all application agreements to avoid any suprises.

This step is vital to moving forward in your process.  

Step two:

Be sure to review and understand all parts of your current agreement.

Before beginning due diligence, you need to find out the amount of your de-conversion costs, even if you think you have a specific set of terms negotiated in your current agreement. Terms are often assumed only to later find out that something was missed that stops the entire process due to an associated high fee to de-convert.  When requesting your de-conversion numbers, it is important to be diligent about gathering quotes on all current contracted agreements. Unfortunately, you may be surprised that the de-conversion quotes you receive do not include all the related costs.


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Topics: communitybanking, coreprocessingpartner, coreprocessing