Posts Tagged ‘deposit’

Depositing checks online

February 11, 2008

The January 23, 2008 issue of CUTimes has an article that caught my eye. “Web-based Checking Program Produces Results for LAFCU” is the headline, and the article explains that CUBUS Solutions has created a program, called CUDeposits, that gives members the ability to deposit checks into their accounts over the web. Los Angeles Fireman’s Credit Union and Diamond Credit Union are two institutions using CUDeposits.

Intrigued with how that would work, I read on to discover that the member enters the check information through an online interface, then mails the checks to the credit union. Funds are available to the member immediately. CUDeposits also allows checks to be phoned into the CU’s call center.

This seems like a great service for individual members, unlike Remote Deposit Capture which is primarily a service for businesses.

Great marketing begins with a unique, useful, well-executed product or service. Offering this service will be a competitive advantage until other institutions adopt it. And institutions that have no relationship with their member/customers may never be able to practically adopt it.

It will be interesting to watch adoption rates and patterns across credit unions and banks.