July 26, 2010                                                                  

 

 

One Year Later

 

Number of Credit Unions Adopting Image Deposit Return Tops 275

 

 

The end of July marks the one-year anniversary of Southwest Corporate's Image Deposit Return Service, which automates the handling of returned deposit items. During the last 12 months, more than 275 credit unions have enrolled in the service.

 

"Southwest Corporate is pleased with credit unions' response to the image deposit return product so far, and we continue to complete multiple implementations each month," said Brad Ganey, Southwest Corporate's senior vice president of payment services.

 

"The Fed's consolidation of paper item processing into one office has directly impacted the return process and has pushed the whole industry toward receiving items electronically. Southwest Corporate expects to continue bringing credit unions on board as they recognize the value of an all-electronic service."

 

Return items route electronically from the paying financial institution to Southwest Corporate, eliminating the credit union's need for a courier. Southwest Corporate can automate the re-deposit of insufficient funds (NSF) items, report maker and/or payee information, identify potential late returns and notify credit unions of large-dollar returns. In addition, the service features seven-year image archival.

 

Southwest Corporate also offers credit unions an off-the-shelf solution for printing return substitute checks (IRDs) that includes a MICR IRD printer, software and basic supplies.

 

To compare features of Southwest Corporate's program alongside features of the Federal Reserve Bank's return services, visit www.swcorp.org/irdspec.asp. For more information on Image Deposit Returns, contact an account executive at 800.442.5763.