Credit unions using Southwest Corporate’s check collection service now have another reason to love Remote Deposit Services – “Explicit Float.” Explicit Float makes deposited funds available faster and reconciling credit union check collection deposits easier.

Until now, deposit credits viewed in TranZact appeared “split” to show availability as immediate, one-day, and two-day. With three different balances, reconciliation could be a challenge. Explicit Float gives credit unions participating in Southwest Corporate’s Remote Deposit Services have the option of receiving 100% immediate availability of deposits, greatly reducing the amount of balancing required.

An automated program tracks the deposits and availability deferred amounts. At the end of each month, the automated program calculates a float charge (Fed Funds rate/360) and posts that charge to the credit union statement the following month. Unlike a similar program offered by the Fed, no additional fees or service charges will apply.

Increasing the availability of funds increases the opportunity for credit unions to invest those funds sooner. This not only offsets the float charge but can also provide additional investment opportunities.

To put this service to work for your credit union, contact an Account Executive at 800.442.5763.

For more information about Remote Deposit Services, contact a Remote Deposit Team Member at 800.442.5763.