Share Draft Services

Lockbox Processing

A lockbox processing service through Catalyst alleviates the need for credit unions to manage in-house lockbox services, such as receiving and processing credit card and loan payments. Catalyst supports credit unions with low clearing fees and the ability to monitor activity and view reports online through TranZact.

Benefits:

• View lockbox activity, images and reports through TranZact
• Lower per-item processing, clearing and overhead costs using Catalyst’s leading image exchange network relationships
• Catalyst Corporate retains and disposes of images and physical documents as directed by the credit union

Features:

• Daily mail pick-up from a post office box
• Opening and sorting out mail that requires special handling
• Scanning the check and payment coupon
• Endorsing the check
• Electronically reading or manually entering MICR line information from checks
• Electronically reading or manually entering OCR line and handwritten information from payment coupons
• CAR/LAR technology character recognition of the check amount
• Manual verification of check amount
• Payments applied in accordance with credit union business rules
• Same-day electronic deposit of checks
• Payment output files posted on TranZact for credit unions to download

To put this service to work for your credit union, email an account executive at contactus@catalystcorp.org or call 800.442.5763.

Overview
Bill Pay
Imaged Share Draft Processing
Lockbox Processing
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