IMAGE DEPOSIT RETURNS
(IRD Printer Info) (Spec comparison)

 

Automated, image processing of returns on items deposited

 

Southwest Corporate's Image Deposit Return service automates the process of handling returned items from member deposits. Returns are sent directly to Southwest Corporate from its direct-exchange banks, image exchange networks and the Federal Reserve Bank. 

 

Features

• Automated image delivery to Southwest Corporate

• Elimination of paper check delivery to the credit union
• Return images, online reports and high dollar notifications on TranZact™
• Automatic re-deposit option
• Based on dollar threshold selected by credit union
• Re-deposited the day received
• Customizable reporting options

 

Benefits

• All returns consolidated through Southwest Corporate in a single image file

• Faster return receipt resulting in faster chargeback to the member
• Elimination of courier costs
• Reduced potential for losses with immediate information delivery
• Elimination of manual redeposit handling

 

Implementation Steps

• Credit union authorizes delivery of returns to Southwest Corporate
• Southwest Corporate receives returns from image exchange networks and the Federal Reserve Bank
• Southwest Corporate aggregates returns on behalf of credit union
• Re-deposit items are identified and automatically resubmitted, if option selected

• Online reports are available on TranZact to identify chargebacks and re-deposits, including
• Detail on all return items received
• Payee and/or maker information, if option selected
• High dollar return notice
• Identification of potentially "late" returns being received
• Print file of chargebacks is downloaded from TranZact
• Substitute checks are printed at credit union and sent to members (More information about IRD printers)

 

For more information, contact an account executive at contactus@swcorp.org or 800.442.5763.