The redesigned $100 note will begin circulating on October 8, 2013. To ensure that your staff is prepared to recognize and accept the redesigned note, please familiarize yourself with the note’s security features. You can download or order training materials, free of charge, at www.newmoney.gov.
Many consumers expect their financial institutions to offer electronic funds transfer services such as ACH origination. At most credit unions, members benefit from traditional “internal” origination services such as loan payment collection and transfers to or from deposit accounts. These services are easily implemented using SunCorp’s mACH® System in conjunction with your core system and bill payment products.
The mACH® System offers credit unions a secure, online system accessed from SunCorp’s Application Portal. Both single and recurring entries are supported along with imported files from your core system or other applications. Additional features include transaction templates and schedules to automate recurring entries, customized security settings to ensure proper internal controls, and extensive training options including both live and recorded sessions.
For credit unions offering business services, the mACH® System can be customized to offer your business members an online system for payroll, billing, and other recurring origination applications. Businesses can input and maintain origination records in the mACH® System with credit unions controlling the final delivery of files into the ACH Network. SunCorp’s offers individualized training for your staff on the unique features of business origination including agreements, risks, and other operational considerations.
For more information on ACH origination services and SunCorp’s mACH® System, contact your SunCorp Business Development Officer at 877.786.2677or email email@example.com.
Although check usage has decreased over the years, check deposit fraud remains a problem nationwide. Preventing check fraud will certainly decrease potential losses to your credit union. But even more important may be your duty to protect your members from being victimized by check fraud.
SunCorp recommends using the Deposit Chek® Service from Early Warning to help prevent these losses for both your credit union and your members. Deposit Chek® maintains account status information on 95% of all checking accounts to help financial institutions identify checks written on closed or invalid accounts. These checks can cause losses to your credit union, but can also cause even more harm to your members. Protect your members by identifying fraudulent checks and alerting them to check scams before the loss occurs.
The Deposit Chek® Service provides daily reports to credit unions on potential and actual returns based on your check deposit activity. The reports highlight high risk items that may be returned, and identify checks that will be returned by the payor bank. Credit unions use these reports to alert members to potential losses, and protect the credit union itself when the members’ accounts have no funds available for check deposit chargebacks.
For more information about the Deposit Chek® Service, contact your SunCorp Business Development Officer at 877.786.2677or email firstname.lastname@example.org.