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CORRESPONDENT SERVICES
As a wholesale provider of services, SunCorp is a trusted source
of low-cost, efficient payment services for credit unions and acts
as a consolidator of transactions to provide economies of scale
to its members. SunCorp takes the hassle out of correspondent services
by managing the relationship with wholesale providers such as the
Federal Reserve Bank and the National Automated Clearing House Association
(NACHA), ensuring that your credit union's funds are kept in an
interest-bearing account for as long as possible.
Our Correspondent Services are designed to maximize float and pay
the highest dividends possible. Below is a brief description of
these services:
Automated Clearing
House (ACH)
The ACH program offered through NACHA and SunCorp allows your credit
union to receive government payments, net payroll, or other electronic
transactions on behalf of your members. Credit union members participating
in ACH save time otherwise spent in lines on payment days -- since
funds disbursed under the program are automatically credited or
debited to their account. As this service is electronic, your members
don't need to worry about making a stop to your credit union or
mailing their payments. ACH substantially decreases late or delinquent
loan payments and can help to increase member deposits.
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Corporate Share Drafts
The Corporate Share Draft program allows credit unions to pay their
bills and make member loans or share withdrawals using share drafts,
rather than checks, drawn on their own interest-bearing Cash Management
Account. Credit unions can maintain available funds in their account
and capture 100% of the interest earned until the drafts are presented
for payment.
Cash Services
SunCorp has developed its own coin and currency program, designed
specifically for member credit unions. We handle all ordering and
settlement practices eliminating the need for credit unions to depend
on their competition for this service. Cash orders settle through
a credit union's Cash Management
Account.
Check Collection
for Credit Union Deposits
SunCorp's Check Collection Service offers credit unions a depository
alternative to banks for daily check receipts. This service allows
a credit union to utilize SunCorp as its own depository institution
and further reap the benefits of its corporate.
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Foreign Item Collection
SunCorp provides member credit unions the convenience of a Foreign
Item Collection service through the utilization of the Corporate
Credit Union Network. All funds are subject to current retail rates
of foreign currency exchange.
International
Drafts
International Drafts are a convenient, cost-effective alternative
to International Wire Transfers. International Drafts are processed
for member credit unions by our chief correspondent, U.S. Central
Credit Union. They are sent in the currency of the country of destination
via regular mail or other expedited delivery methods. Requests are
accepted up to any amount.
Research
SunCorp's Research Department maintains records on all account transactions
and Corporate Share Draft items processed for members by Colleague.
SunCorp's Research Department is easily accessible and all information
is archived for up to seven years. In the event a credit union needs
a statement question answered, a stop payment looked up, or a simple
a photocopy of a corporate draft, our Research Department is on
hand to help.
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Please send me more information
on SunCorp's Correspondent Services
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