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 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

 
Automated Clearing House
Corporate Share Drafts
Cash Services
Check Collection for Credit Union Deposits
Foreign Item Collection
International Drafts
Research