Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Financial Plus CU offers free e-check recovery service
SWARTZ CREEK, Mich. (1/26/10)--Financial Plus CU, Flint, Mich., is among three area financial institutions offering free electronic-check recovery services to local businesses. The service experienced a 50% success rate recovering 100% of the full face value of bad checks at the credit union, Financial Plus CU said (Saginaw News Jan. 24). If a business deposits a check and it is returned for nonsufficient funds, the institution can forward the check to Infinity Business Group, which converts the check to an automated clearing house payment. This allows for electronic transfers and provides one more chance to deposit the check. Checks can be presented for deposit twice, the newspaper said. Infinity calls the check writer’s financial institution daily for 60 days until there are sufficient funds in the account to cash the check. After 60 days, it can pursue the funds, but the business won’t receive the full amount. The recovery service is free. Infinity earns profits through a fee--$25 in Michigan--charged to the person writing the bad check, the newspaper added. Financial Plus FCU has $339 million in assets.


RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
18 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
19 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
19 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
20 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
21 hours ago