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EasCorp FSCC provide overseas deposit service
BURLINGTON, Mass., and SAN DIMAS, Calif. (2/8/08)--Credit union members can make deposits overseas through a partnership between Financial Service Centers Cooperative (FSCC) and Eastern Corporate FCU (EasCorp). “EasCorp’s relationship with FSCC allows us to receive member credit unions’ checks stateside electronically, via an image cash letter,” said Alan Bernstein, EasCorp senior vice president. The service is expected to reduce processing costs because “credit unions are able to collect checks more quickly than before, experience better funds availability and receive faster notification of returns,” Bernstein said. Service CU, Portsmouth, N.H., already is accepting deposits from servicemen and servicewomen in Ramstein, Germany. The credit union tested the remote capture service last November and went live just before year’s end. Deposits and payments by check represent about 80% of the dollar volume processed through FSCC network kiosks, said Bonnie Kramer, FSCC executive vice president and chief operating officer. EasCorp and FSCC’s joint program became available to credit unions stateside in 2005.


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