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Southwest Corporates new system detects duplicate deposits
FARMERS BRANCH, Texas (12/16/09)--A new detection software developed by Southwest Corporate FCU has identified and stopped more than 36,000 duplicate checks during the first 11 months of 2009. Southwest Corporate also recently upgraded the system to search for duplicates on three levels: Has the file been seen before? Have individual items been seen before? And have items dated older than 30 days been seen before? The system has detected duplicates ranging from 1,400 to 12,000 per month on average. Duplicate checks can occur as a result of a financial institution’s procedural error, a consumer error, or because an institution’s processing technology does not protect against duplicates, according to Brad Ganey, Southwest Corporate senior vice president of payment services (LoneStar Leaguer Dec. 15). If allowed to continue through the system, each duplicate item would post to a member’s account a second time, creating the potential for overdrafts. “While no system can detect every duplicate deposit item, Southwest Corporate has significantly minimized the impact these items have on credit unions and their members,” Ganey added.
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