Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Products
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.
Other Resources

RSS





print
News Now LiveWire
Through the snow, be on the lookout for a @CU4Kids @CMNHospitals @COOPFS billboard in @TimesSquareNYC this week
4 hours ago
.@CUNA , trades unite to urge Congress on #datasecurity action http://t.co/gzmZGX9nfF
7 hours ago
State of Wash. @dficonsumers has expanded its CAMEL ratings to include an "S" for interest-rate sensitivity.
8 hours ago
.@HUDgov tweets: Be sure to tune in tonight to watch @SecretaryCastro on @TheDailyShow with Jon Stewart http://t.co/B1L23NQaoJ
8 hours ago
.@NJCUL Southern Chapter meeting canceled due to the impending snowstorm
8 hours ago