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CO-OP My Deposit expands to CUs business

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RANCHO CUCAMONGA, Calif. (11/16/10)--With the latest enhancement of CO-OP Financial Services’ CO-OP My Deposit product, credit unions can offer their small-business members the ability to electronically submit checks for deposit. “This expansion of our check imaging suite allows credit unions to target a lucrative and underserved segment in today’s economy--small business owners,” said Stan Hollen, president/CEO of CO-OP Financial Services. “The upgraded CO-OP My Deposit is a perfect fit for small- to medium-sized businesses, as well as schools, religious organizations and nonprofit associations, that need to deposit checks on a regular basis. CO-OP My Deposit was introduced in 2008 for credit union members to scan and deposit checks from their homes. The server-based application now eliminates the need for small-business owners with high check volumes to travel to the branch as well. Set-up is straightforward--only a high-speed scanner and a personal computer with Internet access are needed to use CO-OP My Deposit. The high-speed scanner can be ordered from the private, online CO-OP Scanner Store. Scanners range from those that can process dozens of checks per minute to a single-feed scanner that still reads both sides of the check in a single pass. The advantages of CO-OP My Deposit include reduced float time, online revisions and adjustments, e-mail receipts, online history viewing, and automatic data capture and balance before checks are submitted to the credit union, said CO-OP. Robust risk and fraud assessment are performed immediately, and all identifying information processed through the imaging product is stored so duplicate checks can’t be deposited separately.