EasCorp helps CU launch post-hurricane check imaging
WOBURN, Mass. (10/18/05)--Although several states separate them geographically, Eastern Corporate FCU (EasCorp) in Woburn, Mass., and the Federal Reserve Bank of Boston took quick action to help LADOTD FCU, Baton Rouge, La., with check-collection arrangements in the aftermath of Hurricane Katrina.
"With the New Orleans Fed out of operation because of Katrina, financial institutions in south Louisiana had to redirect their check collection activity to the Atlanta Fed," said Alan Bernstein, EasCorp senior vice president.
EasCorp learned that LADOTD was "experiencing serious delays in getting funds availability. We had just begun a limited release of our new image cash-letter product, so we started talking with the Boston Fed to make it available to LADOTD," Bernstein said.
While LADOTD had planned to implement EasCorp's imaging product in the future, the aftermath of Katrina brought home the need sooner, rather than later.
"Just getting the physical items to Atlanta was causing at least a one-day delay," said LADOTD President/CEO Cary Anderson. "On top of that, all items drawn on institutions in the New Orleans area had to go through special handling. EasCorp and the Boston Fed really came through for us."
EasCorp and the Fed's item-processing facility in Windsor Locks, Conn., put LADOTD on the fast track, flying EasCorp staff to Baton Rouge to install a scanner and to help get the product "live." They sped up the testing and implementation process and completed what normally would take at least two weeks in less than a week.
Since Sept. 21, LADODT has been electronically transmitting its imaged checks to EasCorp for presentment to the Boston Fed and has received better funds availability.
"Our check-collection process is moving along like clockwork now, thanks to EasCorp's quick action," Anderson said. "With the new technologies available today, we're no longer limited by geography."
EasCorp serves 350 credit unions throughout the U.S.
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