RANCHO CUCAMONGA, Calif. — As the only credit union service provider to offer a full complement of electronic deposit capabilities geared to consumers, Co-Op Financial Services is seeing credit unions' adoption of its Check Imaging solutions steadily climb, mirroring the growth in image-capture services industry wide, according to a news release.
"By providing a wide range of imaging solutions that appeal to members on the go, we're helping credit unions compete with much larger institutions," said Stan Hollen, president and chief executive of Co-Op Financial Services. "Providing a variety of channels for making deposits essentially brings the credit union right to its members, wherever they are."
In March, Co-Op introduced the first three services in its check imaging suite: Co-Op My Deposit, Co-Op Fast Branch and Co-Op ATM Check Imaging. The company will soon add two more services: Retail Deposit and Branch Deposit.
Co-Op Fast Branch service, which provides credit union members with "do-it-yourself" shared branch kiosks, has added Anheuser-Busch Employees' Credit Union in St. Louis; Delta Community Credit Union in Atlanta, Ga.; First Financial Credit Union in Albuquerque, N.M.; NASA Federal Credit Union in Bowie, Md.; and Red Rocks Credit Union in Highlands Ranch, Colo.
New users of Co-Op Check Imaging ATM service, which allows members to scan and deposit checks without using deposit slips or envelopes, include Alliant Credit Union in Chicago, Ill.; California Center Credit Union in Rancho Cucamonga, Calif.; Provident Credit Union in Redwood City, Calif.; Star One Credit Union in Sunnyvale, Calif.; Antelope Valley Federal Credit Union in Lancaster, Calif.; Rogue Federal Credit Union in Medford, Ore.; and USA Federal Credit Union, San Diego, Calif.
Co-Op My Deposit check imaging service for consumers has added Addison Avenue Federal Credit Union in Palo Alto, Calif; America First Federal Credit Union in Ogden, Utah; California Center Credit Union; Constellation Federal Credit Union in Falls Church, Va.; Meadows Credit Union in Arlington Heights, Ill.; Michigan First Credit Union in Lathrup Village, Mich. (branded as EZ Scan&Deposit by Michigan First CU); and Star One Credit Union.
According to CheckImage Collaborative, a group of trade associations and financial institutions working to raise awareness and promote the benefits of Check 21, more than 14 billion annual check payments totaling $17.5 trillion per year have shifted from traditional paper-based to image-based clearing. On a typical day in March 2008, the group reports, nearly 9,800 financial institutions received more than 42 million check images for posting.
"The use of imaging technology is only going to grow, with the Federal Reserve stepping up the timing for closure of several check-processing facilities," said Hollen. "And as member demand grows for convenient access to their accounts, Co-Op is committed to providing credit unions with the tools to compete and succeed in the Check 21 world."
