MnIPC’s newest product, Electronic Check Deposit Services, provides a check deposit solution to the credit union utilizing the opportunities the Check 21 Act provides for.

This deposit solution brings the scanning and balancing of deposits directly into the credit union, giving you better control of deposit amounts and the ability to present the deposit by branch but receive your daily settlement in a lump sum.

The process is simple. The credit union staff scan the items into the Electronic Deposit Services software program, balance the data in accordance with the teller system, and then securely transmit the data to MnIPC using your existing internet connection. If any of the deposited items are drawn on a financial institution that is a participant in the same image exchange network as MnIPC (Endpoint Exchange), those items will be collected electronically. For the remaining items, a substitute check will be produced and delivered to the Federal Reserve Bank for Collection.

Features of the Product

CAR/LAR (Courtesy Amount Recognition/Legal Amount Recognition)

CAR/LAR automates the process of manually viewing and entering amounts on about 60% of items. CAR/LAR works by electronically reading the courtesy amount field on the check as well as the legal amount field on the check to determine the dollar amount.

DREAM

Items that reject because they are put in backwards, upside down or if the MICR line could not be read are analyzed by DREAM for automatic correction. DREAM will also "flip" the image so that it is correct.

ON-US and Other Items

Items that are truncated at the window may also be scanned in for imaging purposes only. Other items include items such as canadian checks, savings bonds and deposit slips. These items will be stored for 7 years by MnIPC and will be available for online research for 3 years. If you use MnIPC's Universal Access for your homebanking, then those images of on-us items will also be available to your members.

Benefits