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
> Eliminate Daily Courier |
> Immediate Credit |
> CAR/LAR
|
> Online Research of Items for 3 Years
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> Image Archival Storage for 7 years
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To schedule a demonstration at your credit union, contact Michelle Carlson at 651-288-5165.
Deposit Services User Pricing
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