Problem:
Looking long term, Michigan First Credit Union, based in Lathrup Village,
Mich., realized that most people can get cash anywhere, but they can’t
deposit money as conveniently. Rising gas prices and a smaller branch
network compared to banks also deterred members from making deposits.
Solution:
Michigan First launched EZ Scan&Deposit, an online service developed
by CO-OP Financial Services (branded CO-OP My Deposit). From their
home or office, members log onto their Michigan First account and
scan the check using any TWAIN-compliant scanner. The scanned check
image is then uploaded, verified and deposited directly into the member’s
savings or checking account. Once the check is deposited, members
are instructed to write void on the check, tear it up and throw it
away. Michigan First is one of the first credit unions in the state
to offer the home-based electronic banking service.
Results:
Since its launch in October 2008, EZ Scan&Deposit has seen a dramatic
response. From October to December, 598 checks totaling $246,709 were
deposited using the remote deposit service. By offering the convenience
of depositing checks from a remote location, Michigan First president
and CEO Michael Poulos said his credit union was able to level the
playing field with larger financial institutions. Best of all, said
Poulos, members gained convenience which “made their lives easier.”
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