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 The Check Clearing for the 21st Century Act (Check 21) went into effect October 28, 2004, enabling financial institutions to scan, image and convert share drafts into an electronic file. The goal of this legislation is to increase efficiency and eliminate much of the risk associated with moving billions of share drafts daily. The electronic file is transmitted for collection instead of the physical check. It also provides for creating a new instrument called a substitute check. When a substitute check is created that meets specific criteria, it becomes the legal negotiable replacement instrument for the original check. Once fully implemented, Check 21 will significantly change our members deposit processing allowing for a more expedient and less costly solution. Committed to helping members fully maximize the opportunities that Check 21 will provide, VACORP partnered with Palmetto Cooperative Services, Inc. to provide a branch capture solution that leverages the power of ‘least cost routing’, providing the most cost-efficient method of collection. This comprehensive turnkey solution provides the best of breed approach to a financial institution’s image capture needs. Utilizing Palmetto’s existing relationships, members will also have access to Canon scanners and maintenance, along with VSoft Corporation’s eDesk Capture software. For more information about Branch Capture, please call 1.888.4VACORP.
The independently designed system can stand alone or work with your Internet home banking provider. General Features:
For more information on VACORP’s Bill Payment services, call 1.888.4VACORP.
VACORP’s Check Deposit Program enables members to make daily deposits into a participating bank branch and have the funds credited to their account at Corporate. Since members do not have to open an account with the bank, there aren’t compensating balance requirements , interest is earned on all deposited funds and there is next day availability in the Corporate account. For more information on VACORP’s check deposit program, call 1.888.4VACORP.
What is the Official Check Program?
What do the checks look like? MoneyGram mirrors the credit union’s current stock at no cost, including the logo and colors. The America’s Credit Union hologram is also available as an extra security feature. Why use VACORP/MoneyGram’s Official Check Program?
Full account reconciliation with detailed reporting gives the credit union complete control. MoneyGram handles the reconciliation for each item, researches any exceptions, and provides a report that lists unreported or suspect presentments on a daily basis. For more information or to take advantage of VACORP’s enhanced security monitoring official check system, call 1.888.4VACORP.
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MyCU is VACORP’s bill payment processing system designed specifically for credit unions. EBP makes it simple and convenient for your credit union members to pay monthly bills. Payments are automatically debited from your member’s account. Through MyCU, credit unions help their members save time while managing funds effectively.
VACORP offers a unique, turnkey solution for managing your disbursements through a partnership with MoneyGram.