Summit Credit Union Innovates the Paper Check with 'Remote Check Deposit 24' (7/12/2010)
From debit and credit cards to direct deposit and electronic bill pay, the Information Age has changed the way people manage and move their money. But one thing technology hasn’t been able to change a whole lot is the paper check – until now.
Summit Credit Union, which recently became one of the first credit unions in the nation to roll out Remote Check Deposit 24, is giving that old-fashioned check a high-tech update. Remote Check Deposit 24 allows any Summit member with Internet access and a scanner to deposit checks from anywhere, anytime, through credit union’s home banking platform. "It’s like having your own teller window at home," said Summit Credit Union President/CEO Sam Whitehurst.
Whitehurst added that even though money more and more moves into and out of member accounts electronically, the check is still a common means of moving funds from point A to point B. "A recent study reported that consumers receive, and subsequently need to deposit, more than seven billion checks each year! Remote Check Deposit 24 will add convenience to the process, and allow our members the service and flexibility they’ve come to expect."
Members wishing to deposit checks log into Summit’s Home Banking service, scan and transmit both sides of the original check to the credit union and keep the original check for their records. Summit processes the scanned items twice daily, ensuring prompt deposit of the funds.
Both the credit union’s Home Banking service and Remote Check Deposit 24 are free to members. "We feel it’s a really valuable innovation," said Whitehurst, "since it saves our members both money and time."
|
Resource Guide 
