Our focus in 2007 for the Item Processing department has been increasing efficiencies and enhancing our service offerings.  We have made internal changes to consolidate the creation of the share draft MICR files.  This has resulted in the ability to release the files earlier to our members.  Another significant improvement was the creation of a duplicate detection system for the in-clearing items.  The daily work is verified against a 1, 2 and 7 day database to ensure no duplicate bundles or cash letters have been received.  This has lead to a decrease in the number of adjustment cases charged to our members.

In the Proof of Deposit arena, we’ve deployed full electronic presentment of POD cash letters.  This reduces our supply cost and employee time enabling us to keep our pricing low for our members.  Although we send all items electronically, some still have to be converted to IRDs by the Federal Reserve for non-image enabled institutions.  We are watching this number decline as more institutions participate in Check 21 clearing. 

The Early Returns Notification service has been well received and is currently being utilized by 26 members.  With this service, Corporate America is able to send the member credit union images of the return items that are being charged daily.  Holds can be placed on the deposit accounts to collect the funds once the physical item is received in the mail.  Members using this service have been able to cut their losses due to chargebacks.  If you are interested in signing up, call your consultant for more information.

We have enrolled in the EZ Clear Savings Bond Program.   This program will allow Corporate to collect savings bonds directly with the FRB without assessing any additional fees to our member credit unions.

We are planning a number of other improvements to benefit our member credit unions.  Currently under development is a web-based returns module that will enable our member credit unions to enter their return items online.  This service will validate the entries and provide the member with a total dollar amount and item count. 

However, our most exciting upcoming product is teller capture.  We anticipate benefits such as improved customer service and reductions in deposit errors as well as reduced teller outages and fewer research issues and adjustments.

If you have questions, or would like more information about our Item Processing service, please call (205) 581-0150 or (800) 292-6242 ext.150.

Thank you,

Thomas