Overview

Helping you Take Advantage of Check 21 Legislation

The goal of the Check 21 legislation was to lighten the load of paper-intensive check processing. Since Southeast Corporate introduced Virtual Deposit Branch Capture in mid-2005, more than 600 credit union branches have captured and transmitted their images at the branch level. The technology, which offers greater efficiencies, encourages our credit union member-owners to continue using the family of Virtual Deposit products.  Researching copies of checks for your members is much easier. Instead of going through an extensive look-up process you simply input the deposit amount and date, and the item comes up.

100% Next Day Availability of Funds

Additional earnings potential is realized through Virtual Deposit's 100% next day availability. Putting deposits to work 'earning' the next day can add dollars to your credit union's bottom line. Your credit union's not-for-profit status doesn't overshadow the importance of a healthy bottom line. Trying to keep a credit union profitable is challenging and the benefits of next day availability add real value that adds up.

Speeding up Check Processing

In combination with image exchange, Virtual Deposit Branch Capture can create an environment where checks are truncated at the branch, collected quicker and often collected cheaper than traditional check processing. The Virtual Deposit system replaces microfilming, eliminating encoding costs and speeding up collection. You save time because tellers don't have to encode and scan and turn-around time is faster.

Distance is No Longer a Barrier

Going "virtual" means that regardless of where you are located you can conduct business without the hassle or cost of a courier. Since files are transmitted electronically Southeast Corporate can serve credit unions located anywhere. This is particularly helpful if your branches are spread out or in remote areas away from courier's main routes.

Easy to Use

In combination with image exchange, Virtual Deposit Branch Capture can create an environment where checks are truncated at the branch, collected quicker and often collected cheaper than traditional check processing. The Virtual Deposit system replaces microfilming, eliminating encoding costs and speeding up collection.

Staff from Southeast help set up the equipment, show your staff how to use it, and provides training. It won't take long and you'll be ready to go. The equipment is user-friendly and easy to use. Once you're in balance, you send the batch electronically to Southeast Corporate for collection and you're done.

Cost Savings

The efficiencies and economies offered through the Virtual Deposit family of products are enormous. The bill from Southeast Corporate is often significantly less than that from the Federal Reserve, and there are no courier expenses to incur. The ability to quickly handle returns and the ease of balancing throughout the day contributes to the overwhelming popularity of the Virtual Deposit family of products. Imaging deposits offers your credit union long-term value because it streamlines operations and creates cost efficiencies.

Easier Daily Closings

With Virtual Deposit, tellers no longer have to encode and scan, resulting in faster turn-around time. In fact, they don't have to encode at all, and that frees up a good deal of their time. Tellers can catch mistakes on the spot and the streamlined process makes doing so a snap. Reconciliation and balancing can be done throughout the day eliminating the mad dash just before closing. When the day is over, tellers simply go home without the stress of scrambling to meet deadlines.

Elimination of Courier Fees

Virtual Deposit allows credit unions to capture and exchange check images at the branch level and then send or exchange images electronically amongst various financial institutions. This saves valuable staff time and eliminates courier charges because there are no physical items to transport. For many credit unions the elimination of courier costs constitutes a major savings.

Building Bigger Bottom Lines

From recouping costs associated with courier fees, to retaining employees longer because their jobs are easier, the family of Virtual Deposit products makes building a book of businesses easier. Eliminating geographic boundaries, opening opportunities to capture greater market share, slashing transportation and paper-handling costs, and receiving immediate availability all make Virtual Deposit the right decision for any credit union.

Features

• 100% next day availability of funds
• Allows credit unions to capture their "over the counter items" and send to Southeast Corporate to make images available to members via home banking.
• Provides image capture functionality for items that cannot be electronically exchanged, such as savings bonds and foreign items
• Credit union branches and central office receive an electronic receipt of deposit information
• Operator can capture items at capture workstation and then return to their workstation to amount key and balance
• User administration can be performed at the credit union

Benefits

• Speeds up collection
• Reduces courier costs
• Efficient balancing of deposits
• Eliminates encoding costs
• Replaces microfilming
• Provides image research capabilities
• Deposit deadlines become less significant
• Image exchange is simplified because Southeast maintains the database of financial institutions accepting electronic presentment