Fifth Third Bank said it has partnered with ProDraft Services Inc. to provide correspondent banking services to the CUSO's credit union owners and clients.
"With ProDraft's nearly quarter-century of processing experience, and Fifth Third Bank's more than a century of financial strength and broad base of services, our credit union clients have the best combination of services, tools, price and financial stability without the requirement of any capital investment," said ProDraft President Chad Bartosh.
The Bismarck, N.D.-based ProDraft said it has been providing share draft processing since 1986. In 2007, it was purchased by Midwest Corporate Federal Credit Union to supplement the corporate's correspondent banking services. In April 2009, ProDraft was spun off into a CUSO, owned by 38 credit unions, in order to expand its service offerings.
Fifth Third Bank in Cincinnati said it works with more than 2,200 credit unions providing various correspondent services.