Remote Deposit Capture Paves Wide Path to Greater Adoption
In place at 624 credit unions is some form of remote deposit capture that allows members to deposit checks from any location using a desktop scanner, high-speed scanner or mobile smartphone camera.
According to Callahan & Associates Inc., that figure, as of March 31, is a small but growing slice of RDC adoption as more CUs realize the need to become tech savvy, provide convenience and successfully compete with other financial institutions, experts say.
The $499 million Freedom Credit Union adopted CO-OP Financial Services’ My Deposit Mobile in May giving members iPhone check deposit access.
As of June, 118 of the 56,000 members served by the Warminster, Pa.-based Freedom CU used the service depositing a total of $84,000. The addition of an RDC service for use with desktop and high-speed scanners next year is also being considered.