HARRISBURG, Pa. — The honor system is working, according to eCU Technologies.
Three years after releasing its UPost online deposit solution, the tech CUSO of Pennsylvania Employees State Credit Union is reporting fraud levels from its 30 users ranging from miniscule to non-existent.
That includes the first client to go live on the system, Southland Credit Union in Downey, Calif., which currently has 3,500 members using UPost and has yet to incur a single loss from fraud, says Melinda Ma, director of e-commerce and development at the $388 million CU. She says $6.1 million in 12,000 transactions have been posted using the service since it began in June 2004.
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She cites the stringent qualification process her CU requires for using UPost, which allows members to post online deposits and use the funds immediately while they send the check in by mail or bring it to a branch later.
eCU's parent CU, meanwhile, has conducted more than 1.2 million transactions on the system, bringing in $623 million in deposits against $35,000 in losses, since it began in 2001.
Five more credit unions which began the service between June and November last year have recorded a total of more than $3.98 million in 8,243 transactions without a fraud loss, according to eCU Technologies.
They are Lockheed FCU in Burbank, Calif., Tropical Financial CU in Miramar, Fla., Honda FCU in Torrance, Calif., Christian Community CU in San Dimas, Calif., and Star One FCU in Sunnyvale, Calif.
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