The $90 million Chaffey Federal Credit Union continues to beat out local banks to secure merchant remote deposit capture contracts with several California school districts.
Competing against larger banks and some credit unions, the Ontario, Calif.-based credit union was recently able to outbid them to secure arrangements with two districts that serve nearly 30 schools. Another remote deposit capture contract is in the final stages for a district with roughly a dozen schools. Chaffey President/CEO Catherine Randazzo has her fingers crossed that a proposal for a fairly large district will be approved next month.
Randazzo said in the bidding process with other banks, Chaffey was able to offer more cost savings. In one case, the credit union's remote deposit service program, which is offered through business services CUSO CU Business Capital LLC, would save one school district $1,000 a month.
Recommended For You
In cash-strapped California, some agencies are skittish about working with banks, Randazzo noticed. That apprehension has helped Chaffey build even stronger relationships with school districts in the Inland Empire and San Gabriel areas.
"Banks are in dire straits and they are fee-heavy anyway," Randazzo said. "Because they know us, the teachers have a level of trust with the credit union. That tends to put us over the top."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
