PHOENIX — While image exchange has been out there for a few years, FirstCorp CEO Pete Pritts wants FirstCorp's credit union members to know how cool it is.
FirstCorp is stressing to members that one scanner, one PC and two software applications are all FirstCorp members need to begin branch image capture. With that comes the ability to convert checks into images and even convert some eligible checks into ACH payments.
As of March of this year a rule change permitted payments made payable to a credit union and handed to a teller, such as loan payments, to be scanned, converted to an ACH payment and processed like any other ACH transaction. FirstCorp is also doing this on the business side. It has rolled out a product allowing business members to scan checks through a small machine where they are converted into ACH payments with the money settling at the credit union.
In other news from FirstCorp, the corporate is now paying Fed Funds plus 10 basis points in its FirstCorp First Yield Investment account once balances reach $20 million and above. It pays Fed Funds plus seven basis points for balances between $10 and $20 million and Fed Funds plus four basis points for balances below $10 million.
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