MADISON, Wis. – CUNA Mutual Group is offering a pair of white papers aimed at helping credit unions protect themselves against potentially uninsurable risks from a couple of online banking products that are rapidly growing in popularity.
The two papers include best practices for credit unions offering online deposits and remote deposit capture.
Online deposits allow members to post their own deposits and send the check in later, while remote deposit capture allows them to scan and submit checks themselves.
"Technology is advancing at lightning speed and permeating every aspect of business and personal transactions, and the accompanying risks are emerging at nearly the same pace," said Ken Otsuka, risk manager at CUNA Mutual. The white papers are available at www.cunamutal.com at no cost to CUNA Mutual Credit Union Bond policyholders, which includes approximately 95% of all U.S. credit unions.
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