Many clients who install Check 21 imaging solutions do so with the expectation of reducing various costs and receiving faster credit of deposited funds. Sangamon Schools Credit Union (Springfield, IL) has now seen firsthand additional benefits a high quality Check 21 solution may provide.
Recently, an attempt was made to deposit five (5) American Express Travelers Checks — totaling $2,500 into an account. Sangamon Schools Credit Union had recently implemented the CU*Check 21 solution as provided by Processing Alliance. CU*Check 21 includes a battery of embedded software tools for helping detect and prevent various check fraud. One of those detection features was able to immediately determine that the account number present for each of these Travelers Checks did not meet the necessary algorithm calculation for qualifying these checks as being authentic. Because of this instant recognition, the Credit Union was able to take immediate action prior to these funds being exposed.
Processing Alliance estimates that during the past 90-days alone, this feature has saved credit unions over $25,000 in bogus Travelers Checks, Postal Money Orders and other instruments attempting to be passed.
Gene Taylor, CEO of Sangamon Schools Credit Union says “The transition to the CU*Check 21 software program through Processing Alliance was very smooth and seamless to our staff and membership. The internal control tools included with the CU*Check 21 software have enabled our credit union staff to detect fraudulent money orders, travelers checks and daily transit items before they ever leave our institution. This particular occurrence saved one of our members $2,500…definitely a winning solution for Sangamon Schools Credit Union and our members.”