- eCU puts to rest the questions that crop up regarding online deposit solutions by looking to client statistics. -
Harrisburg, PA - July 19 2007 - eCU Technologies, an automated financial service technology provider for credit unions, has answered the UPost Deposits vs. Fraud question that arises each time the online deposit solution is mentioned. Having released its UPost™ online deposit solution more than three years ago, the fraud issue usually percolates to the surface when introducing the technology to interested credit unions. Now that more than 30 credit unions have experienced this technology’s member empowering capabilities to electronically deposit funds from home and gain immediate access to them, eCU Technologies has gathered information from some of its UPost clients to answer the fraud question.
According to Southland Credit Union’s Director of eCommerce and Development, Melinda Ma, Southland was the first credit union to use UPost starting three years ago, renaming it eDeposit for its members. To date, the credit union still has yet to incur any losses. Southland currently has 3,500 members using eDeposit, reevaluating invitees every six months through its stringent qualification process.
“We are selective in our qualification process which would mitigate any risk in this area,” Ma explains. “When we first implemented it, we didn't have any preconceived goals of what to expect – besides knowing that this was a powerful member service tool. So far it’s been a fantastic tool and very convenient for our members.”
“Many people that we have encountered over the last few years have always asked us about the loss rate UPost experiences,” says Alan Brunner, COO for eCU Technologies. “We always enjoy that explanation – especially with Pennsylvania State Employees Credit Union (PSECU), where UPost started.” PSECU went live with its UPost@Home® online deposit service in 2001. Since then, the credit union has conducted more than 1.2 million transactions, depositing over $623 million with only $35,000 in losses. That’s an incredibly low .00005617 loss rate.
In addition to PSECU’s numbers, the technology CUSO listed a few more credit unions’ statistics that have been using UPost for an extended period of time. Check out the other credit unions’ statistics below:
Credit Union |
Live date |
Deposits |
Transactions |
Losses |
|---|---|---|---|---|
| Southland CU | June 2004 | $6,100,000 | 12,000 | $0 |
| Lockheed CU | October 2006 | $1,078,323 | 2,632 | $0 |
| Tropical Financial CU | June 2006 | $1,266,066 | 2,334 | $0 |
| Honda FCU | Nov. 2006 | $578,663 | 1,500 | $0 |
| Christian Comm. CU | July 2006 | $737,522 | 1,294 | $0 |
| Star One FCU | October 2006 | $326,000 | 483 | $0 |
According to Brunner, these are amazing statistics considering the product is just beginning to gain a head of steam in this marketplace. There are many upgrades planned for UPost later this year, which will make the solution much more attractive to credit unions and their members.
“We believe these statistics speak for themselves about how secure this online deposit solution is,” Brunner says. “It’s no wonder that it is really taking off in popularity this year. UPost has matured into a viable online solution for members who are inconvenienced in regards to their banking tasks. We’ve also found that it increases the value of a credit union in attracting and maintaining memberships. With an innovative technology like online deposit, why wouldn’t you want to join a credit union that has this solution. It just makes a member’s life much easier.”
eCU Technologies, located in Harrisburg, PA, is the Information Technology CUSO for Pennsylvania State Employees Credit Union ($2.5 billion, over 326,000 members). eCU Technologies was created by PSECU to provide credit unions with financial technology solutions, such as its Keystone suite of products that includes in-house or service bureau home banking solutions, UPost online deposit, online lending services, member history conversion, programming and consulting services, and more. (UPost™ and UPost@Home® are registered trademarks of and used here with permission from PSECU.) For more information on eCU Technologies and its Keystone product suite, visit www.ecutechnologies.com.