Check Collection
Missouri Corporate Credit Union can help maximize your
earnings by collecting checks quickly and accurately
through our account with the Federal Reserve Bank and
automatically depositing the available funds into your
Overnight Share Account.
With Check Collection, your credit union becomes the
primary player in the financial marketplace. When you
deposit checks with a bank, you must keep a compensating
balance, so in effect, your income is reduced. With
Check Collection, any profit is returned to you.
The benefits of Check Collection include increased
earnings, lower per-item fees, and improved availability
of your funds.
MCCU also offers Foreign Check Collection. Your Overnight
Share Account will be credited upon receipt of the funds.
Provisional credit will be issued. As always, cash letters
are not guaranteed funds and may be subject to return.
Premier Automated Capture & Exchange (PACE)
Premier Automated Capture & Exchange (PACE) makes
it easier than ever for your credit union to process
checks quickly and efficiently. Offered by Missouri
Corporate Credit Union and the Missouri Credit Union
Association’s iVia Exchange Services,
PACE enables your credit union to make electronic images
of checks and transmit them between financial institutions
in a digitized format. Using technology known as “remote
branch capture,” PACE is possible due to Check
21.
How does PACE work?
Your credit union can scan checks, correct, balance
and electronically submit those image cash letters (ICLs)
from each branch to iVia for processing and settlement.
Hard copies of members’ checks do not leave your
branches.
Benefits of PACE
- Reduces or eliminates transportation costs
- Increases availability of funds
- Later delivery deadlines
- Eliminates encoding expenses
- Replaces microfilming efforts and cost
What do I need to use PACE?
Each credit union branch needs a scanner and computer
designated for check scanning, along with a license
for the PACE scanning and balancing software (per location).
Starting PACE
If you would like more information, please contact
Paulette Hill at 1-800-392-3074, ext. 1352, or phill@mocorpcu.coop.
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