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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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