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Corporate One announces Deposit Return Services solution

By: Robert Coyan, SVP, Marketing and Operations

Robert Coyan Headshot As part of our ongoing efforts to provide superior financial services solutions to our members, I am excited to announce Corporate One is now able to offer our members an enhancement to our Check 21 solution — Deposit Return Services, otherwise known as electronic chargebacks. Through our merger with Southeast Corporate, we were able to quickly incorporate their chargebacks service into a highly affordable solution for all Corporate One members. With our Deposit Return Services program, Partner members on our Check 21 solutions will not incur upfront licensing fees associated with other solutions (only per item fees apply). Associate members utilizing our Check 21 solution as well as members on other Check 21 platforms are also able to take advantage of the new Deposit Return Services with reduced up-front costs and low per item fees.

Deposit Return Services allow for faster receipt of deposit returns, which means quicker chargebacks for your members and reduced exposure for your credit union. This is great news given the benefits to your credit union and your members. Some of these benefits include optimized operational efficiencies and reduced staff time related to handling paper items and/or manually re–depositing items.

To meet the needs of credit unions large and small, our Deposit Return Services solution includes two options for receiving chargebacks:

  • Decisioning Model
    The Decisioning Model leverages a Web-based interface that offers built-in decision functionality and automatic redeposit of select chargeback items through desired thresholds.
  • Basic Model
    With the Basic Model, your credit union receives a PDF file of your daily deposit return items. You can print substitute checks to be given back to your member or manually redeposit.

To get started on taking advantage of this new solution and our reduced pricing, we are sending out Deposit Return Services start-up kits in phases to our member credit unions that includes everything needed to start the program right away. Whether you’ve already received your kit and have questions or are interested in learning more, please don’t hesitate to contact your Membership Relationship Manager or Member Services at 866/MyCorp1 or 800/342-0203.