Power Financial Credit Union, a Florida-based credit union, has launched eDeposit, an online deposit system that allows members to make deposits from the convenience of their own home or office, eliminating the need to travel to an ATM or branch.
In today’s increasingly competitive banking environment, it’s important to leverage technology to differentiate ourselves from the competition and better serve our members’ needs, said Allan Prindle, president and CEO of Power Financial Credit Union (CU). With the addition of eDeposit, Power Financial members can say goodbye to the inconvenience of daily visits to our branches and use their home or office computer to complete the transaction. Best of all, funds are available immediately.
eDeposit is easy to use and can be accessed by logging into Power Financial’s SecureLink online banking service. Customers must then select SecureLink eDeposit and then select the checking account that the funds are to be deposited into. As part of the depositing process, the system will ask for additional information, including check number, date check was written, amount, who wrote it and who the check was made out to.
Members will ‘click it’ when finished, record the session ID number, endorse the check and ‘stick it’ in a stamped envelope and mail it to the PO Box provided during the transaction. The member will receive immediate credit for the full amount of the deposit up to $2000, but the Credit Union must receive the mailed check within five days. The member can ‘spend it’ to make purchases, pay bills or get cash at an ATM or merchant right away.
We believe eDeposit represents an important extension of our convenient SecureLink online banking suite of products and addresses one of the largest stumbling blocks of online banking, the deposit! added Mr Prindle. Our members want more than functionality and simplicity from their online experience – they want access to many of the services offered at a full-service branch. With eDeposit, Power Financial is moving one step closer to this vision and will continue to develop our online products and services with convenience for our members as one of our top priorities.