The state Department of Transportation Federal Credit Union (www.dotfcu.org) has introduced “U-Deposit,” a technology allowing members to initiate check deposits online and have immediate access to those funds. The service is available for members that have a dividend-bearing prime or preferred-checking account.
“We realize the importance of providing our members with convenient banking solutions,” said credit union President P.J. Walker in a prepared statement. “The difference between U-Deposit and deposits at an ATM is the immediacy of the deposit posting. Our technology allows the online deposit to post to the member”™s account in real time, providing access to those funds the second the deposit is made. Once the member initiates the deposit, the physical check is mailed in a postage-paid envelope addressed to the credit union for processing.”
Walker called U-Deposit “one of the few remote deposit technologies that actually post the deposit in real time. Other financial institutions post the deposit by the end of the next business day. We feel that the immediacy of our technology is what makes this product convenient and different from other financial institutions.”
The Department of Transportation Federal Credit Union serves the residents, workers and students of Dutchess, Ulster and Orange counties.
Â
