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VerifyValid scores Lake Michigan Credit Union deal

09 June 2014  |  2315 views  |  0 Source: VerifyValid

Lake Michigan Credit Union (LMCU), a leading Michigan credit union, and the largest financial institution headquartered in West Michigan, today announced that it is partnering with VerifyValid, the leading provider of electronically-delivered check payments (eChecks), to allow its members to quickly and easily receive, manage and deposit VerifyValid eChecks directly into their accounts.

eChecks combine the speed and convenience of electronic payments with the safety, familiarity, and information of paper checks, and can be sent from any computer, tablet or iOS phone. eChecks are currently used by individuals and businesses, such as Grand Valley State University, one of West Michigan's largest employers, to pay many of its vendors. Additionally, the rate of eCheck usage is increasing nationally through partnerships between VerifyValid and Deluxe Corporation.

With the number of eChecks in circulation increasing every month, under the new partnership, LMCU members with a VerifyValid eLockbox will have the ability to safely and securely deposit eChecks into their LMCU account.

"EChecks are emerging as a secure payment method of choice for business and individuals, and Lake Michigan Credit Union is committed to offering maximum in convenience and efficiency through the latest online and mobile banking technologies to its members," said Sandra Jelinski, president and CEO of LMCU. "By working with VerifyValid, LMCU has ensured our members have access to all the convenience, cost savings and security that eChecks provide."

Financial institutions can offer the VerifyValid eLockbox technology using no new equipment, no software installation, and requires no maintenance or service calls. LMCU can add it to a member's account in minutes.

"VerifyValid eChecks make life easier for both payors and recipients. They are also safer because they are registered with our fraud prevention service and because they move through financial institutions rather than around them," said Paul Doyle, founder and CEO of VerifyValid. "Lake Michigan Credit Union's support of eChecks demonstrates its commitment to improving the lives and businesses of its members."

VerifyValid helps businesses and consumers accept check payments electronically. This means they get paid quickly and economically while helping fight the risk and costs of other electronic payment types such as credit and debit cards. Every VerifyValid eCheck can be instantly verified using VerifyValid's free online service. This allows payees and financial institutions alike to confirm that the check is authentic and helps prevent fraud due to forgery or alteration. VerifyValid eChecks are the only checks that come with a pedigree that can be proven at the time of deposit at the financial institution. 

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