Power Financial Credit Union, one of South Florida's largest credit unions, today announced it has launched eDeposit, an online deposit system that allows its members to make deposits from the convenience of their home or office without ever taking a trip to the branch or ATM.
"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 M. Prindle, President and CEO of Power Financial Credit Union. "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."
Click It, Stick It, Spend It!
With eDeposit, members first log in to Power Financial's SecureLink Online Banking, choose SecureLink eDeposit and then select the checking account the funds are to be deposited to. 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; however, 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 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."
Prindle noted that eDeposit is not only a time-saving benefit for our current members, but should also help the Credit Union stand out amongst competitors and attract new customers to the credit union experience. "In fact, the simplicity of eDeposit is ideal for those that have avoided online banking based on preconceived notions that it is difficult and confusing," added Prindle.