Relying solely on batch-based branch capture technology for deposit check processing cost Fairwinds Credit Union both money and time. The credit union saw nearly $1 million in deposit chargeoffs annually due to a seven- to 10-day lag in getting back returned deposit items. End-of-day balancing frequently extended tellers’ workday to 7 p.m. Employees throughout the credit union spent hundreds of hours researching and tracing returned items back to their original deposits.
With tMagic, Fairwinds Credit Union captures and processes deposit items in real time, eliminating end-of-day batch scanning and balancing. The turnaround time for returned deposit items dropped to one day, resulting in a significant reduction in deposit chargeoffs. With tMagic, items are automatically encoded and linked to deposits, so any subsequent item tracing is reduced to making a simple inquiry.