From share drafts and money orders to cashier drafts and check collection, VolCorp item processing services provide benefits to both credit unions and to the businesses they service.
Research and adjustments performed at no additional cost
Duplicate detection over a 10-business day period
Several options for secure file transfers to and from VolCorp
Accredited National Check Professional (NCP) on staff
100% next-day availability of imaged deposits
Long-term, experienced staff
Item Processing Services
Member Share Drafts
At VolCorp, we offer a complete, comprehensive, and personalized share draft package.
- Secure connection for image retrieval through our online platform
- Posting files are available for five days via a secure connection
- Images are retrievable through credit union’s home banking system
- Redundant backup: all images replicated at our business recovery site
- Member support and after-hour assistance
- Error & duplicate correction
- MICR line repair on rejected items
- Adjustment module available through our online platform
- Same day debit/credit for adjustments before 3:00 p.m. CT
- Share draft returns with 100% next business day credit
Item Processing Services
Corporate Share Drafts
VolCorp’s corporate share draft program gives credit unions an alternative to bank checking accounts. We are able to process disbursement checks written from member credit union accounts and then post the settlement to their VolCorp Transaction Account. Since no pre-funding is necessary, credit unions retain the float and can maximize the earnings on available funds while avoiding the high fees of a bank checking account.
VolCorp’s money order program allows credit unions to enjoy low per-item fees and avoid pre-funding when issuing. Reconciliation is simplified by our online platform, which displays cleared items on a daily basis.
VolCorp’s cashier’s drafts program enables credit unions to issue drafts to members in need of certified checks. Settlement is posted to the Transaction Account. Reporting of cleared items is available daily through VolCorp Online.
Our suite of remote deposit capture products, also known as ezcapture, can be used at a branch, merchant, or consumer level and helps credit unions take advantage of efficient processing of deposit items.
Automates check collection at a branch level and increases both productivity and accuracy, while giving credit unions fast access to deposited funds.
Benefits of Branch Capture:
- Simple and accessible reports (sorted by batch, teller, branch, on-us items, and more)
- Free access to all deposit check images for seven years
- Cost savings by reducing or eliminating bank relationship and Federal Reserve Bank fees
- Error & duplicate corrections
- Training sessions, member support, and after-hour assistance
Allows merchants to scan checks and transmit the scanned images to credit unions for deposit to their business account.
Benefits of MERCHANT Capture:
- Seamless, speedy processes
- Reduced risk of fraud, document loss, and posting errors
- Review and approve all merchant deposits before they’re sent
- Set deposit limits for merchants (per item, per deposit, and per daily total)
- Simplifies bank/credit union relationships for business members
- Same-day processing, even after business hours
- Faster availability of funds
Become a Partner
For more information about our item processing services, contact us! One of our representatives will get back to you shortly.