Denver-based Belco Credit Union has always been a progressive institution, continually seeking new ways to give its members access to the latest in banking technology. So when a solution arose that would enable Bellco to eliminate paper waste, help the environment and cut operating costs— while also offering its customers streamlined, web-based services—Colorado’s second-largest credit union wasted no time.In March 2010, Bellco implemented CO-OP ATM Check Imaging. Not only did CO-OP ATM Check Imaging cut costs, shorten check clearing time and reduce paper waste for Bellco’s members with checking accounts, it also helped Bellco increase its check and cash deposit volumes significantly. The switch to CO-OP ATM Check Imaging began when Bellco decided to change EFT processors and chose CO-OP’s EFT processing solution. “We were faced with replacing some of the processes our previous (EFT) vendor used to oversee,” says Doug Kearbey, director of administrative services, Bellco Credit Union. “We wanted to do away with envelope processing and the associated costs, reduce the amount of paper we were using and update our technology.” Check 21 gave rise to the development of imaging software that enables checks to be handled electronically. CO-OP ATM Check Imaging eliminates the need for deposit slips or envelopes. Cardholders deposit cash and checks directly into the ATM, then receive scanned images of the bills or checks printed on their receipts. CO-OP’s fully integrated system captures, proofs and clears the check images. Since Bellco implemented CO-OP ATM Check Imaging:
- Cash deposit volume has increased 26 percent.
- Check deposit volume has increased 16 percent.
- Member discrepancies have decreased significantly and, when there are discrepancies, Bellco has immediate access to the check images, enabling problems to be resolved more quickly.