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MY CU Services is always looking to expand the ways we can help credit unions succeed. View the latest issue of our quarterly E-Newsletter below or take a look at our newsletter archives to find out what we’ve been up to.

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April 2019

In this issue:

CEO Message

A Message from MY CU Services' president/CEO, Drew Kishbaugh

“Time moves slowly, but passes quickly.” American novelist, Alice Walker, spoke those words and I couldn’t agree more. It seems like MY CU Services got its start only yesterday, but this year marks 19 years of service to credit unions. Not long ago, we were just an electronic bill payment CUSO, and now we offer more than 20 payment and technology services to financial institutions across the U.S. Sometimes I wonder where the time went.

Over the last few months, MY CU Services implemented a new ACH Originations platform. The system was officially launched on February 19, 2019, as part of our multi-year payments platform consolidation. The transition went smoothly and was well-received by all of our ACH Originations users.

Our hard work isn’t over, though. As time marches forward, so are we with work on our international wires and foreign check collections conversion. The implementation of the new system will take place this quarter and will allow us to combine our two current platforms, Western Union and Cambridge, into one. Read the article below for more information on the international wires and foreign check collections conversion.

As we move into the second quarter of 2019, we’ll continue to measure our success in terms of YOUR time. How can we save you time with convenient products and services? What can we do to provide ample time for you to prepare for upcoming system conversions? How can we maximize your money and hours by offering educational opportunities that are low-cost and convenient? Keep in touch with us to find out!

Looking back, I see that everything MY CU Services has accomplished has been time well-spent in the service of our clients. Ms. Walker had it right – time passes so quickly. So, let’s make the most of every minute!

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Product Spotlight: ACH

How many people use direct deposit to get their paychecks nowadays? The better question might be, who doesn’t? Electronic funds transfers are always growing and with the rising demand, your credit union should have a reliable Automated Clearing House (ACH) solution.

Luckily, MY CU Services specializes in both ACH receipts, returns and originations! Both our ACH Receipts & Returns and ACH Originations systems are available through Zephyr, our online member access network, and require no special software for your systems. MY CU Services also handles all upgrades, including NACHA Rules-related updates.

ACH Receipts & Returns


MY CU Services’ Receipts & Returns system allows your credit union to easily receive your daily ACH files following the same day ACH structure, as well as create returns or notification of change items. Here are some reasons you might like our ACH Receipts & Returns solution:

  • • Enhanced security via dual control for creating and approving returns/NOCs.
  • • Ability to upload return and/or ACH Origination files.
  • • Real-time email notifications regarding potential OFAC hits, when files are ready for downloading, etc.
  • • Reporting capabilities for importing to your core system and BSA monitoring.
  • • Search functionality and ability to save searched data for future use.
  • • Ability to print ACH reports for files or items in PDF format.

 

ACH Originations


The MY CU Services' ACH Originations system allows your credit union to set up one-time and/or recurring ACH transactions. You can create templates for future use and upload batches and entries. If your credit union originates ACH transactions, our Originations system offers the following benefits:

  • • Create recurring scheduled templates (monthly, weekly, bi-weekly, etc.).
  • • Create on-demand or one-time payment batches using unscheduled templates.
  • • Create batches using an Excel import file.
  • • Ability to add and release holds for transactions.
  • • Enhanced security via the dual control approval and release process.
  • • Ability to reuse previously submitted batches that can be saved in templates, as well as derived and reversed in new batches.
  • • ACH Reconciliation page to easily track and research originations items.
  • • Risk reporting to track originated items and/or incoming returns from those items.

 

We’re in the golden age of electronic funds transfers. Take advantage of this golden opportunity to get MY CU Services’ ACH solutions!

For more information about our ACH services, please contact a member of the MY CU Services sales team at sales@mycuservices.com.

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Upcoming Education Session

Each quarter, MY CU Services will be hosting an educational webinar to provide credit unions with pertinent information about payments, technology or one of our products/services. The session(s) will be part of Vizo Financial’s education lineup.

MY CU Services will host the following webinar in the second quarter of 2019:

May 21                                   ACH Death Notification Entries: Don't Fear the Reaper
                                               Jessica Lelii, EFT specialist, MY CU Services
                                               10:00 a.m. ET

Death is one of the two certainties in life, so it’s inevitable that your credit union will have to deal with Death Notification Entries (DNEs) at some point. From an ACH perspective, there are certain guidelines and ways of handling payments when an account holder is deceased. The trick is making sure you follow those guidelines appropriately to avoid losses and minimize liability. But how? This session will cover the process for handling DNEs, government versus commercial reclamations, DNE returns procedures and more. With all this information, you won’t have to fear the reaper. Instead, your credit union will be able to handle DNEs without worrying about liability issues and risks.

This session will cover:

  • DNE guidelines and timeframes
  • Government reclamations
  • Partial returns
  • Ways to limit liability

This webinar is designed for ACH professionals, ACH operations staff, AAPs or anyone who wishes to learn more about Death Notification Entries from an ACH perspective.

There is no fee to attend this educational webinar, however registration is required. This session will be recorded for playback. In accordance with the National Registry of CPE Sponsors, CPE credits will be granted based on a 50-minute hour.

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International Wires & Foreign Check Collections Conversion

MY CU Services will be launching our new international wires and foreign check collections platform in the coming months. The conversion will allow us to combine our Western Union and Cambridge systems into a single solution for all of our international wire and foreign check collections clients.

Here are a few ways the new platform will enhance your international wires and foreign check collections processing:

  • • Single sign-on through Zephyr.
  • • IBAN or SWIFT code verification during entry process.
  • • Automatic population of beneficiary bank name and address when initiating payments.
  • • Select previous remitter and beneficiary information when initiating payments.
  • • Create custom reports.
  • • Print payment information as PDF, CSV or Excel document.
  • • Admin capabilities to add new users, change permissions or deactivate users within the system.
  • • Data retention up to 25 months.
  • • Select multiple payments for approval at one time, including Reg E payments.
  • • Detailed instructions for incoming wires.

In the weeks leading up to implementation, we’ll be sending weekly communications to keep your credit union up-to-date with important information to prepare you for the new system. These communications also contain training materials – user guides, webinar recordings and registration for live demonstrations of the new system.

Key members of your staff can sign up to receive these communications by notification list that best fits your credit union: MY CU Services International Wires, MY CU Services International Wires – Cambridge System and/or MY CU Services Foreign Collections Service Announcements. To subscribe, please update your notification profile or click here to set up a new profile.

If you have any questions, please contact us at eft@mycuservices.com or call (888) 985-7280, option 1.

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