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HOME > PRODUCTS & SERVICES > ITEMS PROCESSING > OFFICIAL CHECKS > SHARE DRAFTS

Corporate Share Drafts

MY CU Services’ Corporate Share Draft program processes drafts on the credit union’s routing and transit number, meaning the credit union is responsible for reconciling your settlement account, liability for loss incurred as the result of fraudulent items, encoding errors, etc.

How Does it Work?

Your credit union issues a corporate share draft to disperse loans, withdrawals, etc. MY CU receives the credit union’s items and processes them with our daily work. The settlement for the sum of the corporate share drafts is taken from your settlement account, which requires your credit union to maintain sufficient funds within this account.

Postings are completed by approximately 4:30 p.m. ET each business day.

Benefits

  • Credit union earns 100% of float accrued from issue date to clear date.
  • Competitive pricing.
  • No hidden charges.
  • Online image retrieval.
  • No monthly maintenance fee.
  • Items processed on credit union’s routing and transit number.

Want MY CU to take Control of Liability Concerns?

Check out our Preferred Plan Drafts for more information on our other official check program.

If your credit union is interested in more information, please contact our sales team at (888) 985-7280 or sales@mycuservices.com.