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Digital Federal Credit Union and Four Others Offer Consumer Remote Deposit Capture Through EasCorp

VIP Deposit from Sharon Credit Union USAA is no longer the only financial institution offering consumers the ability to deposit paper checks from the comfort of home using standard home scanning technology (see previous coverage here).

image Through DepoZip, a new offering from Massachusetts-based corporate credit union, EasCorp, five northeastern credit unions have recently begun offering remote deposit capture services for their members. In addition, Austin, TX-based Randolph-Brooks FCU is slated to launch it later this spring.

According to its published prices, the cost is $15,000 to implement the program ($5,000 for the license and $10,000 for training), then $100/mo plus $0.40 per active user plus $0.01 per its plus applicable image processing fees which range from $0.03 to $0.14 per item. Compared to manually handling deposits at the teller window, that’s a bargain. 

The service was piloted beginning in August last year and launched in November at Sharon Credit Union (see inset image) and Hanscom Federal Credit Union. The latest to roll it out is 300,000 member Digital Federal Credit Union. 

Company HQ Size Service Name Launch Date
Sharon CU Sharon, MA $590 mil assets VIP Deposit (Virtual Item Processing) Nov 2007
Hanscom FCU Bedford, MA $280 mil assets Easy Deposit Nov 2007 (pilot began Aug 2007)
Service CU Portsmouth, N.H. $1 billion assets   Dec 2007
Paragon FCU Montvale, NJ $390 mil assets
62,000 members
eDeposit Jan 2008
Digital FCU Marlborough, MA 320,000 members; 150,000 banking online PC Deposit Feb 2008
(2000 members enrolled in first 3 weeks; pilot began Aug 2007)
Randolph-Brooks FCU San Antonio, TX $3 billion assets
250,000 members
  coming in late spring