Internet CU

The Internet Credit Union is a special package of services that allows the small credit union to provide its primary services Ė share savings accounts and consumer loans Ė to its members in the electronic age.


This system allows the small credit union to take advantage of the advancements in the computer and communications fields to present the best possible image to the credit union membership. In addition to a powerful core data processing system, it establishes an Internet presence for the credit union, provides for disaster recovery, provides for flexibility in work location, and it allows the credit union to avail itself of sophisticated electronic services such as Internet banking, shared branching, interactive voice response and ACH Origination.


In addition to the Internet presence, ACH Origination is the key to electronic services. The ACH (Automated Clearing House) service allows the credit union to electronically transfer funds from the memberís bank account to their credit union share and loan accounts. This connection to the memberís bank account makes it easy for the member to use the credit union services. The ACH transfer can be set up as a one-time event or as a recurring event occurring weekly or monthly Ė i.e. a weekly transfer from the memberís checking account at the bank to the Xmas Club account at the credit union.


Operation: The credit union will use a computer with a security encryption key installed and establish a connection to the Internet. A client program will be activated which will establish a secure connection to the credit union files located behind a firewall at the GCS offices. A username and password will need to be entered to access the member files. Although the security encryption key can be loaded on more than one computer (home and office, for example), no computer without the key can even access the username/password screen at GCS.


Included Services:


Credit Union Will Provide:

Important Highlights: The system provides a web site with both a full loan application and an e-mail contact page. This will allow the membership to complete the important task of applying for a loan at their convenience. The e-mail contact allows the members to write to the credit union about their questions and concerns- again at their convenience.


The system provides for either laser printed statements (requires a laser printer at the credit union office) or e-statements over the Internet. E-statements, in addition to being current technology, lowers the credit unionís expenses by reducing postage and other mailing costs.


ACH Origination allows the member to access their account at a bank to make loan payments at the credit union. Funds may also be transferred from the memberís bank account to any savings or club account at the credit union.


Optional Services:

Statement Printing and Mailing. This service provides for the printing and mailing of member statements for one set price per statement. This price includes the printing of the statement form, the form itself, the envelope and postage. This service would not be required for members who receive their statement electronically over the Internet.


Share Draft Processing: This service allows the credit union to offer share draft (checking) accounts. It includes receiving an electronic file of clearing checks, posting to membersí accounts, overdraft protection, return item processing, monthly statements, and the viewing of checks in on-line banking.


ATM Processing: This service allows the credit union to offer ATM cards to their members. It includes either on-line or batch authorization, receiving of an electronic posting file, posting to the membersí accounts, overdraft protection, and monthly statements.


Debit Card Processing: This service allows the credit union to offer Debit Cards to the members. It includes on-line or batch authorization, receiving of an electronic posting file, posting to the membersí accounts, automatic hold processing, overdraft protection, and monthly statements.


Interactive Voice Response: This service allows the credit union to give telephone access to the members to automatically access their accounts. Functions offered include balance inquiry, transaction inquiry, and funds transfer.


Backup: The credit unionís member files will reside on a server at the GCS office in Columbus, OH. On a daily basis, these files will be copied to the GCS backup server at an off-site location. The credit union may also copy its files to its local computer if it has sufficient available space. The GCS backup site is a fully functional site with its own data file server, web server, Internet connection and firewall.