EFT Services

• ATM/Debit card processing interface – batch or real time

  Automated Teller Machine (ATM)- BATCH
  

  FedComp's ATM Option allows FedComp users to add the automated teller machine function to their member services. The software add-on permits FedComp credit unions to connect to national and local ATM networks of their choosing, providing members with widespread withdrawal, deposit, and account inquiry access. In addition, credit unions can add Point of Sale and Positive Balance File capability to enhance their ATM option.

  FedComp currently supports a number of networks: M&I, MAC (formerly Green Machine), Central Trust, Deluxe Data Systems, TCUL, Money Maker, ICUL, Metro Teller Systems, Corporate One, NBD (Bank of Detroit), NYCE (New York Switch Corporation), Mellon Bank (formerly Ameritrust), Magic Line, Cash Card, FiServe, EDS, and EIS. Other clearinghouse affiliations are also possible, but may require up to six months of lead-time to set up.

  Any FedComp customer can add the ATM option to its system (Junior FedComp users will have to upgrade). It may take up to 12 weeks for the unique custom programming to link the credit union to the network clearinghouse. In addition, there are preliminary arrangements a credit union must make to prepare for the upgrade, such as selecting the clearinghouse, purchasing the hardware, possibly setting up a dedicated phone line, and setting appropriate member use fees and policies.

  The FedComp ATM option may require a modem to connect to the network processor and transmit balance data. The network processor determines the modem specifications; some processors require a special bi-synchronous modem. This modem can be purchased directly from FedComp, as part of the entire ATM Option Package, or can be purchased separately.

  Other Options:
  

  • Point of Sale (POS)/Debit Card: This option allows members to use their ATM card to make purchases at network merchants by directly debiting their accounts at the moment of sale.
  • Positive Balance File (PBF): This option allows the credit union to transmit member account balances once a day (on normal business days) to the network processor, so that each member’s balance is known at the time of the ATM transaction. The PBF increases the credit union’s control over member balances; members cannot withdraw funds in excess of their balances.

  Set-Up/Processing Time:
  

  • Up to 12 weeks programming and test transmission time for formats already serviced by FedComp.

  ATM Add-On Software:
  

  • Point of Sale (POS) Debit Card
  • Positive Balance File (PBF)

  Automated Teller Machine (ATM) – REAL-TIME
  

  FedComp's ATM Option allows FedComp users to add the automated teller machine function to their member services. The software add-on permits FedComp credit unions to connect to national and local ATM networks of their choosing, providing members with widespread withdrawal, deposit, and account inquiry access. Credit Unions can choose negative file, positive balance file, and real-time access for their ATM/ Point of Sale/Debit cards.

  FedComp currently supports these networks: FutureSoft, SCI, and CUSC.

  Any FedComp customer can add the ATM option to its system (Junior FedComp users will have to upgrade to FedComp Single or Plus). It may take up to 12 weeks for the unique custom programming to link the credit union to the network clearinghouse. If the CU uses 1 of the above ATM processors which use the standard variance ISO 8583, programming and testing time may be less. In addition, there are preliminary arrangements a credit union must make to prepare for the upgrade, such as selecting the clearinghouse, purchasing the hardware, establishing the appropriate communications module(s), acquiring and installing any appropriate server hardware/software to secure your member's data, and setting appropriate member use fees and policies.

  Includes:

  • Negative File: This option operates on a maximum daily withdrawal amount , established by the credit union.
  • Point of Sale (POS)/Debit Card

• Direct deposit/ACH interface – post individual or group payroll with simple exceptions handling

  Direct Deposit/ACH
  

  With Direct Deposit/ACH processing, a credit union can automatically process payroll deductions and direct deposits that are received electronically. These transmissions can be received via modem or on magnetic tape. This option requires the use of a special bi synchronous or an asynchronous modem. The credit union's ACH processor will determine the appropriate modem and modem software necessary.

  To use this option for processing payroll data from the credit union sponsor, you need to be familiar with FedComp's basic payroll processing program. If you want to use Direct Deposit Processing with share draft accounts, you must set up share draft accounts using the Share Draft option.

• Share draft processing interface transmission of daily share draft files from item processor with simple exceptions handling

  Share Drafts
  

  Increase your service to your members and build your member involvement by adding share drafts to your credit union benefits. FedComp’s Share Draft Option allows its users to easily add share draft capability to their FedComp software.

  FedComp’s Share Draft Option provides for the daily posting to members’ accounts from a clearinghouse. Over draft protection from any share or loan account is offered; overdraft notices can be generated; and separate share draft statements can be printed. Transfer fees, returned item fees, and account negative fees can be automatically set up, and different share draft types can be designated, with a different fee schedule attached to each type.

  Notices for returned items, loan advances, and transfers from other share accounts can be generated. The Share Draft Option also has the ability to post periodic service fees based on balance, average balance, number of drafts written, and age.

  Depending on your processor, the Share Draft Option may require either an asynchronous modem or a special bi-synchronous modem and special communication software to communicate between the credit union and the clearinghouse.; Depending on the clearinghouse chosen, it may be necessary to install a dedicated phone line.

  Requirements for Implementing Share Drafts:
  

  • Select a share draft processor or clearinghouse.
  • Contact your FedComp Sales Representative to order software/hardware.
  • Check on installed phone lines and phone jacks; verify appropriateness (install new line if necessary).
  • Arrange with FedComp to have the account number format established and approved. Have blank drafts printed, if necessary (Note: Some printing companies will provide free drafts for pilot programs).
  • Set policies for overdrafts and fees.
  • Communicate with FedComp and processor to establish a starting date.

  *Note: If you have FedComp’s ACH or ATM options along with the related modem communications package, you may not need to purchase a new communications package. Check with your processor to determine compatibility.

• Virtual CU Teller – real time or batch internet home banking interfaces with our partner HomeCU (DMS)

  VirtualCU Teller Interface (Batch)
  

  Members can do their banking at anytime, anywhere while on-line. They can transfer funds between their accounts, make loan payments, open new accounts, apply for loans, request checks, check their balances, and review account history. Member information and transactions are communicated securely between the Credit Union and FedComp twice a day, usually after the end of each day at the Credit Union and transactions requested since the last communication in the morning when the Credit Union opens. Furthermore, the communication transfers are Credit Union defined.

  VirtualCU Teller Interface (Real-Time)
  

  Members can do their banking at anytime, anywhere while on-line. They can transfer funds between their accounts, make loan payments, open new accounts, apply for loans, request checks, check their balances, and review account history. Member information and transactions are communicated securely between the Credit Union and FedComp in a Real-Time environment.