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Correspondent Services
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Rocky Mountain Corporate Credit Union offers a variety of settlement, electronic, and payment services to assist member credit unions in further reducing their dependence on banking counterparts. Through each of these services, we offer members the support, service, and reliability they need maintain their competitive edge.
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Automated Clearing House
Automated Clearing House (ACH) was designed to improve collection, expedite payments and reduce costs to financial institutions who previously processed large check volumes. ACH offers high security and increased collection speeds verse traditional check processing. In addition to providing ACH receipt, origination, and returns, Rocky Mountain also has the capacity to warehouse ACH's for credit unions.
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National Automated Settlement
RMCCU provides automated settlement for various transactions to member credit unions at no charge. Through a Corporate Settlement Account (100), such settlements as Visas, ATMs, etc., processed by other vendors can settle in your Corporate Account. The Settlement Account also allows the credit union the convenience of viewing all daily clearings in one account before they actually clear from the member's High Yield Account at midnight. This eliminates the need for credit unions to hold multiple accounts at other financial institutions and also aids them in better managing their funds by avoiding unnecessary loans as well as earning the most in dividends.
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Domestic & International Wires
Rocky Mountain Corporate processes incoming, outgoing, domestic, and international wires for our members. One call to Rocky Mountain is all it takes to insure your wires are meeting regulatory standards for security. RMCCU's wire services are low cost and utilize the Federal Reserve's Fedwire system. Rocky Mountain also oversees all interaction with the Federal Reserve.
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Coin & Currency Delivery
Members of Rocky Mountain Corporate Credit Union have the advantage of a flexible and cost saving way to receive and deposit coin and currency. RMCCU offers members safe and secure delivery of money through an armored service. RMCCU also offers members the option to order their currency in special amounts as opposed to specific bundles as may be required by other institutions.
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Treasury, Tax, & Loan Depository
As a federal tax depository institution, Rocky Mountain Corporate accepts the deposits for federal income tax payments of natural person credit unions and their members. For the convenience of our members, Rocky Mountain Corporate accepts two methods of payment, either by federal tax coupons or by CU Link for electronic funds transfer payment system (EFTPS) payments. EFTPS users must be authorized and assigned a pin number from the Internal Revenue Service.
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Share Draft Image Processing
Rocky Mountain Corporate has been processing drafts for member credit unions since 1985. Utilizing the latest imaging technology, RMCCU captures and transmits to credit unions detailed information about their members' share drafts and debits the credit union accounts at the close of each business day. RMCCU's imaging system adds value to our service with better archiving and research methods along with timely and accurate transmissions. Members can also access images of their members' share drafts via the internet through "Image Connect". Learn more about RMCCU's online access to images under the Technology link in the Products & Services menu.
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Proof of Deposit
Each day Rocky Mountain Corporate accepts the checks members receive over-the-counter in their branches. RMCCU encodes and processes these items for collection in the check payment system. RMCCU handles all accounting adjustments and presentment problems, eliminating headaches for members. Because of RMCCU's high volumes, we can provide these services at a lower cost than most credit unions could do themselves. In addition, RMCCU gives 100% availability on all items received at our center by 8:30 p.m. This eliminates the interest cost of float as well as accounting problems.
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Corporate Share Draft Accounts
Rocky Mountain Corporate provides share draft accounts (checking account) to members that are very similar to the accounts credit unions offer their own members. The Corporate Share Draft Account can be used in place of a business checking account at a bank and helps you to provide members with bank checks or cashier's checks which will be drawn on your account at RMCCU. The member enjoys the benefits of no minimum balance requirements and no compensating balances or reserve requirements. The account is interest bearing and carries a minimal fee. Simply contact the Business Development Department if you would like a cost analysis prepared for your credit union exploring the difference in cost of a bank account compared to a corporate account.
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Research
RMCCU's research department maintains records on all the items we process for our members. In the event a credit union needs a question answered, a subpoena request filled, or simply a photocopy of a single draft, our research department is always on hand to help. Rocky Mountain's imaging system makes this service even more beneficial and accessible to members. Currently, credit unions receive photocopy requests within 24 hours, or sooner if a rush is requested.
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