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Remittance processing is the root of MY CU® Services' bill payment services. At this level, the CUSO operates in the background to process payment of bills for your members. It's a perfect alternative for credit unions who wish to use the internet banking provider of their choice or those already offering a home banking system with bill pay capabilities, but are seeking a credit union source for back-end processing.

Processing and Settlement

Every night, MY CU® Services, LLC will receive a file of payments to be processed the following business day. This file will be received from the internet banking system your credit union uses for bill payment, and may contain verified funds payments or files for which members' accounts have not yet been debited. Once payments are sent to the merchants, your credit union's designated settlement account is debited. This settlement account can be held at the institution of your choice.

If your home banking system does not pre-debit your members' accounts, MY CU® Services will generate a file of bills to be paid in an ACH format, and either transmit it to your credit union or make it available for you to download.

Quality Control

A step above the status quo. MY CU Services' EBP high quality standards are what you would expect from a corporate credit union.

MY CU® Services, LLC does not:

  
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Hold payments for float income.
• Submit check and list remittances (the practice of submitting one check to a merchant with a stub containing the names and accounts of several individuals.)

MY CU® Services, LLC does:
• Include payment information on each check and stub to ensure accurate credit.
• Mail one payment per check per envelope.


The Difference

While service is key to our success, our uniqueness lies in the fact that we are a credit union system solution for EBP. As a Corporate Credit Union CUSO, we are a member owned institution dedicated to providing the services credit unions need at a price they can afford.

Business Partners

It is MY CU® Services' policy to interface with the internet banking company of your choice. Click the link above for a list of our established business partners.

Pricing

Set-up fees range from a minimum of $1000 to a maximum of $1,500 depending on options chosen. Set-up pricing may include special offers and is subject to change without notice.

Monthly fees average $2.72 per user (based on an estimate of 8 bills per month per user).

 
     © 2003 MY CU® Services, LLC

© 2003 MY CU® Services, LLC

1201 Fulling Mill Road, Middletown, PA 17057 • (800) 622-7494