WesCorp offering check loss prevention product

SAN DIMAS, Calif. – WesCorp said it will become the first corporate to market DEPOSIT CHEK, a check loss prevention service offered by Primary Payment Systems. DEPOSIT CHEK provides advance notification of potential check returns by offering credit unions access to a national shared repository comprised of shared account and transaction information contributed by most of the nation’s largest financial institutions. More than 165 million accounts and more than four million stop payments are in this national repository. “As a part of WesCorp’s routine deposit processing, checks are compared against the PPS platform on a daily basis. PPS sends WesCorp a report showing current account statuses as well as return notices. Using this information, WesCorp then provides warnings on high-risk deposit transactions to its member credit unions via WAVE, WesCorp’s proprietary electronic delivery channel. The credit union can then take appropriate action against suspect deposited items,” said Ken Shoga, Senior Vice President for Correspondent Services at WesCorp. Credit unions wishing to participate must be WesCorp members and subscribers of Check Collection. After signing an agreement with WesCorp and PPS, DEPOSIT CHEK users determine their desired suppression limit and then simply wait for hit results and take appropriate action. “This service will significantly reduce check losses for WesCorp member credit unions, and is a proactive tool that helps to protect credit union assets,” Shoga said.