SAN DIMAS, Calif. — WesCorp has announced another 5% price reduction for member check collection files received electronically during the month of June. The $31 billion corporate said credit unions have decreasing processing costs for images to thank.
"As more and more member credit unions embrace the new efficiencies of image processing first envisioned by Check 21 legislation, WesCorp is able to pass on these savings to our members," says WesCorp's Richard Stanton, Director, Product Sales Support.
Stanton said he expects prices to continue to drop again before the end of this year, as the numbers of images increase and substitute checks decrease.
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The switch to images continues to be fueled by the rising costs of paper processing. The Federal Reserve Bank will increase paper-clearing fees by 30% on July 1, and has promised additional increases. Stanton said WesCorp expects to raise prices on paper check processing January 1, 2009.
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