Endpoint, Viewpointe See Point In Partnering
MILWAUKEE-Endpoint Exchange, LLC announced last week it is connecting with Viewpointe Archive Services LLC to allow the nation's two largest check and image exchange networks to exchange credit union and bank data, enabling thousands of financial institutions to dramatically speed up the adoption of Check 21. Under the deal, settlement will be conducted through the National Clearing House. The combined reach of the two exchange networks is more than 4,000 credit unions and banks, providing a major gateway for large volume check image exchange. Endpoint Exchange is owned by Metavante, a wholly owned subsidiary of banking holding company Marshall & Ilsley. Viewpointe Archive is owned by Bank of America, JP Morgan Chase and IBM.
Miss. CU Selected To Receive Funding
JACKSON, Miss.-HOPE Community FCU is one of three community development financial institutions targeted by a well-known investment fund to receive funding for hurricane relief. The CRA Qualified Fund, a socially inclined mutual fund that targets community investment projects, announced last week it is investing $100,000 in low-interest CDs in the credit union and two Gulf area banks as an initial step to a $100 million Gulf Coast redevelopment initiative.
The three financial institutions, including Liberty Bank and Trust Co. Of New Orleans, and Arkadelphia, Ark.-based Southern Development Bancorp, were singled out by the CRA Qualified Fund because of their extraordinary efforts to continue to provide financial services to harr-hit areas of Louisiana, Mississippi and Alabama after hurricanes Katrina and Rita, officials said.
CU Behind Special Currency
TRAVERSE CITY, Mich.-Local businesses have created their own special currency, distributing more than $100,000 worth of faux Bay Bucks to help spur spending with area merchants. TBA Education FCU is serving as the local repository of the Bay Bucks, the brainchild of the Traverse Area Community Currency Corp. More than 75 local businesses have agreed to accept the newly minted bills, which have been issued in various denominations. The washable currency, printed on plastic, is similar to gift certificates or phone cards and are circulating between a network of local merchants and restaurants.
CO-OP Moves Into 7-Eleven
ONTARIO, Calif.-The CO-OP Network announced Thursday it has signed with 7-Eleven Inc. to provide surcharge-free ATM access to the members of CO-OP-member CUs in the company's 5,300 convenience stores in 30 states. Starting Dec. 1, ATMs in those 7-Eleven stores will carry the CO-OP logo. CU-owned CO-OP consists of 1,848 credit unions with a combined 24 million cardholders. Those cardholders currently have surcharge-free access to 25,000 ATMs in all 50 states.
CU Employee Is Charged
CORVALLIS, Ore.-An employee of Addison Avenue FCU was charged with embezzling $70,000 from the credit union by stealing members identities. Mark Graybill, 23, of Albany, allegedly took out several fraudulent loans using the names and personal information of existing members. He then transferred the money from the loans to his own accounts. Addison Avenue FCU is the former Hewlett-Packard FCU and a branch is located at the HP campus in Corvallis.
MAX FCU Reissues Cards
MONTGOMERY, Ala.-MAX FCU said it was forced to cancel 14,000 credit and debit cards that may have been compromised by overseas hackers, according to a letter sent to affected members. The information is believed to have been stolen by identity thieves living in Russia from the credit union's third-party cards processor. The credit union does not know how many accounts have been compromised but recalled the 14,000 cards at a precaution-and at a large cost.