Travelers Express and Source Technologies team up to implement time and cost-saving output applications in Fairwinds Credit Union

This Top Ten bank chose e-DocSecure because...

• They virtually eliminated their fraud risk by getting rid of preprinted check stock.
• Employees can offer better customer service by serving their customers in a timely and efficient manner.
• They save thousands of dollars per year in check stock costs, and through the consolidation of multiple machines.

About the Customer

Serving more than 115,000 members through 14 branches in Central Florida, Fairwinds Credit Union exceeds $1 billion in assets. With more than 370 employees, Fairwinds' staff was purchasing, storing and printing as many as 100,000 checks per year.

What We Found

With their current process, accountants were required to perform a daily re-synching of the system. This arduous task, consuming 1 1/2 hours at each branch, confirmed preprinted check numbers matched the corresponding information in Fairwinds' information system, such as the date and payee. The preprinted stock required extensive tracking, from purchase to storage, to ensure accountability.

In addition, checks were printed with dot-matrix printers, which jammed very easily and were extremely noisy and slow. Many times the teller or loan officer would have to leave the customer at the desk, resulting in poor customer service. Fairwinds was also dissatisfied with their money order printing process. Each of the 14 locations used a separate money order dispenser. With each dispenser costing $1,200 and required a $200/year maintenance contract, of $200 this resulted in a huge expense for a machine that could only perform one function. The retail ergonomics were also adversely affected because many times the teller line was tight on space and could not comfortably fit an additional piece of equipment.

Kathy Chonody, Fairwinds' Chief Financial Officer, informed Source Technologies that Fairwinds was "spending about $8,000 per year on preprinted check stock. However when you consider the cost of employee time and frustration, forms storage, risk of fraud and forms obsolescence, we were spending much more."

ST Solution

Source Technologies installed secure MICR laser printers together with Lexmark's easy-to-use OptraForms software. This solution handled the printing of official checks, A/P checks, money orders, and any other negotiable documents, without any modifications to the original data file.

With Source Technologies' solution, Fairwinds Credit Union was able to consolidate multiple machines and discontinue daily re-synching activities. They also virtually eliminated their fraud risk associated with the purchase and storage of preprinted check - MICR printers utilize blank check stock.

Chonody stated soon after the installation that, "The cost and time savings are actually an added benefit when you consider that our employees and customers are able to get the desired results without the usual nightmare."