OCCU expedites member deposits

OCCU is committed to creating a positive member experienceacross all channels. That’s why OCCU leverages an innovative in-house program to apply dynamic hold limits when members deposit checks via OCCU’s mobile app, shared branches and ATMs. This allows members who meet specific criteria to access their deposited money sooner, giving them greater financial flexibility.

Since the program began in July 2022, nearly 5,200 OCCU members have benefitted from earlier access to over $19 million of their own deposited funds through 12,608 holds that have been fully or partially bypassed.

“Our dynamic holds program not only improves the experience for members who rely on non-branch channels when making deposits; it also mitigates security risks to the credit union through automation and machine learning,” said Casey Foltz, OCCU’s senior vice president of analytics and profitability. “This innovative combination shows that we can go the extra mile for our members while still keeping the organization safe.”

OCCU first piloted its dynamic holds program on deposits made via the credit union’s mobile app. Since then, the credit union’s business intelligence and technology development teams have continued to improve upon the program by incrementally broadening eligibility criteria, perfecting automation and expanding to include ATM and shared branching deposits.

Previously, all members were subject to the same holds when depositing checks, a standard industry practice. This means that large portions of checks might not be available for use until days after the deposit because of an unwieldy, one-size-fits-allpolicy.

Now, however, when a member deposits a check via OCCU’s mobile app, an ATM or a shared branch, OCCU’s dynamic holds program automatically assesses whether the member qualifies for a reduced hold time by analyzing set data points from digital records. If the program determines that there is an opportunity to bypass the hold, the program releases some or all of the funds while also scanning for deposit patterns that could signal fraudulent activity. The program will then remember this hold as it evaluatessubsequent holds moving forward, including holds placed on branch deposits.

OCCU’s business intelligence and technology development teams will continue to refine the process as more and more members benefit from the program. This means even further innovation to provide the best service possible to members while maintaining financial security and warding off fraud.