Founded in 1978 as “a credit union for credit unions,” EasCorp (Eastern Corporate Federal Credit Union) is committed to supporting credit unions in ways that enable consumers to rely upon them for all their financial service’s needs. Serving 350 natural person credit unions throughout the United States, EasCorp provides credit unions with a variety of deposit, loan, investment, correspondent, corporate check and share draft processing, statement production and rendering services.
The Check Clearing for the 21 st Century Act, commonly known as Check 21, made it possible for banks and credit unions to transmit check images electronically to the member’s institution for clearing, processing and settlement. Credit unions wanted to take advantage of the potential that Check 21 offered by harnessing the efficiencies that would be gained by replacing the traditional paper-based check collection process with electronic transactions. Additionally, banks and credit unions were incurring significant transportation costs. The potential for lost checks as well as the risk of fraud along the way, posed an ever-present threat to the banking world.
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