EUGENE, Ore.–Oregon Community Credit Union is reporting that since implementing an innovative in-house program to apply dynamic hold limits when members deposit checks via its mobile app, shared branches and ATMs in July 2022, nearly 5,200 OCCU members have benefitted from earlier access to their funds.
Over that time the credit union said members accessed $19 million of their own deposited funds through 12,608 holds that have been fully or partially bypassed.
CUToday.info first reported on the program here.
“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.”
Pilot on Mobile App
The $3-billion OCCU reported it 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,” OCCU said.
The credit union noted that previously all members were subject to the same holds when depositing checks, a standard industry practice.
‘Unwieldy Policy’
“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-all policy,” OCCU stated. “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 evaluates subsequent holds moving forward, including holds placed on branch deposits.
OCCU said its business intelligence and technology development teams will continue to refine the process as more and more members benefit from the program.
OCCU has more than 250,000 members.
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