OCEANSIDE, N.Y.–Ocean Financial FCU is reporting it saw a tripling of mobile check deposits by members from March until July, which it is attributing to the lockdown orders in New York.
In July, the credit union reported, it saw $1.3 million deposited via its mobile apps, up from $565,000 in March.
“Even though we closed our branch lobbies to protect our members’ health and kept our drive-through windows open, it seems more and more people had the confidence in our mobile check deposit capability,” said Joe Tedesco, president & CEO. “Growing our capabilities like this also allows us to grow our membership for the future.”
During 2019, Ocean Financial reported its members used their mobile devices to deposit $7.8 million into accounts. Through July of 2020, they had deposited $8.7 million. At its current pace, OFFCU predicts it will exceed $13.5 million in mobile check deposits by year’s end, which would be a record for the $349-million Ocean Financial.
‘Big Banking Tools’
The credit union said its mobile app has offered mobile check deposit capability since 2015, with an upgrade during their rebranding in 2017, and has grown consistently month-over-month, reaching steady highs through 2020.
“We have worked very hard to put big banking tools like mobile check deposit, Zelle and credit score checks into the hands of our members while maintaining the security and integrity of our members’ accounts,” said CIO David Franco. “It allows us to punch above our weight class while still offering the benefits of a community-focused financial institution.”