JACKSONVILLE, Fla. (12/17/14)--Jacksonville, Fla.-based Community First CU is strengthening its relationship with member businesses by offering them the convenience of mobile deposits. And if the credit union's experience with personal mobile deposits is any indication, member businesses will love the service.
The $1.2 billion-asset credit union launched the service for member businesses last week (Jacksonville Business Journal Dec. 10). Previously, the mobile deposits had only been available to members with personal accounts.
Mobile deposit transactions, which are made via a free downloadable app, allow member businesses to send a photo image of a check that is deposited in their account, with funds usually available in real time.
Since Community First CU began offering mobile deposits for personal accounts in 2012, mobile transactions at the credit unions have increased by more than 500%. In fact, the credit union now processes more deposits from remote transactions than from any of the institution's 17 individual branches.
"This is the future of banking," said John Hirabayashi, Community First CU president/CEO, told the Journal. "While we know our members like to be attached to their local branches, more [members] are depositing checks quickly and conveniently via the mobile app. Mobile deposits and banking are one of the fastest growing segments of both personal and business finance management."
The launch of mobile deposit services for member businesses is a part of Community First CU's continued emphasis on small business. In 2014, the credit union hired its first vice president of business lending, and over the course of the year business loans and activity have grown by 300% over fiscal year 2013, according to the Jacksonville Business Journal.