Funds are deposited into a clearing account and released into an interest earning account subject to the FRB's availability schedule. WesCorp absorbs any float on checks that exceed two days. Member Share Drafts WesCorp is the leading processor of credit union member share drafts, with more credit union member activity than any other processor. WesCorp uses its processing capacity to capture encoded information and transmit the data to credit unions for posting to member accounts. The program allows participants to offer share drafts drawn on their credit union with WesCorp acting as a processing agent.
Members see the name of their credit union on their checks, never as a payable through a bank.
One of the greatest advantages of WesCorp's member share draft program is the availability of digital images. Whether images are returned to members on monthly statements or ordered on an as needed basis, WesCorp's imaging system provides quick access to quality check images. The WAVE image program will allow credit unions to directly access images, reduce internal staffing costs and improve turnaround times to members requesting copies. Corporate Checking WesCorp corporate checking provides participants with the means to eliminate banking relationships and consolidate funds available for clearing items with other settlement funds in a WesCorp daily share account. Checks are drawn directly on WesCorp, eliminating the payable through feature.