Eeny, Meeny, Miny, Moe

Gen Y credit union members have myriad choices for depositing their money. Which do they prefer?


In today’s technology-driven world, members have several choice for how to deposit. I always thought going to a branch was the only suitable way to make a deposit, but I think that makes me slightly old-fashioned. That’s why I decided to “branch out” and examine all the different ways I can put my money into my account.

1) Remote Deposit – Mobile

According to the Huffington Post, an estimated 35% of American adults own a smartphone. I am one of them. My credit union, NASA, sent a pamphlet about remote deposit options with my first statement. That was a great way to remind me this option existed. Unfortunately, after reading the fine print I realized I was unable to remote deposit via my Blackberry, so that option was out for me. At least until I can upgrade to a new phone!

2) Remote Deposit – Scanner

NASA’s brochure also mentioned the option of scanning the check on a home computer. I am a young adult with not much to my name, and a scanner is not one of the possessions I need right now. For those who do own a scanner, this option seems like an easy and convenient way to deposit. I hope to one day use it.

3) Go To A Branch

It doesn’t get more traditional than this. And, like I said, it’s the way I’m used to depositing. Unfortunately, my credit union's branches are not close to my home or work, and I don’t own a car. Getting into a NASA branch is a challenge for me right now.

4) Go To A Shared Branch

I love credit union service centers, which offer shared branching. Being able to visit shared branch locations with participating credit unions all over the area makes conducting my banking business convenient and stress free. There's a shared branch with my credit union by my family’s home, my new apartment, and my office so I never have to worry about making a deposit. I like the safety of handing over my check to a live person and knowing it will immediately be in my account. Shared branching is a great option to have. If a credit union isn’t participating in shared branching, it should be.

5) ATM Deposit

At first, this option made me a little nervous. Should I trust my check with a machine? I have tried it before when I had an account at Capital One, and it was seamless. You put your check in the machine, and voila, your money is there. Pretty easy. The hardest part for me is actually finding the ATM.

6) Mail A Check

Talk about old-fashioned. This is one option I will never use. Who wants to go through the effort of sending something through the mail, only to have to wait a week for it to deposit? I’ll save the 44 cents and access my money through a faster option.

I have a lot of deposit options. For now, I think I’ll be using the shared branching option most often. It seems ironic that I’m from the tech-savvy Y generation, yet I am going the more traditional route with deposits. Although I am relatively tech savvy, I can’t help it that I don’t have the resources to use that technology right now. Until I can upgrade to another smartphone or buy a scanner, I am going to stick with a Credit Union Service Center, an option I’m glad I have.


Aug. 22, 2011



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