Scan multiple daily deposits creating an electronic cash letter
Provider of credit union share draft clearing services in Wisconsin
Internet based application to originate, receive, validate and approve ACH
Deregulation of the financial industry was just beginning.
Credit unions desiring to clear share drafts were denied access through the Federal Reserve check clearing system.
Credit unions needed a payable through bank in order to process share drafts.
WISCUB Inc., a credit union owned holding company, was organized by the Wisconsin Credit Union League.
$1 million of capital was invested by approximately 135 Wisconsin credit unions.
The sole purpose of this investment was to acquire shares in a bank to provide a share draft clearing program for credit unions and their members.
Cleveland State Bank, a small community bank located on the shore of Lake Michigan in Cleveland, Wisconsin, was purchased.
Cleveland State Bank’s “backroom operation” for share draft processing was referred to as the Share Draft Department.
Cleveland State Bank continued to operate as a community bank.
The Share Draft Department pioneered an innovative share draft clearing program for Wisconsin credit unions.
The Share Draft Department was providing services for over 150 Wisconsin credit unions, handling and truncating over 1.2 million paper share drafts per month.
The Share Draft Department became known as WISCUB Service Center to better reflect its history.
WISCUB Service Center evolved from a paper environment to an electronic environment.
Nearly 100% of Cleveland State Bank shares are owned by WISCUB Inc.
Over half of Wisconsin credit unions own shares of WISCUB Inc.
WISCUB Service Center provides viable services to Wisconsin credit unions.
Cleveland State Bank/WISCUB Service Center provides high dividend annual returns for their shareholders.
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