EasCorp’s ACH Week Recap

November 2014 • VOLUME 12• ISSUE 11
INSIDE
EasCorp’s ACH Week Recap ............... 1
2015 ALM and Investment Academy is
Now Open for Registrations................. 1
Secure Passwords ............................... 2
Coin & Currency Orders for November
Holidays.................................................. 3
Annual Audit Verification...................... 3
Student Lending Education Forum..... 4
2015 Credit Unions Kids at Heart
Sponsorship Drive ................................ 4
EasCorp’s ACH Week Recap
EasCorp’s ACH-Week webcast training series concluded its very
successful run during the last week of October. During the course of three
days, EasCorp’s ACH experts, Janet Boush, Jenny Heighton, AAP, and
Sandy Tague led informative training sessions that covered key aspects of
managing and maintaining a thriving ACH origination program.
Following the live broadcasts, recordings were made available to all
EasCorp members. For those presently using ACH Origination, the
sessions represent a useful tool to support ongoing training efforts. For
those not yet using our service, the sessions provide valuable insight into
this powerful payment tool.
New Product Users ............................... 5
Upcoming Events .................................. 5
Image Cash Letter (ICL) Scorecard ..... 5
All three sessions can be downloaded from the Ease-Link home page,
https://www.eascorp.org/secure. A Vertifi-issued digital certificate is
required in order to access the files.
2015 ALM and Investment Academy is Open
for Registrations
In observance of
Veterans Day and Thanksgiving
EasCorp and Vertifi will be closed
Tuesday, November 11
and Thursday, November 27
EasCorp’s Annual ALM and Investment Academy returns to Babson
College on March 22-24, with a revised curriculum. An online
brochure and registration for the 2015 EasCorp ALM and Investment
Academy is now available on EasCorp’s web site at www.eascorp.org.
A special ‘early bird’ registration period is available until January 31,
2015. If you have any questions, please contact Cindy Nelson, senior
vice president, at 800.428.1144, ext. 3308 ([email protected]) or
Sara Gouthro, assistant vice president, asset liability management at
ext. 3335 ([email protected]).
Online Security Strategies
Secure Passwords
Hackers have come up with many creative ways to figure out your passwords. You can thwart cyber criminals
by creating strong passwords that are not easy to crack. EasCorp recommends that credit unions and other
financial institutions implement a set of guidelines for system passwords that require employees to create
complex passwords to protect private information.
EasCorp suggests that the following security tips be followed:
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Do not share passwords;
Do not write passwords down;
Create long passwords that are at least seven characters;
Use a combination of upper and lower case alphabetic characters (e.g. B, c) and numeric characters (e.g. 6,
11), and include special characters (e.g. !, &);
Do not use sequential or repeated characters (e.g. 123456 or gfedcba) or consecutive letters on the keyboard
(e.g. qwerty);
Dot not use family members’ names, nicknames, or initials;
Do not use birth dates, telephone numbers, Social Security numbers, or any other easily identifiable
personal information;
Do not use words that appear in a dictionary in any language.
There are a number of strategies you can employ to create complex passwords that are nearly impossible to
guess, but relatively easy for you to remember. One approach is to utilize a verse from one of your favorite
songs, poems, or a particular quote. For example, if you’re creating a password to access your system at the
credit union, you might start with the credit union motto, “Not for profit, not for charity, but for service.” It is
too long to use as a password, but can easily be condensed to N4$n4cB4S, which breaks down to:
- “N” represents “Not” (to add complexity, every first/odd “word” is initial-capped)
- “4” represents “for”
- “$” represents “profit”
- “n” represents “not”
- “4” represents “for”
- “c” represents “charity”
- “B” represents “but”
- “4” represents “for”
- “S” represents “service”
Continued on page 3
INSIDE EASCORP • November 2014 • PAGE 2
Secure Passwords, continued from page two
Credit unions should also consider these additional protections for both employee and member passwords:
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Password expiration age. Requiring frequent password changes reduces the amount of time available for
attackers to crack passwords.
Password length. Increasing the number of characters required for a password makes it harder to crack.
Password history. Password history determines the number of unique new passwords required before an
old password can be reused. Requiring the use of new passwords prevents users from reusing old
passwords continually.
EasCorp’s Security Guidelines for Online Financial Activity provides additional recommendations for
mitigating security risks inherent with online financial transactions and can be accessed via the Due Diligence
page of www.eascorp.org by anyone having a Vertifi-authorized digital certificate. If you have any questions
regarding best practices for managing your online transactions with EasCorp and Vertifi, please contact Jenny
Heighton, technical support specialist, at 800.428.1144 ext. 3521 ([email protected]), or our Technical
Support Center at extension. 2.
Coin and Currency Orders for November Holidays
In observance of Veterans Day and Thanksgiving, all Federal Reserve offices will be closed on Tuesday,
November 11, 2014 and Thursday, November 27, 2014, respectively. As a reminder, cash orders
prepared by the Federal Reserve Bank must be placed two business days in advance of delivery.
With regard to Veteran’s Day: (e.g., orders must be placed by 11:30 a.m. on a Tuesday for Thursday
delivery). Due to the Veteran’s Day holiday, you may need to place your cash order a day earlier than
normal (e.g., the same order referenced above should be placed on a Monday for Thursday delivery).
With regard to Thanksgiving: (e.g., orders must be placed by 11:30 a.m. on a Thursday for Monday
delivery). Due to the Thanksgiving holiday, you may need to place your cash order a day earlier than
normal (e.g., the same order referenced above should be placed on a Wednesday for Monday delivery).
If you have any questions regarding your cash orders, please contact Marge DeFerrari, assistant vice
president, technical support at 1.800.428.1144 extension 3355 ([email protected]), Jenny
Heighton, technical support specialist, at extension 3521 ([email protected]), or our Technical
Support Center at extension 2.
Annual Audit Verification
EasCorp’s annual audit verification process is underway. You will soon receive your
October 31, 2014 monthly statements in which an audit verification statement will be
contained from the CPA firm, Wolf & Company. Please complete and return this form as
soon as possible to Wolf & Company. Thank you for your cooperation.
INSIDE EASCORP • November 2014 • PAGE 3
Student Lending Education Forum will be Held on January 13, 2015
According to the National Center of Education Statistics, the primary federal organization responsible for
collecting and analyzing data related to education in the United States, the average cost to attend a 4-year
private university in 2011-2012 was $37,800. Since 2000, the cost of tuition, room and board has risen
40 percent at public colleges and universities, and 28 percent at private institutions. Even with scholarships,
financial aid, and Federal Stafford Loans, many students need additional loans to pay for their education.
By offering student loans, your credit union can grow and diversify its loan portfolio with a variable loan
product and build life-long relationships with young people and their families. While it might not be possible
to build a student loan program on your own, organizations such as Credit Union Student Choice, a credit
union service organization (CUSO), offer private student lending solutions that benefit both your credit union
and your members.
Credit Union Student Choice offers a turn-key private student lending solution that benefits members through
lower loan rates, zero origination fees, and more flexible repayment options. This revolutionary financing
solution fills the growing funding gaps that federal student aid can leave behind without the higher price tag
commonly associated with private loans.
Additionally, Credit Union Student Choice network is a centralized partner, handling the most difficult and
time-consuming aspects of private student lending, including risk management, loan processing and
servicing, guarantor relationship, online application and approval, and 24x7 call center operations. This allows
you to provide affordable loans without adding staff or hassle.
In conjunction with Credit Union Student Choice, EasCorp will host its annual Student Lending Educational
Forum on January 13, 2015 at its Burlington headquarters to present information regarding the
student lending program. A notification will be sent out during November with more details along with
registration information.
2015 Credit Unions Kids at Heart Participation Drive
Credit Unions Kids at Heart Team (CU K@H) kicked off its annual participation drive at the
end of October. Each year the credit union community comes together in the spirit of
collaboration, and hosts fund raising events for Boston Children’s Hospital.
Since the Program began in 1996, Credit Unions Kids at Heart participant credit unions have raised over $4.3
million dollars to support groundbreaking research and lifesaving care to young patients. Participant credit
unions supported several critical projects throughout time.
The 2015 Credit Unions Kids at Heart Team is focusing its energy and resources on several pediatric brain
research projects, including the search for treatments, therapies, and cures for Moyamoya disease, Sturge-Weber
syndrome, and brain tumors. This important neurological research is used by pediatric hospitals and other care
centers from all around the world.
If your credit union would like to become a participant credit union, or receive more information about Credit
Unions Kids at Heart, please contact Eleanor Melchionda, vice president, member relations, at 800.428.1144,
ext. 3323 ([email protected]).
INSIDE EASCORP • November 2014 • PAGE 4
New Product Users
DeposZip Mobile
Georgia Heritage FCU
Savannah, GA
ALM Professional Services
Hanscom FCU
Hanscom AFB, MA
Stewart’s FCU
Saratoga Springs, NY
M.I.T. FCU
Cambridge, MA
eStatements
Westport FCU
Westport, MA
Quincy Credit Union
Quincy, MA
35 Corporate Drive, Suite 300
Burlington, MA 01803
800.428.1144
www.eascorp.org
EASCORP MANAGEMENT TEAM
Jane Melchionda
President/CEO
Cynthia Nelson, CFA
Senior Vice President
Maureen Fabbri
Vice President, Risk Management
Branch Capture
Stewart’s FCU
Saratoga Springs, NY
Sara Gouthro
Assistant Vice President, Asset Liability Management
Kevin Peters, CFA
Assistant Vice President, Investment Services
Upcoming Events
David Hoang
Assistant Vice President, Accounting
Association of Credit Union Senior Officers Meeting
December 3, 2014, at EasCorp, Burlington, Mass.
CU Student Choice Student Lending Educational Forum
January 13, 2015, 1 p.m. to 3 p.m., EasCorp, Burlington, Mass.
ALM Investment Academy
March 22-24, 2015, Babson Executive Conference Center,
Wellesley, Mass.
EasCorp’s 37th Annual Meeting and Partnership Conference
April 28, 2015, at the Café Escadrille, Burlington, Mass.
35 Corporate Drive, Suite 300
Burlington, MA 01803
800.428.1144
www.vertifi.com
VERTIFI MANAGEMENT TEAM
Alan Bernstein
President
Christopher Smith
Senior Vice President, Software Development
George Dow
Vice President, Sales and Implementations
Diane Johnstone-DeRosa
Vice President, Operations
Image Cash Letter (ICL) Scorecard
We are pleased to report on the progress of Vertifi’s ICL program.
Branch Capture
 130 credit unions are currently participating
 545 Branch Capture licenses distributed
 Collecting more than $1.7 billion in deposits every month
DeposZip® Remote Deposit Capture
 164 credit unions
 Representing 33 states
 Collected more than $11.3 billion in deposits
Deposits are being received from all over the world.
Eleanor Melchionda
Vice President, Member Relations
Asim Mian
Vice President, CIS
Darlene Howlett, AAP
Vice President, Technical Support
Kathleen Loughlin, PHR
Vice President, Human Resources
James Newson
Assistant Vice President, Payment Systems Operations
Marjorie DeFerrari
Assistant Vice President, Technical Support
Statement Rendering Facility
6D Gill Street
Woburn, MA 01801
781.932.8935
Your savings federally insured to at least $250,000.
National Credit Union Administration,
a U.S. Government Agency
INSIDE EASCORP • November 2014 • PAGE 5