Frequently Asked QuestionsWhat Does It Do?What is Sprig by CO-OP?Sprig - PDF document

Frequently Asked QuestionsWhat Does It Do?What is Sprig by CO-OP?Sprig by CO-OP is a unique virtual credit union that enables members to conveniently access all their accounts, CU Account AggregationEnroll and Add AccountsBalance InquiryTransaction HistoryTransfer Between AccountsAt same or different credit unionsAt same or different credit unionsP2P PaymentsRecurring Transfer SetupSavings Goal (and related Sprig by CO-OP How Does It Work?Frequently Asked Questions (Cont.)Can transfers be made to accounts at different credit unions?Yes, members can transfer funds in real time between their enrolled accounts from your credit union (me-to-me payments). Sprig also has a me-to-you payment function that allows them to transfer funds to other Sprig users immediately. They may also transfer funds to credit union members who are not registered Sprig users via email or mobile phone. For these transfers to non-Sprig users, the recipient is then prompted to take action to receive the payment and direct the funds to their account. Additional person-to-person functions will be developed in the near future.What kinds of devices are supported by the mobile application?Both iPhone and Android devices are supported. For best results using the mobile app version of Sprig, use iOS Version 5 and later or Android Version 4 and later, depending on your type of mobile device.How does the member access the Remote Deposit Capture feature?Members who currently use Sprig will see a “Deposit” function within the Sprig application.Are there any limitations to mobile deposits?Yes. Sprig user deposits are limited to 10 items per month or a total of $5,000 in deposits, whichever comes fi rst. This is over multiple accounts that a member may have within their wallet. The daily limit for all deposits is $1,500. Deposited items are reviewed for accuracy, proper endorsement and duplicate submission within the Sprig network.If a member attempts a deposit that would exceed a limit, does the member receive a message to that effect?Yes, the deposit is denied and the member receives a message on his or her phone indicating that their limit was met.Does the item have to be endorsed before the deposit is made?Yes, the member must endorse the item before it can be processed.What protective measures are in place if the member tries to deposit an item again?Each item is reviewed for accuracy and proper endorsement, and checked for duplicate submission before approving for posting to the member’s account via the shared branching network.Do members agree to terms and conditions regarding mobile deposits?Yes, terms and conditions appear in the application.What is the time frame for acceptance of deposits?Upon acceptance, funds will be deposited immediately. Deposits are subject to verifi cation and may not be available for immediate withdrawal. Sprig by CO-OP How Does It Work?Frequently Asked Questions (Cont.)How are members informed of hold policies on deposited items?The member accepts a Funds Availability notice on the mobile app before proceeding to a deposit. What if a member needs a copy of a check deposited through Sprig?Credit unions may request Image Replacement Documents (IRDs) by contacting support at 800.509.1087 or by email to sprigsupport@co-opfs.org.Can we identify Sprig deposits on reports?Yes, Sprig deposit activity on both your shared branching or switch reports can be identifi ed by code CLA SDL. The Reg E data appears as Rancho Cucamonga USA Sprig Mobile – ACQ ID – OR 2.Can we opt out of the remote deposit function and still use Sprig?No. If you want to opt out of this service, your credit union and its members will be blocked from all Sprig products. However, your members will still be able to receive payments.What types of browsers are supported when using the online version of Sprig?For best results using the online version of Sprig, use the latest versions of any major browser. Functionality may be limited with older browsers. What are the costs to get Sprig?There are no up-front costs for Sprig and no monthly fees. Only transaction fees apply (normal switch fees may also apply). Credit unions may choose to offer Sprig as a free service to members. For information on pricing, please contact sprigsalesleads@co-opfs.org.What are the costs for mobile deposits through Sprig?There are transaction fees assessed when the service is used, but Sprig has no set-up fee or monthly maintenance costs. For more information on pricing, please contact sprigsalesleads@co-opfs.org.What Will It Cost? Sprig by CO-OP How Do We Get Started?Frequently Asked Questions (Cont.)How do I get started with Sprig?Credit unions can contact their local network or send inquiries to sprigsalesleads@co-opfs.org. The implementation lead-time is as short as two weeks for credit unions that already have a shared branching interface.How do my members sign up?Members of participating credit unions can create a wallet and add their accounts either online or via the mobile application. They simply: 1. Identify your credit union2. Enter their account number and other authentication data to verify account ownership3. Sprig immediately generates two small test deposits for which the member must enter the amounts as verifi cation. Upon completion, they can immediately see their activity and conduct transactions.What support is provided for Sprig?Credit unions can get product and transaction support from sprigsupport@co-opfs.org or by calling 800.509.1087. For general support, credit unions can call 888.221.9660. For credit union members using Sprig, there is a 24/7 call center as well as an email support option for the online and mobile products.Do you have member marketing materials? Yes, through our Marketing Portal at co-opfs.org/be-more/marketing-portal/ (Extranet login required). Free artwork for materials, including inserts and web banners are available.Who should I call if I have more questions?Please contact sprigsalesleads@co-opfs.org. 9692 Haven AvenueRancho Cucamonga, CA 91730CO-OPFS.ORG©2014 CO-OP Financial Services082714CF14211 Sprig by CO-OP