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Community First to launch mobile deposit service for business members

community first love where u bankCommunity First Credit Union, one of the largest credit unions in Florida, launched mobile deposit abilities for all business accounts effective immediately. The credit union becomes one of the only locally-based credit unions to offer this advanced technology that has until now only been available to personal accounts.

Business members will have the ability to make the deposits through the credit union’s free mobile app. In addition to the standard access and abilities, Community First works with businesses to customize their daily and monthly limits and deposit needs, flexibility not offered elsewhere in the market.

Community First has seen rapid growth in its personal mobile deposits since launching the service in 2012, increasing exponentially over projected usage and participation. The credit union saw year over year growth (2013 to 2014) of about 600%, blowing away internal projections. In fact, the deposit processing team at Community First now handles more deposits from the new mobile functionality than from any of Community First’s 17 branches.

“This is the future of banking,” said John Hirabayashi, president and CEO of Community First Credit Union. “While we know our members like to be attached to their local branches, more customers are depositing checks quickly and conveniently via the mobile app. Mobile deposits and banking is one of the fastest growing segments of both personal and business finance management.”

Mobile deposits are made through the credit union’s free mobile app available to both Android® and Apple® users. The first five monthly business deposits are free to members and are 50 cents each for more than five. The standard deposit limits and hold times are the same as in-person deposits made at credit union branches but can be changed at the business member’s request.

The launch of mobile deposit services for business members is a part of the continuing improvement and expansion of products and services for businesses in North Florida. In 2014, the credit union appointed its first VP of business lending and has expanded by two additional team members serving all 17 branches in the credit union’s network. In 2014, business loans and activity grew by 300% over fiscal year 2013.

In addition, the credit union recently improved the products and services it offers businesses large and small. The new comprehensive suite of business products includes all business financial services including loans, credit card processing, payroll services and a new mobile banking platform.

Community First Credit Union of Florida is a state-chartered credit union based in Jacksonville serving anyone who lives or works on the First Coast. Community First is one of the 10 largest credit unions in the state, serving more than 108,000 members and with assets of $1.3 billion. Community First has 17 locations and 300 employees. A not-for-profit, Community First is a full-service financial institution offering banking, loans, mortgages and investments for consumers and businesses throughout the First Coast. For more information visit www.communityfirstfl.org.


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