Quick Action Helps CU Mitigate Potential Fall-Out From Error.

On Aug. 11, 2008, Credit Union Journal online reported a story regarding San Diego Metropolitan Credit Union's delay in processing payroll for the City of San Diego, our primary sponsor group. Below is an effort to clarify the day's events and provide what may be helpful advice to other credit unions finding themselves in similar situations.

First, some background, SDMCU processes all ACH payroll on behalf of the City of San Diego, as well as agencies we serve. On Friday, Aug. 8, an internal error was made in processing approximately 7,500 city employee payroll deposits. Electronic payroll deposits are processed on behalf of approximately 11,000 city employees. Of those, 3,500 have direct deposits to the credit union. A remaining …