Products and Services Offered Through This Provider

Official Checks, Money Orders, Money Transfer Services, ExpressPayment

Who is MoneyGram?

MoneyGram is committed to helping people and businesses by providing affordable, reliable and convenient payment services. An international company with more than 310,000 locations, MoneyGram allows your members to economically and efficiently move money around the world or close to home. One of our first alliance relationships, MoneyGram has been a trusted strategic alliance provider for more than 40 years.

How do credit unions benefit from this strategic alliance?

MoneyGram's full-service, outsourced official check program will save your credit union time and money. By leveraging efficiencies, MoneyGram saves its customers an average of $14,000 annually. MoneyGram's diligence around daily reconciliation and positive pay also prevents millions of dollars in fraud every year. 

Additionally, MoneyGram is well positioned to assist credit unions in meeting the needs of "unbanked" and "underserved" populations. The company is a global leader in wire transfers and the largest money order provider in the world. MoneyGram can help your credit union attract and retain new members, providing those critical first services to help turn them into loyal, profitable members.

Why this provider over another?

Credit unions that outsource payment services to MoneyGram are able to offer comprehensive services that free up staff time and guarantee compliance. The MoneyGram program is supported by 310,000 agent locations in 197 countries and territories around the world.

Ready to get started?

  • Contact Tom Lybeck, CUNA Strategic Services alliance manager, at 800-356-9655, ext. 4109, or email him at tlybeck@cuna.com.

More Information About MoneyGram Products and Solutions

Official Checks
Official checks, commonly referred to as cashier's checks, are used when financial institutions make check payments such as interest/dividend checks, when depositors withdraw large sums of money, and in consumer loan transactions or other situations where a payee requires assurance of immediate payment and funds availability. MoneyGram has provided secure, efficient and convenient outsourcing of official check processing for more than 40 years. MoneyGram works with your credit union to offer an official check program that meets your unique needs. A worthwhile benefit of the program is fee income for your credit union. You earn investment income on outstanding official checks until they clear.

  • Prevent fraud losses with MoneyGram's positive pay program
  • Complete reconciliation and processing services including exception processing
  • Inventory management and automatic replenishment of inventory, shipping directly to your locations
  • Support for core processor changes and check automation initiatives
  • Coordination for adding new locations and acquisitions to your program
  • Online access to review reports, cleared items and check images
  • Dedicated customer service representatives to answer questions and assist with photocopies and stop payments 
  • Back-office processing to ensure your official checks are processed, imaged and stored 
  • Research and tracking of lost or stolen official checks 
  • Automatic transmission, with information sent directly to MoneyGram for processing; settlement can be made via ACH or wire transfer 
  • Complete compliance with the escheatment laws of your state; MoneyGram stores cleared official checks for the required seven-year period 

Money Orders
Money orders allow members to make payments when the use of cash is not appropriate, such as when it is being mailed. MoneyGram has offered money orders since 1940 and is the leading issuer of money orders in the U.S. The MoneyGram program includes:

  • Marketing materials such as window decals, posters, ad slicks and sample newsletter articles 
  • Forms, supplies and everything needed to run your program on a daily basis 
  • Dedicated customer service representatives to answer questions, trace money orders, and assist with photocopies and stop payments 
  • Fraud protection system to protect your documents against fraudulent use 
  • Back-office processing to ensure your money orders are processed, imaged and stored 
  • Research and tracking of lost or stolen money orders 
  • Automatic transmission, with information sent directly to MoneyGram for processing; settlement can be made via ACH or wire transfer 
  • Complete compliance with the escheatment laws of your state; MoneyGram stores cleared money orders for the required seven-year period 
  • MoneyGram money orders prominently display the America’s Credit Unions logo and are payable in any amount up to $1,000 
  • Your money order supply is kept current with automatic inventory replenishment 
  • If any component stops working, MoneyGram replaces it for free
  • The only charge to your credit union is a small per-item fee 

Money Transfer Services
MoneyGram stands out in the marketplace as the money transfer service that delivers the greatest value to credit union members. The service typically costs less than a Western Union transaction, which is important because people using this service are often the least able to absorb high transaction fees. For transactions in the Western Hemisphere, MoneyGram also offers additional value such as a free three-minute call and a 10-word message to accompany funds.

The credit union can conduct send, receive and express payment transactions, attracting new members and generating revenue through commissions paid by MoneyGram. Program features include:

  • Global transaction network
  • 24/7 multilingual customer service 
  • Funds available within 10 minutes 
  • Guaranteed funds to the member 
  • Proven AML and compliance programs

Learn more about MoneyGram's Online Affiliate Program.

ExpressPayment
The ExpressPayment service from MoneyGram gives your members a critical, last-minute cash payment option, helping members avoid costly late fees. Mortgages, credit cards, auto loans and more can be quickly paid from your credit union. Plus, members can easily load money onto hundreds of different prepaid cards. Notification of payment to the biller is made within minutes. Note: While bill payment notification is made within ten minutes, the actual payment posting time may vary by biller.