Ep. 15 - Why It’s Time to Stop Sending Checks: Security, Cost and Change in Union Banking

Brandon Padget and Paul Ranisate from Union Bank & Trust – a unique, 100% labor-owned financial institution – unpack the often-overlooked risks and rising costs associated with issuing paper checks. They explain why now is the time for unions, contractors, and fund administrators to transition to secure electronic payments. You’ll hear first-hand accounts of check fraud, real-world examples of lost or delayed funds, and actionable guidance on how to modernize your payment workflows. Tune in to this episode as we explore:  (01:07) Labor-owned Union Bank & Trust overview (05:29) Challenges of check fraud (07:38) Check fraud and client procedures (10:05) Cost comparison: digital vs checks (15:42) Bank losses and Fed follow-up (18:43) Building trust through client education (20:43) Modernizing payment approval processes (24:58) Connect with your banker (28:14) The end of paper checks (30:08) Bank’s role: support and guidance Links mentioned in the episode: Union Bank & Trust Have feedback or guest ideas? Email us at [email protected]   Learn more at www.eprlive.com