CheckAlt's Weekly Update: May 8, 2020

I hope you all had a great week. This Sunday is Mother’s Day, and I am proud to celebrate the amazing mothers in my family and the many amazing mothers on our CheckAlt team.

As many of us anticipated, new data is showing a spike in remote deposit capture technology usage as financial institutions and businesses operate in a partially or fully virtual way. If you or your customers need assistance processing mail, CheckAlt is here to help as your primary or secondary resource.

We are observing the impacts of systemic USPS mail delivery delays across our nationwide processing network due to USPS staffing shortages. CheckAlt is also seeing USPS mail volumes come in lighter on normally the heaviest days of the week/month (e.g. first Monday of the month), yet come in heavier on other days (e.g. Wednesdays when mail is usually much lighter). This is in addition to the USPS extension of package service delivery commitments we shared with you on April 17.

I want to reiterate that our team is 100% engaged on processing all work as it comes in. Though USPS response times have slowed due to these systemic delays, we are constantly communicating with our post office contacts and are aware of their efforts to secure additional staffing in areas of heavy USPS call outs.

During Berkshire Hathaway’s annual shareholder meeting, chairman and CEO Warren Buffet said the following: “Fear is the most contagious disease you can imagine. It makes the virus look like a piker.” (A piker is “one who gambles or speculates with small amounts of money.”) We must not let fear derail our focus. I am pleased to report that CheckAlt’s staffing levels have returned to normal as we continue to operate in our hybrid mode of team members social distancing at all of our sites across the U.S. while others work remotely.

Stay healthy and safe, have a great weekend, and happy Mother’s Day!

Shai Stern

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