What's the Buzz about Remote Deposit?
Processing deposits has never been easier with this simple-to-use, convenient and secure service that allows customers to electronically deposit checks at Western Bank* without having to leave their place of business. The result is faster deposits, more efficient collections, cost savings and convenience.
Western Bank will be rolling out this fabulous new service in June! Watch for more details in the following couple of months. In the meantime, read on to learn more about this new service and whether it is right for your business.
Benefits of Remote Deposit
So what is the excitement regarding remote deposit? The benefits to our customers are many. Including:
Increased convenience - Customers have the ability to submit deposits 24 hours a day, 7 days a week without leaving the office. No more daily trips to the bank. Checks can be deposited right from your desktop.
Huge cost savings Remote deposit saves courier costs and/or fuel usage due to fewer trips to the bank. A business also forgoes the expense of sending an employee offsite. It reduces deposit preparation costs and can result in fewer NSFs.
Time savings - In addition to cost savings, time savings is also significant. And time is money. For example this product eliminates commute time and time spent in the drive-thru and teller line. This allows customers and/or their employees to concentrate on other tasks needed to run the business.
Accelerated clearings and improved availability - Accelerated clearings speeds up the availability of funds. This could result in more balance dollars to offset bank service charges. Accelerated clearings and improved availability also can mean improved cash flow and working capital for the company. Companies will be able to deposit their checks daily and get quicker access to their funds.
Streamlined operations Remote deposit automates the process of creating deposit tickets. It improves posting accuracy and centralizes deposits from satellite offices with one financial institution.
Peace of mind No more wondering whether traffic or bad weather will delay timely deposits at the bank. No more playing beat the clock. Improved security is also experienced by eliminating the risk of losing checks during transport, etc. The fact that checks are processed more quickly means the faster the bank and customer will learn about return items. Faster processing also helps reduce fraud, improve collections and decrease charge backs.
Remote Deposit is ideal for businesses that:
Frequently deposit checks
Have staff who are not able to leave the business during the day
Have offices outside Western Banks footprint/locations
Need quicker access to their funds
Have only a handful of checks that come in during the week making a run to the bank hardly worth while, yet the checks that do come in are for large dollar amounts.
How Remote Deposit Works
You accept check payments from your customers. Using Remote Deposit, you scan and submit those checks securely over the Internet to us. We pick up your remote deposits and process the checks accordingly. Its just that simple.
There is no software to install, no computers to upgrade, and no PC to dedicate exclusively. All you need is an Internet-enabled PC with a browser and the check scanner we provide.
You capture the images and transaction information of checks accepted for payment and deliver this information electronically to the bank in a format such that the checks can be processed as if the original items had been physically received and captured. These electronic items can then be delivered to other financial institutions via an approved file format.
Depositing your checks remotely is largely made possible by new Check 21 legislation recently signed into law. Check 21 gives us the opportunity to replace labor-intensive, paper-based check processes with quicker, safer, image-based handling and clearing services. The result is faster deposits, more efficient collections, and tremendous convenience for you and your business.
What is Check 21?
Check 21 is shorthand for the Checking for the 21st Century Act, a new law that took effect in October, 2004. Check 21 makes a substitute check the legal equivalent of the original check. A substitute check couples images of the front and back of the original check with additional routing information. Check 21 makes it possible for you to deposit checks remotely and electronically with Western Bank.
Does This Product Sound Right for You?
Then watch for information when we go live in June and contact your Commercial Banker for further details!
*Deposits are FDIC Insured
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