In this podcast, we cover the process flow associated with using a remote bank deposit system. Key points made are:
A remote bank deposit system allows you to extract check information from printed checks and send them to your bank as an electronic deposit.
A remote bank deposit scanner can be ordered from your bank, usually for a monthly fee.
Once received, download software to the computer to which the scanner is connected.
To process a batch of checks, begin by adding up the checks to arrive at a batch total.
Put the checks in the input tray on the scanner.
The scanner will scan each check at a rate of about one per second, and will kick out any it cannot scan (usually manual checks). The rate of success for typed checks is about 98%, and much lower for manual ones.
Once completed, match the scan total to your calculated total, and send the scanning file to the bank.
The checks should be shredded after about 15 days.
Foreign checks must still be submitted to the bank manually.
The scanner requires minimal maintenance, usually just minor cleaning every few months.
Tends to reduce check clearing time by about one day.