Remote bank deposits (#41)

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.

Related Courses

Accounting Information Systems
Lean Accounting Guidebook
Optimal Accounting for Cash