Bank Deposit Program - Limitless with Remote Scanning
by Matt Berkley
When Midwest BankCentre approached Mary Kay January earlier this year about the possibility of making her company a test case for its latest product—a remote checking deposit system—it was hard to say no. Arcturis, the architecture design firm for which January serves as CFO, was in the unique position of being based downtown—well removed from the nearest Midwest branch. Now, because of the new technology, location isn’t an issue.
Before the company was wired up with its own on-site check scanner—the service Midwest has dubbed CentrE Scan—employees from Arcturis would have to make the drive to deposit the checks themselves. January explains, “We were always trying to hit the bank for deposits at either the end of the day before closing or early in the morning. This new service allows us to get the checks in the bank very quickly and it saves us from sending someone on a trip to the bank.”
CentrE Scan has expanded Midwest BankCentre’s geographic footprint beyond its seven area locations since it virtually brings the bank to customer’s desks, notes Jennifer Kulich, Midwest’s senior vice president of cash management.
Steve Callow, senior vice president with Southwest Bank, reports that its similar remote service, Deposit Edge, has been popular with businesses across the board since the bank began offering it over a year ago. Most customers who see it, Callow says, want it right away. “It’s really a product that sells itself. People like the convenience, the speed that money gets into their account, and the security aspect that now they don’t have to get in their cars and drive large sums to the bank themselves.”
According to Kulich, there are multiple benefits for the client. First, there is no float time on funds deposited by businesses that accept numerous personal checks—cash is available the next business day. And because checks are converted to an ACH (automated clearing house) businesses will know much sooner whether or not checks have cleared. Also, Kulich notes, by sparing themselves the trip, clients will save on gas, money, and more importantly, time. “This is important because we’re always looking to add more time to our day.”
As Kulich describes it, installation of the product couldn’t be easier. Within 72 hours of receiving a customer’s application, Midwest can deliver a brief tutorial session and have a business’s remote station up and running.
Products like these are going to work better for certain groups: i.e. doctors, dentists, lawyers, title companies, property managers. Basically any business that deposits 50 checks or more per month will see the benefits, says Jerry Von Rohr, chief executive of Reliance Bank. ScanFast, Reliance’s scanning technology, has enjoyed a welcome reception since being rolled out this summer.
Business owners should keep in mind that this new service won’t be offered free. Most banks will charge installation and equipment rental fees. But overall, the system ends up being the most cost-effective option. Von Rohr says that Reliance is extremely flexible and completes an account analysis of each individual in order to offer them tailored payment options.
Callow says that officers from Southwest will sit down with a client and look at their individual situation to discuss their monthly check volume in order to determine whether or not remote services would be beneficial. “In reality,” Callow says, “a remote checking system would only prove ineffective for businesses that deposits one or two checks per week.”
As word of remote scanning services spread, so does the number of banks jumping on board. As Callow attests, “This is one of those things that down the road is going to be everywhere.”
Remote Scanning: How It Works
Bank will install a small scanning device that connects directly to a PC in your office. Technicians will then show you how to scan checks into the system using your computer. The images processed by remote capture are directly deposited into to your account.
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