How To Digitally Deposit A Check Image

Hands up "who loves going to the bank"? No hands, not a big surprise. Well banks seem to be getting the message with their latest innovation: digital image check deposit. Digital deposit allows business and consumer clients to make check deposits digitally from their own office or home by using a scanner and an Internet connection. No more bank line ups or even trips to the ATM machine. Your computer is now able to process check deposits just like a bank branch.

What Makes Digital Deposits Possible?

Four years ago the US government passed legislation that allowed banks to bypass physical processing, in favor of images of checks. The bill was designed to make check processing much more efficient as it would eliminate the need to courier or ship physical copies of checks from bank to bank. Now an image a check was considered just as valid or legal as the actual check itself.

Companies like CheckFree quickly recognized the opportunity to extend this new legislation to the benefit of the consumer so they began developing solutions that would enable banks to offer remote check image scanning on a wide scale.

The Image Check Deposit Process

From the end user's point of view, the process of depositing a check image is very simple. All that is required is an Internet connection, a basic computer and a simple scanning device like the kind found on any modern "all in one" printer.

1. You receive a check that you want to deposit.

2. You simply scan the front and back of the check on your home scanner.

3. You log on to your bank's secure online banking portal.

4. Visit the page on your bank's site for digital check deposit.

5. Complete the form with the basic information about your check: date, amount & basic routing numbers from the bottom of the check.

6. Upload, using a simple point and click, the images of the check.

7. Verify and submit image check for deposit.

8. Then behind the scenes your bank will complete the process in the same manner as if you had deposited the check in person at a branch.

It's that simple. Depending on your circumstances the money may be available in your account immediately, or may take a couple days; certainly no longer than if you went in person and deposited the check.

Reasons to Remote Deposit your Checks

Safety - you eliminate risk of losing or having the check stolen in transport to the bank.

Speed - banks should be able to process check transactions quicker when they come to the bank in electronic format.

Time - you save time by no longer having to drive to the bank or wait in line.

Freedom - another reason not to visit a bank. Also, if you move, living in the same city as your bank is no longer a limitation.

What are the Potential Pitfalls?

Security - there are always security concerns with any financial transactions. There is no reason to believe image check deposits will be any less secure than other online banking, but some will want to be cautious.

Overall there is a huge benefit to consumers with the image check deposit system. It's not surprising that over 90% of small business and consumer banking clients expressed interest in using the system. Currently only 20% of banks are offering any form of image check deposit system, but you can expect that number to grow rapidly as the word spreads and consumers begin to expect it.

Article Source: http://www.search4allinfo.com

William A. Gordon publishes articles about image checks and many other bank related topics. Visit his check site for examples of hundreds of check styles including designer checks and NASCAR checks. Get a totally unique version of this article from our article submission service

Please Rate this Article

5 out of 54 out of 53 out of 52 out of 51 out of 5 

Not yet Rated