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Remote Deposit
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What is Remote Deposit?
Remote deposit allows electronic depositing of items by utilizing a desktop scanner connected to a PC and the Internet. Users scan checks at their business location and electronically transmit data and check images securely to WoodTrust Bank for deposit.
The process works in three simple steps:
- Scan The scanner captures the front and back of each check, including the MICR information and dollar amounts.
- Balance Checks are totaled, balanced, and a virtual electronic deposit ticket is prepared for approval.
- Transmit All check images are securely sent to WoodTrust Bank electronically and deposited into the appropriate accounts.
Key Features
Remote Deposit has many key features geared toward simplifying the deposit process to save time and money.
- Extensive reporting capabilities
- Automatic reading of the majority of checks with recognition technology
- Streamlined workflow processes including an automated virtual endorsement ticket
- Ability to automatically upload payment files into the accounts receivable system
- Automated transaction balancing and validation
- Multiple security layers
- Support of up to 12 additional fields provides the ability to key additional information from images, such as name and address.
- Integrated transmission function confirming transmission and reception of transaction data, including multiple deposits in a single day.
Key Benefits
- Convenience Prepare and submit deposits directly from any business location. Make deposits when its most convenient evenings, weekends, or even holidays.
- Minimize Fraud By depositing checks faster, the collection process is started sooner.
- Increase Efficiencies Reduce the amount of time spent preparing deposits and consolidating bank accounts. Eliminate the hassle and inconvenience of getting to the bank before cut-off time.
- Reduce Costs Eliminate courier costs or employee trips to the bank and consolidate multiple banking relations to save money with reduced fees.
- Improve Cash Flow By depositing checks quickly, deposit items may qualify for faster availability.
- Improve End of Month / Quarter Processing Checks received on the last day of the month or quarter will post in the same period.
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Consumer Banking