Remote Deposit Capture

Remote Deposit Capture

Spend less time making trips to the bank and more time running your business. With Remote Deposit Capture from First Hope Bank, you can make deposits to your business checking account from your home or office at any time.

Summary

Remote Deposit Capture (RDC) is a service that allows business customers to convert the physical checks they receive from their customers into digital images that can be electronically transmitted to the bank for deposit.

Customer Benefits:

  • Reduced number of trips to the bank
  • Greater employee productivity
  • Reduced time spent on deposit preparation
  • Faster access to information and decision-making capabilities
  • Improved availability of funds and enhanced cash flow
  • Reduced return item (NSF) risk
  • On-site remittance research capability

*Deposits made after bank hours and on weekends are processed the following business morning.

FAQ

Why should my company deposit this way?

You can now eliminate time-consuming manual deposit preparation and trips to the bank, improving the speed and efficiency of both collections and returns.

How does it work?

You will be able to scan each of your deposit items (i.e., checks) into digital image files using a desktop scanner and your personal computer. The image files are then transmitted to the bank's service bureau for item processing and image exchange electronically. The scanner will be provided by the bank as long as a Remote Deposit Capture agreement is in effect.

Can the destination account be changed and diverted to another account?

No; the account information is set up at the bank, and is not changeable at the customer site. You and your employees will access the Remote Deposit Capture website through your Business Online Banking individual user ID and password.

When will my funds be available?

Since you can deposit every weekday, and do not have to wait for a weekly trip to the bank, your money gets into your account faster. Funds are typically available on the next Business day.

Can I make deposits from outside the local area?

Absolutely! This is one of the best features of Remote Deposit Capture. Items can be scanned and deposited electronically from anywhere -- even from another state.

Can I use any kind of scanner?

No; we will provide a scanner that is compatible with our software that will meet your check volume needs.

Do I have to copy each check before I scan it?

Continue doing what you normally do, however, with each batch of checks that you scan, a deposit report can be printed giving you a detailed list of each check, all of the MICR information and as much information about the check writer as you care to enter. Keep in mind that if you are keeping photocopies of original items, they will need to be kept in a secure location along with the originals.

What do I do with the original check?

Store them in a secure location for at least [60] days, but not more than [90] days. You are then responsible for shredding them in a secure manner. We recommend that you attach the original checks to a copy of the daily report until you reconcile your monthly statement. Then securely store them until ready to be destroyed within the [60-90] day period. We have provided a simple log sheet which we suggest you use to track your storage and destruction of paper checks.

What kind of checks can I scan?

You can scan any original check in US dollars drawn on banks/credit unions with a valid US routing number, including personal, corporate, government checks, cashier's checks, travelers' checks and money orders. You cannot scan photocopies or fax copies of original checks. Also, foreign checks that do not contain a US routing number will not scan.

Do I need to endorse the check with my deposit stamp?

Yes; since the IRD contains the front and back of the original check, it should be properly endorsed.

Do I need to prepare a deposit ticket?

No; the system will create a virtual deposit ticket for you, encoded with your account number and the total of your deposit.

Is there a deadline for my deposits to be credited to me on the next Business day?

Currently, the cutoff for same day processing is 6:00 p.m. ET. Deposits made after 6:00 p.m. ET will post the next business day.

How do I know if the bank received my deposit?

When your file has been received by the bank before our 6:00 p.m. ET cutoff time, you will see the batch status change from "submitted" to "deposited" on your reports screen. You will be able to see your deposit via the Business Online Banking system the following day.