Image Check Deposits - Deposit Checks From Home
William A. Gordon
If you dread going to the bank and standing in line to deposit a simple check, you'll be happy to hear about the latest innovation in the financial industry. Digital deposits, or remote deposit capture is a method for consumers and small businesses to deposit checks remotely, from a home or office for example, using an image scanner. Simply upload a check image to your bank's website, and presto, the funds are in your account.
Making Digital Deposit Possible
Check 21 was a piece of legislation introduced in 2004 which paved the way for banks to use images of checks, rather than the actual paper check itself, to process financial transactions. The bill was passed to make banking more efficient by allowing the images to be sent from one financial institution to another via the Internet, rather than transporting physical checks from bank to bank for clearing.
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. Simply scan the check as an image and save it to your hard drive.
3. Log in to your bank's secure online banking website.
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
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