New to me - Scanning Checks for Deposit

[LuxLiving]

I had never heard of this before...

http://www.reliancebankstl.com/business/scanfast/

Is this or something similar what my corner gas station using to do the automatic check clearing do-hickey??

DISCLAIMER: I have nothing to do with this bank and am not endorsing it in any way, just thought it was an interesting new concept. The times they are a changing!

[Broken Arrow]

Re: New to me - Scanning Checks for Deposit

I don't know if this is the same thing or not, but not too long ago, I found out that there was something called "Check 21" or something like that? I was told it's their way of making sure you have enough money in your account before they'll cash the check. Personally, I don't write a whole lot of checks to begin with, but I thought it was interesting anyway....

[greedy4chips]

Re: New to me - Scanning Checks for Deposit

I think this is just a way to prove you have the check and not just a routing number, account number, and name to do a phone transfer.

[boefixepa]

Re: New to me - Scanning Checks for Deposit

This has to be something similar to what Wal-mart does. If you still feel the need to use a check with them, they run it through their machine and then write void all over it and have you sign their reciept. You get your voided check back! This seems similar, but just the opposit direction. It would only been benificial if you get a larger number of checks, so maybe for some business. For a regualr person it seems a bit over the top.

[PrincessPerky]

Re: New to me - Scanning Checks for Deposit

Well a scanner is what the bank uses, did it say if you have to buy it? they can make money on people not wanting to travel to the bank, while saving money (cause they don't have ot pay a teller)

[creditcardfree]

Re: New to me - Scanning Checks for Deposit

It's a new way for banks to handle checks without transporting them all over the country. We no longer get any of our checks back with our statement, just a photocopy of the front. We can also see checks we've written online (front and back). This is related to Check 21. So this bank is offering business customers a quick way to deposit checks. Pretty cool really. It looks like we're on our way to being paperless in the financial sector.

[MonkeyMama]

Re: New to me - Scanning Checks for Deposit

Yes, I am an accountant and we have many clients doing this. They simply scan the checks over to the bank so they do not have to physically deliver them.

IT is pretty dang fancy technology. I think Check 21 is different, but the end result is all the same - be careful when you write checks because they are deposited pretty instantaneously. All of this technology is the death of FLOAT.

[Gruntina]

Re: New to me - Scanning Checks for Deposit

I had this happen to me about a year ago. I was first confused when the cashier gave me back my check thinking maybe it was declined. she says no and keep it for your record as they scanned it. I also notice it appeared on my checking acount statement online the next day! wow!

[Fidu.Ciary]

Re: New to me - Scanning Checks for Deposit


With the way technology is moving these days, I believe checks will soon become obsolete. There are cards - big ones, small ones, RFID, paypal via your cell phone or email....etc....our 'cash' is being moved around the country and the world electronically.

RelianceBank has come up with a good bit of technology to help in cutting their own costs and saving the customer a bit of time and money. It's a good idea provided the scanner that they provide is extreeeeeeeemely nominally charged/rented or even FREE!

[MonkeyMama]

Re: New to me - Scanning Checks for Deposit

My mom just told me her bank is now scanning checks for ATM deposits. I think they are keeping the paper copies, but scanning them upon deposit.

[Fidu.Ciary]

Re: New to me - Scanning Checks for Deposit


I was listening to the Clark Howard Show a few weeks ago and a lady had called in to say that her bank will not longer send the crossed/paid checks with her statements, only copies. And apparently as per new guidelines for checks, after 18 months (I have not been able to confirm this) even these copies will not be available to the customer without a FEE! Another money-making racket by the Banks!!

But the point is the processing and use of checks is becoming quite expensive for banks in the face of intense competition and the consensus is to 'force' the customer to start using cards or eMoney!!

[LuxLiving]

Re: New to me - Scanning Checks for Deposit

This has to be something similar to what Wal-mart does. If you still feel the need to use a check with them, they run it through their machine and then write void all over it and have you sign their reciept. You get your voided check back! This seems similar, but just the opposit direction. It would only been benificial if you get a larger number of checks, so maybe for some business. For a regualr person it seems a bit over the top.

Yes, boefixpa it is marketed toward businesses. Walmart? Funny my bank has only a branch office in my little town inside the Walmart - and the checks that I upon occasion write to Walmart proper are always the slowest to clear thru my bank, sometimes up to 7-9 days.

I bank with Arvest which I believe was at one time (maybe still is, I don't know) owned by Walmart. So, is Arvest holding the float on their Walmart accounts for more interest somewhere else? I just think it's funny that although they are in the same building and owned by the same parent company that their checks go thru my account slower than those of other businesses. Weird. Anybody have a good explanation as to why that would be??