Deposits Without a Bank Visit

The days of transacting banking without visiting a bank took a leap forward with an announcement in November by the Bank of New York of a new remote check deposit service.

Bank clients with software from the bank and their own desktop scanners can scan and store check images, deposit tickets, and other check clearing information then transmit the information electronically to the bank via an Internet connection. The software has been designed to prove and balance a deposit before it's sent. After the Bank of New York receives the transmission, it prepares an electronic deposit for processing and presentment.

Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 12, 1/05