Electronic Cash Letters
U.S. Bank is offering electronic cash letters depositing for business customers that receive and process payments in their own lockboxes. Using imaging and automated clearing house processes, those businesses can now deposit payments electronically at U.S. Bank, eliminating the need to prepare and transport paper-based cash letter payments. The electronic cash letter deposit allows bank customers to work directly from images without running additional passes of checks and documentation, and extends deposit times to match those of ACH evening deadlines.
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 4, 5/05
First published on 05/01/2005