Remote Possibilities

The operator e-mails the deposit, which includes images, to the bank. “Within about 10 minutes, the customer gets an e-mail back from us saying that we’ve received the deposit,” says Penny Hults, a product support specialist at Premier Bank. “You check that what the bank says is what you sent.”

Finally, customers keep the deposited checks in a secure location for a few days, in case the original documents are needed to clarify a deposit problem. Then the client shreds the checks.

Premier Bank’s vice president Brian Carnes says that his bank’s product costs between $25 and $75 a month. Good customers may be able to find an even better deal, adds Premier’s president and CEO Mark Novitzki. “Everything in the pricing is negotiable between the client and the bank,” Novitzki says. “If a guy has a $5 million account, this service will be free.”

At Minnetonka-based Signature Bank, CFO Susan Wilson says Signature’s remote deposit product—which debuted in March—has a monthly fee, plus a per-item service fee. In general, remote deposit customers can expect to pay for a scanner—either up front or with a monthly leasing fee—as well as a monthly service charge and per-item fee.

Convenience and Cash

Customers who use remote deposit cite a number of benefits. One is skipping the trip to the bank, which is often complicated by trying to meet bank deadlines for same-day deposit credit. “You could have a significant deposit that doesn’t meet the cutoff because your person is sitting in traffic,” says Katie Kelley, executive vice president and regional manager of commercial banking at Marshall & Ilsley Bank in Minneapolis.

In fact, customers often get a later deadline for same-day deposit credit on remote deposits. Banks might have a 3 p.m. cutoff for physical check deposits, but for remote deposit customers, the deadline ex-tends to between 6:30 and 8 p.m. “A lot of days, it’s not easy to drop everything and get to the bank by 3:00. This gives me a lot more flexibility,” Chlan says.