EZ Deposit FAQs

       

Why should my company deposit this way?

You can now eliminate time-consuming manual deposit preparation and trips to the bank, improving the speed and efficiency of both collections and returns.

                               

How does it work?

The bank provides you with the scanner and you scan them at your desktop; they are submitted to the bank via a secure website and picked up by the bank from a similar website.

 

Can the destination account be changed and diverted to another account?

                                   

No--the account information is set up at the bank, and is not visible or changeable at the customer site. The URL that you are given to access the website is yours and yours alone and is tied to a particular account.

                               

When will my funds be available?

Since you can deposit everyday, and do not have to wait for a weekly trip to the bank, your money gets into your account faster. Funds are typically available the next business day.

                                

What is a substitute check?

A substitute check is a paper reproduction of the original check, also known as an Image Replacement Document or IRD. It contains an image of the front and back of the original check and bears the MICR line containing all of the information appearing on the original check. A substitute check or IRD bears the same legal standings as the original paper item.

                                 

Can I make deposits from outside the local area?

Absolutely! This is one of the best features of EZ Deposit. Items can be scanned and deposited electronically from anywhere--even from another state.

                                

What are the minimum system requirements?

Minimum system requirements are

  • Microsoft 98 or later.
  •  Windows 2000 or later is required if you have high check volumes and will use a Digital Check Scanner. 
  • Internet Explorer 6.0 or later. The application may not run with versions of Internet Explorer distributed by the AOL service.        
  • DSL or Cable internet connection         
  • Available serial or USB port       
  • Pentium processor with 512 MB of RAM minimum; recommend 1GB (contact bank if you have an AMD processor)       
  • Super VGA (800 x 600) or higher-resolution monitor
                                           

No software will be installed on your computer--only drivers to run the scanner. To determine if you have an AMD Processor, go to Start > Settings > Control Panel and select System. Your Processor information is listed in the General Tab.

                                 

Can I use any kind of scanner?

No--we will provide a scanner that is compatible with our software that will meet your check volume needs.

                                 

Does the scanner read the check amount?

Yes! CAR/LAR is the shortened version of “Courtesy Amount Recognition/Legal Amount Recognition,”. “Courtesy amount” and “legal amount” refer to the representations of the amount on the check; the courtesy amount is the numeric value (e.g., $125.25) while the actual legal amount is the value expressed in words (e.g., Twelve and 25/100 Dollars).

To determine the amount of the check, the CAR/LAR feature attempts to read both amounts and compares them. If the two values match, the amount is entered as part of the check scan. While this feature does reduce manual input, you should always check item amounts for accuracy.

                                

Will CAR/LAR replace the need to enter check amounts?

No--with the CAR/LAR feature, 70-80% or more of the scanned items will populate the amount. Due to differences in handwriting and check formatting, the amount for the remaining items will need to be entered by hand.

                                 

How long can I view stored images?

Check images are available for five days from the date scanned. After the five-day period, the transaction details will remain in the system for searching and research purposes. Transactions will purge from the system according to Remote Deposit Configuration settings.

 

                               

Can the application store the images of checks scanned?

Yes! Inform your implementation team member that you are interested in the optional image retention service. The captured images and their associated MICR/OCR data are sent to an Image & Transaction Management System in real-time mode, as the transaction is completed. The image is now stored for later retrieval by an authorized user.

                                

How long are images retrievable?

Images can be retrieved online for 25 months, 24 hours a day, seven days a week. Images are available for an additional five years in an offline archive. Images are available for a total of seven years from the date scanned. Images are available per request from the offline archive for a fee.

                                

What do I do with the original check?

Store them in a secure location and shred 60 days after submitting the electronic file. We recommend that you attach the original checks to the daily Remote Deposit Transaction Submission Report.

                                

Is this the same process that I see being used by some retailers and utilities?

No--they are actually converting your check into an electronic transaction. This conversion is called an ACH (Automated Clearing House) transaction, which electronically debits your account.

                                 

What kind of checks can I scan?

You can scan any check in US dollars drawn on banks with a valid US routing number, including personal, corporate, government checks, cashier’s checks, travelers’ checks and money orders. Foreign checks that do not contain a US routing number will not scan.

 

                               

Do I need to endorse the check with my deposit stamp?

No. Contact your implementations team member and request that your scanner be configured to either physically or virtually endorse checks.

 

                               

Do I need to prepare a deposit ticket?

No. The system will automatically create a virtual deposit ticket, encoded with your account number and the total of your deposit.

 

                               

Is there a deadline for my deposits to be credited to me on the same day?

Yes. The cutoff for same day processing is 3:30 p.m.

 

                               

How do I know if the Bank received my deposit?

When the Bank picks up your file, an automated report is sent to you letting you know the date and time your file was received. Deposits made electronically will hard post to your account during end of the day processing.