• Bank deposit trips are eliminated – checks are electronically transmitted to your banking institution (either as images with accompanying data or as ACH-converted electronic data) and the original paper documents are destroyed
• Unlimited choice of banks for your deposits – electronic depositing allows you to choose the best banking relationship for your “deposit” information, without regard to geographic proximity
• Improved funds availability/lower float costs – electronically-deposited funds for checks drawn on out-of-area banks are credited to your account days earlier than when paper checks are deposited

Past daily check deposit runs, and the inherent risk to employees’ safety and your organization’s funds, are replaced by simple, daily electronic transmissions to your bank. Past deposit discrepancies or errors are reduced as the image of every check deposited is now held in your local archive and can be accessed or printed on demand if any questions arise or if any items are reported missing.

Additionally, the conversion to electronic check deposits allows you to choose the bank in which you deposit without regard to geographic location. Local proximity is no longer necessary as transporting and depositing paper checks is replaced by electronic transmission to virtually any financial institution in any location. It frees you to deposit the payments you receive with the institution which best fits your relationship. For organizations with multiple locations, electronic remote deposit can allow deposits from several locations to be consolidated into a single institution to simplify cash management, maximize control and visibility, and eliminate the need to maintain multiple banking relationships and sweep accounts.

Your deposit institution may pass on all or a portion of the funds availability improvement it receives by exchanging your items electronically. The mix of payments you receive will impact your potential benefit. The larger the payments you receive (and subsequently deposit) and the more payments drawn on non-local banks, the more significant your potential benefit.