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Are Remote Express Deposits Right for Your Business?

When my family relocated about 7 years ago, I was faced with moving 3 checking accounts to a closer banking institution.  And although my bank of choice did not have a location in my new city, I opted to move the 2 personal accounts and leave the business one in tack.  Why, because no local banking institution or credit union offered a free small business account without the usual hidden fees.  It was cheaper to leave the business account alone.

So for the last seven years I’ve conducted my personal banking locally and drive to the next city to do my business banking. Although I don’t mind the drive because it gives me a break from the office sometimes, I’d still prefer to do all my banking at one facility.

So, when my bank introduced “remote express deposits” for business accounts, I thought I would check it out and save myself a trip to the bank!

With “remote express deposits” you can scan and electronically deposit checks into your bank account without ever leaving the office; as long as you have a PC and a secure Internet connection.  The information at my bank’s website was great and clearly laid out the benefits and features of “remote express deposits” like:

  • fewer trips to bank
  • consolidated deposits
  • reduces deposit errors
  • easy deposit record-keeping
  • extended deposit time (6pm)
  • automatic email confirmation
  • easy to set-up & use; electronic check scanner and necessary support software included

However, I could not find the pricing information anywhere so I had to pick up the phone and call my bank and although I will not disclose the amount, I will say that the pricing was not feasible for my particular business needs.  I can use the service but I will end up paying out more than a larger corporation, like a gas retailer who deposits a large amount of checks on a daily basis.

Although “remote express deposits” do not work for my particular business needs, it may be right for your business if you:

  • deposit mostly checks
  • need to make check deposits after normal banking hours
  • spend valuable time making deposits
  • pay others to make deposits for you

About the Author:

Katrina Chesney is Founder & President of Portable Hands, a Virtual Assistance firm that provides leverage for small businesses.

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