Financial Report: The unhidden secret in business banking

People in business along the 280 corridor are accustomed to business checking accounts, business loans and lines of credit. There is one service, however, that is available at some banks that is not understood or even known by most business banking customers.

When it comes to depositing incoming funds in the form of checks in your business bank account, convenience has normally been defined by the distance from your business to the closest bank branch. With a service called “Remote Deposit,” checks can be deposited directly at your business location.

A machine bigger than a power stapler and smaller than a small toaster is placed in your business location and connected to the Internet. This machine scans checks and makes deposits directly into your business checking account. Once scanned, you may destroy the check or keep it for your records.

Kevin Morris, manager of the M&F Bank branch in Chelsea, describes the machine and service as a “branch in a box.” According to Kevin the Remote Deposit service potentially saves businesses a great deal of salary time and money.

“Imagine making deposits anytime you want, day or night, 24 hours a day, seven days a week,” Morris said. “That is what Remote Deposit does for you. This ensures your checks are deposited earlier and that business time is not spent driving to the branch and depositing checks.”

“Combined with services like Automated Clearing House (ACH) that enables payroll direct deposit and fund transfers, checXchange(tm) that collects bad checks on your behalf, and merchant card services so that you can accept credit cards, you are able to maximize your ability to be paid and have your cash available without ever leaving your office. That is banking empowerment for businesses.”

We have become accustomed to completely electronic services such as online banking and even the ability to open accounts online. Remote Deposit is a technology that brings ultimate convenience to a traditional banking practice, the practice of passing paper checks, that has successfully survived the transition into the digital age. This simple device is a big win in efficiency for businesses, once they discover it. This technology even lets multiple business locations each have their own Remote Deposit device that all deposit to the same checking account.

For questions about Remote Deposit and other business banking services, contact Kevin Morris at the Chelsea M&F Bank Branch at 678-2080.