Remote Deposit Services Becoming the Standard for Many Agencies

Remote Deposit Services Becoming the Standard for Many Agencies

Article By: Deirdre Tumm, Treasury Management Officer for SFB

Just as technology is ever-changing in the insurance industry, the same is true in the banking world. Today, insurance agencies can pay bills online, generate ACH files to pay their employees, and deposit checks while miles away from their nearest banking location. Remote deposit services are becoming a standard for many insurance agencies. 

Whether an agency is taking pictures of a check via a mobile device or scanning a stack of checks through a physical remote scanner, remote deposit services is a convenient means to allow your money to work for you sooner. 

Financial institutions may offer remote deposit scanners for sale or for lease. The sales price of a purchased scanner range significantly. The average scanner lease is between $30-$80/month. 

Mobile remote deposit services are convenient for agencies depositing a low volume of checks in a given day. Remote Deposit Scanners allow up to 100 checks to be deposited with any one scan.  Funds scanned by the imposed financial institution cut-off time are considered deposited "same day". 

Does your agency utilize mobile remote deposit or remote deposit services? For more information on how these services can help your agency, contact us today.   

Deirdre Tumm has 20 years of banking experience.  Deirdre's specialty is in cash management.  She has used her expertise to help seamlessly guide SFB's insurance agency clients with their depository needs and specialized business services.  Some of those services include remote deposit capture, positive pay and ACH services. She brings value to our insurance agency clients as she implements products and services that provide direct benefits to their agencies.