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The ins and outs of remote deposit banking

Home BlogThe ins and outs of remote deposit banking

Key takeaways:

  • Remote deposit capture will help you save time while depositing checks.  
  • With remote deposit capture, you can increase your efficiency, so you can feel empowered to focus on other aspects of your business.
  • Beyond saving you time, remote deposit capture also helps reduce risk.  

“Time is money.” It’s a well-known phrase that resonates with many business owners. But do you ever stop to think about what your time is worth? As a business owner, your time is a premium commodity. As a result, any tools that you can implement to increase efficiencies and give you more time to focus on critical tasks are well worth it.

Remote deposit capture is one of those empowering tools that will allow you to focus on your business rather than running back and forth to the bank.

How it works

Why it’s essential for your business

Remote deposit capture lets you make a deposit when it works for your schedule – day or night. You also can skip a trip to the bank just to deposit a check.

Beyond the convenience, remote deposits help reduce your risks. By securing the money in your account quickly, you reduce the risk of losing the check. Remote deposit capture also helps protect you against fraud, duplicate checks and other common threats with its increased security settings.

Additionally, you quickly have the money in your business account to use for other business expenses. Funds may be available the same day if you deposit prior to the cut-off time, and processing costs may be reduced. If your account is interest-bearing, you could start to accrue interest as soon as the funds are deposited. Review your bank's policy to verify when your deposits will be available to use and begin accruing interest.

Finally, remote deposit checking allows you to have an electronic archive. The images and details of the deposit are readily available in your records if you need to look back on a specific deposit. That’s another time-saving benefit that helps you focus your time on driving your business’ growth.

If you’re interested in utilizing remote deposit capture for your business, visit your local MidWestOne branch.

MidWestOne Bank does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.