Leave the Lear Jet Parked, Or Why Remote Cash Deposits Make Sense for Business Banking Accounts
Anyone who regularly balances their checkbook knows that sometimes a check they’ve made out to a doctor’s office or small retailer might take days or sometimes a week or more to be cashed. That lag time might not matter much to the business owner’s cash flow but for large businesses it can.
In fact, years before the Internet and electronic networking, a large insurance company based in the Midwest had a Lear jet with a hollow cabin and the sole daily mission to fly tens of thousands of premium checks each day to Chicago’s Federal Reserve Bank for clearing. By shaving a day or two off the time it would take to truck the checks to Chicago, the insurance company made millions of extra dollars each year by putting the premiums to work that much faster.
No-fly zone. Today, no matter what size business you have, you don’t need a Lear jet to collapse the clearing times of your customers’ checks. Garda’s RDCheckTrack, our Remote Cash Deposit (RDC) technology, can take care of that for you.
RDC lets you process check payments without sending them to the bank. Instead, RDCheckTrack automatically scans the check and sends the image to the bank for you. This accelerates your deposit credit and boosts your cash flow. At the same time, by letting Garda handle the details, all compliance with the Federal Financial Institutions Examination Council (FFEIC) Internet banking guidelines as well as your banks’ own RDC regulatory requirements.
With our RDCheckTrack service, we’ll pick up and retain your checks in concert with your cash service needs, then safely and securely destroy your checks on a scheduled basis. This will address any concerns you might have about:
• Secure storage after check imaging
• Safe destruction of your checks on a scheduled basis
• Easy access to rescanned checks as directed by your bank
• Pick up and retention of checks in conjunction with your cash management service needs
• Effective mitigation risk associated with RDC
RDCheckTrack is cost-effective for one location or many.
As Associate Director of Operations for my region, I’ve recently been involved in RDCheckTrack implementations at several branches for some of our large scale financial partners. This is a relatively new service in my area, but in a short amount of time, I’ve personally seen the added value our partners also receive with this service. By consolidating transport, cash management and check imaging with Garda under one roof, our partners are able to deal with a single vendor—that’s one point of contact, one bill, mitigated risk, ensured quality and a true partnership that they can count on.
Garda’s RDCheckTrack and check imaging services offer many benefits regardless of whether you’re a retailer with one boutique location, a multiple location franchisee, or a financial institution. To find out more, visit our website.