Money Management Banking Services

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. Destinations. Examine Check 21 LegislationExplain what Remote Deposit is, the means by which it would be gainful, and how to utilize itDemonstrate. . . Current Deposit System. . . Gather Checks. . Record Receipt. . Go to Bank. Hold up in line. . Store check . . . 9:00 a.m.. 12:00 p.m.. 2:00 p.m.. . Check 21 Legislation.

Presentation Transcript

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Money Management & Banking Services Commonwealth of Virginia Remote Deposit Capture Program (RDC)

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Objectives Discuss Check 21 Legislation Explain what Remote Deposit is, the manner by which it would be helpful, and how to utilize it Demonstrate

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Current Deposit System Collect Checks Deposit check Record Receipt 9:00 a.m. 2:00 p.m. 12:00 p.m. Hold up in line Travel to Bank

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Check 21 Legislation Check Clearing Act for the 21 st Century (HB1474) go in Oct 2003 Permits the utilization of a substitute check as an authoritative report ex: picture of a check 2 sorts of instruments are barred: Savings Bonds Checks not drawn on a US Institution

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Check 21 Legislation Payments remain inside check law Applicable to all US$ named checks No compelling reason to advise or get approval from producers or paying banks

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RDC-The Big Picture Collect Checks Scan checks Deposit Online 9:00 a.m. - 8:00 p.m.

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Did You Know? Store tickets are not required with Remote Deposit Capture (RDC) Agencies don't have to encode the dollar measure of the check The bank can amend MICR misreads after they get the transmission Treasury pays all related month to month charges (you just purchase the scanner!)

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Remote Deposit Capture (RDC) The Product Overview With a little desktop scanner, a PC, and an Internet association, a client can examine checks and transmit check pictures to the bank for store. Group CR-25, NCR TS-230, Unisys SmartSource

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Advantages Deposits can be made until 8:00 p.m. what's more, still number towards that day's store No geographic limitations No treks to bank offices or IP focuses No checks prohibited (POP, ARC, Drop Box)

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Advantages No messenger costs identified with check stores Improved accessibility from before stores Eliminate various bank vault accounts A speedier, computerized store readiness prepare

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Who can utilize RDC? Everybody! Run of the mill client has: Large dollar check installments Volumes running from a couple of imperative checks every day to at least 10,000 checks a month Single site or various locales

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Preparing Deposits Four Easy Steps: Checks are examined under programming control Corrects singular things that are not filtered effectively. Stores are adjusted Sends the store by means of secure Internet transmission

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For Your Information Agencies should at present utilize their own underwriting stamp for checks Agencies may make various store transmissions every day With virtual sorter, pictures from client transmissions will be sent specifically to the picture file, where the office may get to and see pictures

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Supported Desktop Scanners Features: Front and in a solitary pass Reads MICR ink USB association with a PC MyVisionX

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What sort of scanner would it be advisable for me to utilize? Low speed scanners are under $1,000.00 (65 Documents for each moment) Higher speed scanners are accessible for the individuals who store more than 500 checks for every day The bank embraces a few models

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System Requirements High Speed Internet Connection Minimum PC Requirements Pentium 4:2.8 GHZ processor or higher 256 MB RAM 2 USB ports Windows 2000

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System Requirements A bank guaranteed scanner (low or fast) Printer Optional Recommended to print reports

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Do the checks should be supported before they are examined? Yes, all checks ought to be embraced preceding examining.

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What do I do in the event that I have an issue? Bank gives specialized support

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Should we put an overwhelming corner to corner line over all examined checks? It is a bit much. Be mindful so as not to modify the check until you know a decent picture has been put away on the keeping money framework and your inner framework, in the event that you are putting away pictures on an in-house server.

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What do we do with the checks in the wake of filtering? There is no hard quick answer. What you do with the checks relies on upon the requirements of your organization operations…  

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What do we do with the checks in the wake of filtering (cont'd)? What number of checks do you handle every day? Do you have a protected territory to store the checks?  Our experience has found that most offices utilizing remote store keep the checks somewhere in the range of ten days to six months before destroying. 

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What do we do with the checks in the wake of filtering (cont'd)? Best practice is keep the checks at least one recon cycle or if nothing else 21 days from deposit.  This permits enough time for return things to surface and for the bank explanation to be accommodated.

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How would we discard the checks? Shred in a secured way - in house or contract. Consider review concerns, for example, double control over destroying, logging when the checks were destroyed or who did the shredding. 

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Should check sorts/sizes be put together? Yes, it distinguishes issues if the business checks are placed back to back, then the individual checks and cash orders. 

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Should check sorts/sizes be set together (cont'd)? Most clients think that its accommodating to submit cash requests either first or toward the end in the batch.  Money arranges by and large require manual intercession because of the situation of cash sums on the records.

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Will the scanner get pink or purple ink? Yes, the scanner will if the ink is dull enough.  As would be normal, checks with pictures and softly shaded ink can be challenging.  You may need to enter or confirm the dollar sums on these checks.

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Does the scanner note contrasts in the composed sum and the numerical sum? No, the scanner gets the numerical images in the case on the correct side of the check.  It is up to the individual doing the store to confirm the sums are the same. 

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Does the scanner note contrasts in the composed sum and the numerical sum (cont'd)? Running two number cruncher tapes, one on numerical and one on composed, is viewed as a best practice to identify these sorts of contrasts.

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Testimonies "The Bank Services Unit at TAX started using Wachovia's Remote Deposit Capture item in the Fall of 2007 to address a required inside process in clearing little volume, yet extensive dollar exceptional handle stores. This item has surpassed our necessities:… " Larry Leach, Bank Services Supervisor, Department of Taxation

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Testimonies Deposits can be set aside a few minutes calendar to oblige our work process, not that of an inner or outer messenger that needs to drive the stores to the bank.  Larry Leach, Bank Services Supervisor, Department of Taxation

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Testimonies  Extended store window. We can store huge dollar checks got via the post office following 2:00 and get same day credit at the bank. Larry Leach, Bank Services Supervisor, Department of Taxation

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Testimonies Ease of utilization. A "non specialized" individual can rapidly turn into a capable client. DC numbers (or an interior reference number) can be utilized and transmitted. Larry Leach, Bank Services Supervisor, Department of Taxation

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Testimonies Software adaptation of RDC permits some portability in misfortune recuperation mode. (Assess uses a devoted portable PC for handling.) Larry Leach, Bank Services Supervisor, Department of Taxation

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Testimonies Expandability. Impose as of late relocated one of our satellite workplaces to RDC preparing, bringing about their assets getting to the bank sooner. Larry Leach, Bank Services Supervisor, Department of Taxation

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Testimonies The primary shock we have had is that we didn't suspect our volume of remote/worldwide checks- - particularly Canadian checks. RDC can't prepare outside checks. Larry Leach, Bank Services Supervisor, Department of Taxation

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Testimonies " The Department of Education has been extremely satisfied with the Remote Deposit System." We have found the framework exceptionally easy to understand and an unmistakable advantage to our office. Margaret Dowdy, Accounting Office VA Department of Education

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Testimonies Although the store method takes around thirty minutes longer to finish, the new procedure has cut our returned checks by 75 percent. Margaret Dowdy, Accounting Office VA Department of Education

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Testimonies This funds in records receivable accumulations far exceeds the additional procedure time and is unquestionably savvy. Margaret Dowdy, Accounting Office VA Department of Education

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Testimonies Our COOP get ready for stores, in the event that we couldn't get to the working for a brief timeframe, is come back to manual stores. On the off chance that the building was not open for a drawn out stretch of time, we would ask for that a teller scanner be set up at our substitute area. Margaret Dowdy, Accounting Office VA Department of Education

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Cash Management & Banking Services Commonwealth of Virginia E-Pay

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E-PAY Purpose: to store assets to the state from a regions financial records It's quick! Can be finished from any PC

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Benefits No Deposit Ticket Save an outing to the bank System accessible 24/7 Entries and changes can be made up till 4:00 pm Electronic Log of all exchanges (12 months moving history)

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E-PAY Step One: Log In

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E-PAY Step Two: Enter Payment Information

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E-PAY Step Three: Review

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E-PAY Step Four: Get Receipt

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E-PAY Features Payment History

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Questions Contact Bob Schmitt 804-225-2648