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This convenient service enables small to medium size businesses to realize increased processing efficiencies while managing their daily bank deposit needs.
Simplify the process of making deposits into your business accounts with Remote Deposit Banking.
- Remote Deposit Banking allows you to make deposits electronically by utilizing a desktop scanner connected to your PC and the Internet. Users scan checks at their business location and then transmit data and check images electronically to Farmers & Merchants Bank for deposit. This new service reduces or eliminates the need to deliver deposits in person at your financial institution. Remote Deposit Banking allows you to make deposits from any of your business locations.
- Convenience Prepare and submit deposits directly from any of your business locations. Make deposits when it's most convenient for you, evenings, weekends or even holidays.
- Minimize Fraud By depositing checks faster; the collection process is started sooner.
- Increase Efficiencies Reduce the amount of time spent preparing deposits and consolidate banking accounts. No more trouble getting to the bank before cut-off time.
- Reduce Costs Eliminate courier costs or employee trips to the bank. Consolidate multiple banking relations and save money with reduced fees.
- Improve Cash Flow By depositing checks quickly, certain deposit items may qualify for faster availability.
- Improved End of Month / Quarter Processing Checks received on the last day of the month or quarter will post in the same period.
How it Works
- Scan - The scanner captures the front and back of each check, including the MICR information and dollar amounts.
- Balance - Checks are totaled, balanced and a virtual electronic deposit ticket is prepared for your approval.
- Transmit - All check images are electronically sent to Farmers & Merchants Bank and deposited into your account(s).
With Remote Deposit Banking you will enjoy many key benefits
- Extensive reporting capabilities
- Automatically read the majority of checks with recognition technology
- Streamlined workflow processes including an automated virtual endorsement ticket
- Ability to automatically upload payment files into your accounts receivable system
- Automated transaction balancing and validation
- Multiple security layers
- Intelligent routing and least cost clearing capabilities to leverage ARC solutions, new BOC capabilities and image exchange
- Support of up to 12 additional fields provides ability to key additional information from images, such as name and address
- Integrated transmission function confirming transmission and reception of transaction data, including multiple deposits in a single day
Remote Deposit Banking – Scanner Options / Pricing Information
Option 1 - Bank Provided Equipment/Scanner - Digital Check Model TS240 (50DPM)
$ 50.00 Remote Deposit Banking Service - Monthly Processing Fee
$ .05/per item Transaction Fee
$ 250.00 Remote Deposit Banking Service - One-Time Installation / Setup Fee
$ 250.00 Early Termination Fee*-Remote Deposit Banking Service (prior to 24 Months)
Option 2 - Bank Provided Equipment/Scanner - Digital Check Model CX30-F (25DPM)
$ 45.00 Remote Deposit Banking Service - Monthly Processing Fee
$ .05/per item Transaction Fee
$ 200.00 Remote Deposit Banking Service - One-Time Installation / Setup Fee
$ 250.00 Early Termination Fee*-Remote Deposit Banking Service (prior to 24 Months)
Option 3 - Client Owned Equipment/Scanner - Finastra Processor Approved Scanner Device
$ 40.00 Remote Deposit Banking Service - Monthly Processing Fee
$ .05/per item Transaction Fee
$ 180.00 Remote Deposit Banking Service - One-Time Installation / Setup Fee
$ 250.00 Early Termination Fee*-Remote Deposit Banking Service (prior to 24 Months)
* Applies only if the business customer terminates service within the first twenty-four (24) months of service. Digital Check Teller Scanner equipment must be returned to Farmers and Merchants Bank, upon termination of the service.
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