Does your business have multiple locations? Do you receive most payments for your business via check? Does your business make deposits after normal banking hours, or pay transportation costs to deliver deposits? If you answered “yes” to any of these questions, Express Deposit may be right for you. It’s like having a teller in your office 24/7!
Key Advantages of Express Deposit:
- Make your funds available faster
- Make deposits 24/7
- Save time preparing deposits
- Consolidate funds from remote locations into one financial institution
- Cut costly courier fees or trips to the financial institution
- Customized access for all users, signers and non-signers, including dual control
- Deposit to multiple accounts
How Does Express Deposit Work?
- Scan checks – Using a desktop check scanner, simply scan both sides of the checks in a single pass
- Prepare the deposit – View images of the scanned checks right on your computer. The dollar amounts for the checks are automatically read, and the deposit is totaled.
- Electronically send the deposit to Bank Five Nine – The deposit is sent to Bank Five Nine. Funds are then deposited into your account and may be available sooner than traditional deposits.
Need a little more information?
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Each scanner will have minimum system requirements, and will vary with each scanner. Each scanner will come with a driver that will need to be loaded along with a USB connection.
Individuals already in charge of manually preparing and delivering deposits are typically the main users of this automated process. A video tutorial is available for your staff.
Original checks should be stored for 90 days before destroying. Refer to your Bank Five Nine agreement for details.
U.S. dollar checks drawn on U.S. financial institutions with valid routing and transit numbers are accepted, including personal checks, business checks and postal money orders.
Returned checks will be handled as usual with a substitute check being returned in place of the original check.