I was at the bank today, depositing a few checks - like I do a few times per week and I noticed a promotion for "Remote Check Deposit." A way to deposit money from your computer, without having to go into the bank!
I have heard about this mysterious but yet fascinating invention before, but blew it off as a folks tale. ;-)
Seriously, many banks now offer this to companies. I go to the bank a few times a week, in fact, I send my partner to go also, I send my wife, and also, I often send my mother. I am sometimes too busy to go, but the funds need to be deposited to keep the business operating. Today, I went and I saw the promo for Remote Check Deposit.
The teller wrote down the branch manager's name and telephone number, so I can get more information. The second I got back into my office, I called the branch manager. He looked up my account and said I qualify and might be able to get the scanner for free, plus a reduction in the monthly fee.
He then gave me the fees without any reduction and promised to call me back with my rates. Here are the fees without any reduction:
- $866 for the scanner - one time fee
- $125 per month for the service
- $0.09 per check
The 9 cents per check is fine with me but the $125 per month is crazy, at least for my business. Let's do some math...
If I go to the bank 3 times per week, let's say there are 45 weeks I go to the bank (52 weeks per year). 135 bank runs per year. Now, if each bank run costs me more than $12 or so, then it makes sense for me to buy this service, at the retail cost. Let's say, it takes me 15 minutes to do a bank run and I am worth $300 per hour (am I?), then the 15 minutes costs me $75? So I would be saving $63 per run by getting this device.
See why they call this fuzzy math? In reality, I don't think it is worth $125 per month for me to be that lazy. In fact, why are they charging me for this? Think of the amount of money they can save by having businesses process their own deposits and not have them come in and take up the teller's time? One day, this service will likely be free - it just makes sense. How much would I pay for it? I don't even know if I would pay $30 per month for it - just doesn't seem worth it and I do need to see the sunlight on some days.
How much would you pay for this service?
Comments
Rather than recycling old technology, why don't the banks modify bill pay so the money is wired directly to your bank account, rather than cutting a paper check?
This is simply applying old technology. Though it would be nice to bring back memories of my job working late nights in the check transit department for a local bank, this is only a service that benefits large volume depositors like supermarkets, who themselves should be pushing debit cards.
mp/m
Posted by: Mike Maddaloni - The Hot Iron | April 8, 2008 2:36 PM
Well, some of my clients do that - direct money transfer, but most don't. I pay 99% of my bills online, but even then - the bank may mail a check from me to them via bill pay.
Posted by: Barry Schwartz | April 8, 2008 2:39 PM
Hey Barry. I think thats preety crazy. I myself have to go to the bank to deposit checks for the business each week and would love to be able to scan deposit.
It is interesting to note i have a USAA account which is geared towards the military and they allow me to scane deposit personal checks for free. Just scan each side of the check and boom your done. The funds appear instantly. If for some reason the checks bounce they amount will be deducted from your account.
Don't think it will be long before this is a free services to businesses as well.
Posted by: darrell Long | April 8, 2008 2:42 PM
DONT GET IT
GET OFF UR BUTT AND DO IT
U NEED THE EXCERSICE ONCE IN AWHILE
Posted by: DEPOSIT | April 8, 2008 2:49 PM
For all of you interested in doing deposits from home check out this scanner.
With the right software you can get it all for several hundred dollars..
It is great!!!!
http://www.bankersx.com/
It is called CHECKNIQUE....simple cost effective and will work for anyone.
Posted by: Patrick Anderson | April 8, 2008 8:48 PM
Remote check deposit and the act of check scanning is saving time by not going to the bank, not waiting in line and helping you get access to your funds quicker. There are more and more banks providing access with the price of scanners coming down.
Feel free to review check scanning on our site.
http://www.mybusinesspayments.com/Payment_Solutions/Check_Scanning.aspx
I found your visitor survey on it very interesting. Data for thought!
Posted by: Marshall | April 8, 2008 11:34 PM