Cash Management Services
FREQUENTLY ASKED QUESTIONS
How does the remote deposit system obtain the necessary check information?
Using either a single-feed or multi-feed scanner, simply run your checks through the scanning device. The check scanning software reads all of the numbers at the bottom of the check (the MICR line) and at the same time captures an image of the check. In addition, the remote deposit program reads and compares the courtesy amount against the legal amount of the check.
What happens if I scan a check twice?
In the event you scan a check twice, the system will not allow you to process the second check as it will find a match with the first check scanned.
Do I need to do all my check scanning at one time?
No, you may scan checks throughout the day and batch them later for transmission through our secure Internet site.
What do I do with the checks after I scan them?
We ask that you store the original checks in a locked cabinet or safe with limited employee access. You should keep the original checks for a period of thirty (30) days. KEEP THE ORIGINAL CHECKS IN A SECURE LOCATION AT YOUR BUSINESS; DO NOT BRING THE ORIGINAL CHECKS TO THE BANK. At the end of the storage period, you should securely destroy the original checks using a shredding service or shredding machine located at your place of business.
When can I see the check images?
After you transmit your batch, you will receive an email confirming that the batch has been received. Typically this happens within approximately 10 minutes. At that point, you will be able to view your check images online.
What do I do if I destroy a check and need a copy?
You can retrieve a copy of any check scanned for up to two (2) years via our secure Internet site and up to five (5) additional years upon request.
Who will have access to the remote deposit system?
A company official with signing authority will designate those individuals who will have access to the remote deposit service. For security and control purposes, authorized users may be set up with either full or limited access. For example, one user can be authorized to scan checks only and another may have online access to transmit the batch.
Can I deposit to more than one account at Florence Bank?
Yes, you can deposit to multiple Florence Bank business checking accounts. There is no limit as to the number of accounts that can be established for remote deposit.
If I own more than one company with different tax ID numbers, can I set them all up under one system?
Yes, you may add multiple companies with different Federal Tax ID numbers to the system. This allows you to deposit to multiple company accounts here at Florence Bank.
Once the deposit is submitted, when will I receive credit to my business account?
All deposits (up to $1,000,000.00) submitted before 12:00 PM EST on a business day will be available in your business account by 5:00 PM the same day. Any deposit submitted after 12:00 PM up until 7:00 PM will be credited to your account the following business day.
Will I receive instructions on how to use the Remote Deposit Service?
Yes, you will receive a quick reference guide and hands-on training during the installation process. Florence Bank has partnered with our service provider, Magic-Wrighters Inc., to bring you the remote deposit service. Your technical questions may be handled by Magic-Wrighters Inc. by calling (866) 770-5856, option 1. And, as always, Florence Bank will be available to assist you.
How do I get started?
To get started, you will need:
- a business checking account
- a computer with access to the Internet
- confirmation of system requirements (detailed below)
After your application for remote deposit is approved, a Bank representative will contact you to set up the installation and training date. You may have the scanner sent directly to your office or a Bank representative will bring the scanner to your place of business on the day of installation. The installation and training typically takes one hour, and you will be able to scan and transmit your first checks that very same day!
SYSTEM REQUIREMENTS
Remote Deposit is compatible with currently supported Microsoft Windows-based professional operating systems. Note: Not compatible with Home or Basic versions. MacOS is not supported.
Recommended Hardware Requirements:
- USB 2.0 or greater (High Speed)
- Intel core i5 processor, or better
- 8GB RAM, or greater
- WIN 10 (64-bit) Professional
- 1 TB hard drive, or greater