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Robert Morency
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Suzanne Galbreath
Assistant Vice President

Treasury Services

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Commercial Deposits
Commercial Capture Express
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Frequently Asked Questions

What are the benefits of Commercial Capture Xpress?
How does the Commercial Capture Xpress process work?
What happens to the original checks?
What type of equipment is required?
What is Check 21?
 

What are the benefits of Commercial Capture Xpress?

Efficient Deposit Process

  • Reduced time spent on deposit preparation and presentment
  • No trips to the bank... spend your time on more important things
  • Later deadlines for same-day deposits
  • Reduction in transaction errors and transaction time
  • Improved month-end and quarter-end processing
  • Reduce return item (NSF) risk
  • Digitized data enables easy access to scanned check records

Increased Funds Availability

  • Accelerated clearings
  • Consolidate deposits received at multiple locations into a single account
  • Quicker investment of available funds
  • Reduced Day Sales Outstanding (DSO); quickly turn sales and receivables into cash

Reduced Costs

  • Eliminate courier costs
  • Reduce transportation costs
  • Consolidate deposits into one account. Reduce multiple bank relationships,
  • Greater employee productivity


How does the Commercial Capture Xpress process work?

  1. A Business receives payments by check in the mail or at their office.
  2. The Business performs their normal Remittance Processing procedures. This process includes opening the mail, data entry from the payment coupon / control document (application, form, invoice, etc.), data entry from the check (dollar amount, date, account number, etc.), and information uploads to the Accounts Receivables, Customer, and other databases.
  3. Checks are then typically provided to the corporationís treasury area where the Business prepares a deposit. This process typically includes counting the number of checks and adding the value of checks at least twice to ensure the deposit is accurate and balanced.
  4. With Commercial Capture Xpress, instead of physically going to the bank to deposit the checks, the Business can now scan the checks using a desktop scanner.
  5. Once the check images are captured, an image-based deposit is prepared. The business then transmits the deposit to Xenith Bank using our Commercial Capture Xpress service.
  6. Xenith Bank receives the ACH file and / or image deposit, posts the deposit to the Businessís account and assigns availability based upon an agreed upon availability schedule.


What happens to the original checks?

Physical checks should be stored in a secured area and destroyed by shredding or incineration within sixty (60) days of processing.


What type of equipment is required?

The basic equipment requirements for Commercial Capture Xpress include a PC, an approved check scanner and Xenith Bankís Commercial Capture Xpress service.


What is Check 21?

"Check 21" is shorthand for the Check Clearing for the 21st Century Act, a new law that took effect in October 2004. Check 21 makes a "substitute check" the legal equivalent of the original check. A "substitute check" couples images of the front and back of the original check with additional routing information. Check 21 makes it possible for a business to deposit checks remotely and electronically with its financial institution.