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Frequently Asked Questions
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
- Eliminate courier costs
- Reduce transportation costs
- Consolidate deposits into one account. Reduce multiple bank relationships,
- Greater employee productivity
- A Business receives payments by check in the mail or at their office.
- 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.
- Checks are then typically provided to the corporation’s 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.
- 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.
- 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.
- Xenith Bank receives the ACH file and / or image deposit, posts the deposit to the Business’s account and assigns availability based upon an agreed upon availability schedule.
Physical checks should be stored in a secured area and destroyed by shredding or incineration within sixty (60) days of processing.
The basic equipment requirements for Commercial Capture Xpress include a PC, an approved check scanner and Xenith Bank’s Commercial Capture Xpress service.
"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.