Private Bank Minnesota

REMOTE DEPOSIT CAPTURE 

Convenient & Secure:  Process Checks At Your Business Location

Remote Deposit Capture (RDC) offers a convenient and secure way to improve business operations by reducing the time it takes to make deposits to a Private Bank Minnesota business checking or savings account. 

  • No more driving deposits to the bank – Reduce courier fees and save on gas and reduce employee down time spent driving to and from the bank.
  • Improve cash flow – 24-hour deposit capability means no more worries about bank hours or deposits getting lost in the mail.
  • Faster NSF/Fraud notification – Reduce risks with faster notification as checks enter the system earlier.
  • Up-to-date deposit information archive – Retrieve deposit data and images quickly (no more photocopying checks), and customize information fields to fit your needs.

What is Remote Deposit Capture?
Instead of mailing or bringing in checks for deposit, RDC allows you to scan checks and deposit them into a Private Bank Minnesota checking or savings account directly from your place of business. 

How does Remote Deposit Capture work?
Checks are scanned for deposit using a scanning device connected to a PC at your place of business.  Each check scanned generates an electronic image that is directly transmitted to a central processing center.  These images are then either exchanged as an image with clearing partners or printed as substitute checks and presented to the clearing entity as a paper document. 

The RDC software will show the debit and credit total for each transmission.  When the debits and credit balance, you may transmit the file and print a report for your records.
 
What types of checks can be processed? 
U.S. dollar checks drawn on banks with a valid U.S. routing and transit number are accepted, including personal checks, business checks and Postal Money Orders.

Do I pay extra to set up multiple accounts for deposits?
No, you may set up as many deposit accounts as you prefer at one location without additional charges.  Any additional business locations with their own scanner will be charged a monthly service fee.

How long do I store data on my PC?
Clients who use RDC need to store deposit information on their PCs for 30 days.  During this time, you have the ability to research any deposit that was processed through RDC.  After that, transactions can be researched from long-term data storage.

How long do I need to retain original checks?
Clients are expected to retain each check for at least 75 days after the check has been digitized and processed. These checks may be needed if there is a question in the clearing or collection process or to resolve claims by third parties. 

  • Checks deposited via RDC must be stored in a secure environment. 
  • After 75 days, you are responsible for destroying the original checks. 
  • This is the same process followed by the bank when you bring checks to us for deposit.

Interested in exploring Remote Deposit Capture for your business?

  • Contact your banker to discuss whether this product and process is appropriate for your needs. 
  • Your banker will also arrange for a demonstration of the software and scanner.

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