youDEPOSIT Remote Deposit Capture

Remote Deposit Capture is a service that allows you to scan checks and transmit the scanned images to West Town Savings Bank for posting and clearing.  The basic requirements for the service include a PC, an internet connection and a check scanner.

Checks that you receive at your business can be scanned to create a digital deposit.  The digital deposit is then transmitted over an encrypted internet connection to WTSB and posted to your account and assigned availability based on your availability schedule.

What are the benefits to your business?

  • Accelerated Clearing:
    Remote Deposit Capture allows your business to capture and process deposits in your office and eliminates the need for the checks to be transported to the bank.  This reduction of the transportation time form the total processing lifecycle of deposited checks accelerates the clearing process.
  • Improved Availability:
    Closely related to accelerated clearing is improved availability.  The earlier a deposit is made, the checks in the deposits are cleared through the originating banks and the funds are available for your business’s use.
  • Enhanced Cash Flow:
    Accelerated clearings and improved availability results in improved cash flow and working capital for your business.
  • Reduced Return Item Risk:
    The faster the deposited checks are cleared, the faster you will learn about any returned items to your account.
  • Reduced Transaction Costs/Convenience:
    Since the vast majority of the checks your business receives are suitable for Remote Deposit Capture, your business will realize a reduction in transportation and personnel costs associated with trips to the bank to make your deposits.  You may be able to reduce your daily trips to the bank to once a week or even less.
  • Consolidation of Banking Relationships:
    Remote Deposit Capture can enable your business to consolidate your banking relationships. If you have multiple offices or retail outlets, it is no longer necessary to have a branch bank around the corner from your locations.  One banking relationship will also simplify your accounting department’s administrative efforts and multiple account reconciliations.
  • Improved Record Keeping and Ease of Research:
    Remote Deposit Capture will allow your business to store your deposit records digitally which will improve the organization of your records and make research and recall of deposited images more efficient.

What is the cost of youDEPOSIT Remote Deposit Capture?

A monthly fee* will be applied to your Business Check Account at the end of each statement cycle.  The fee may be offset by the monthly earnings credit.

How do you get started?

See your West Town Savings Bank representative for a youDEPOSIT application.  A West Town Savings Bank representative will assist you with the installation, training and technical support.

*The monthly fee is based on the chosen scanner hardware.