Bank of Missouri


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The future of check clearing

IMPROVED FUNDS AVAILABILITY
Typically your business does not receive funds from deposited checks until those checks have cleared, which can take anywhere from 2-4 business days. BOB could speed up this process by clearing out-of-state checks during the same or following business day. Studies have shown improvements ranging from an 8% to 42% gain in availability of funds.

STREAMLINED OPERATIONS
You can combine regional or nationwide deposits to a single account, thereby substantially reducing deposit collection costs.
Consequently, physical transportation costs are dramatically reduced or eliminated entirely.

REDUCED DEPOSIT PREPARATION COSTS
Physical deposit preparation time is eliminated and research time and storage is reduced through the use of the stored digital images.

DECREASED RISK OF FRAUD
Faster check clearing decreases the risk of fraud. It allows return items to be identified earlier, therefore, enhancing the collection process.

EXTENDED DEPOSIT WINDOW
Deposits can be made beyond traditional banking hours and on weekends. Furthermore, you will save valuable work time by eliminating the drive to the bank.

Traditional Deposit Process (2-4 days)

BOB (1-2 days)

Day 1

You receive checks from customers.

You prepare the deposit at your office.

You take the deposit to your bank.

The bank teller conducts the transaction.

The deposit is transported to the bank’s operations center.

The checks are encoded, processed and classified according to Federal Reserve District.

The checks are processed and transported to regional Federal Reserve depositories.

Day 1

You receive checks from customers.

You make a deposit to The Bank of souri by scanning the checks at your office.

An electronic image of the check is sent to our secure server.

The bank receives your remote deposit and processes it through the ACH (Automated Clearing House) or Check 21 network.

Day 2, 3 or 4

The checks are presented to your customers’ banks.

Deposits become available in your account.

Day 2

Your original deposit becomes available in your Bank of Missouri account.

Windows 2000 Service Pack 4 or Windows XP Service Pack 2
256 Megabytes of Memory
Internet Explorer 6.0, Service Pack 1
10 Megabytes of free disk space
Microsoft NET 1.1 (the installation will download and install if not detected)Megabytes of Memory

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