BenefitsImproved Funds AvailabilityTypically 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 OperationsYou 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 CostsPhysical deposit preparation time is eliminated and research time and storage is reduced through the use of the stored digital images. Decreased Risk of FraudFaster check clearing decreases the risk of fraud. It allows return items to be identified earlier, therefore, enhancing the collection process. Extended Deposit WindowDeposits 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 Missouri 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. |
|---|
Technical Information- Windows XP Home or Professional with Service Pack 2 or Windows Vista
- Minimum of 512 Megabytes of Memory for XP and 1 Gigabyte for Vista
- Processor speed of 1.2 Gigahertz or greater for XP and 2.4 Gigahertz or greater for Vista
- Internet Explorer 6.0, Service Pack 1 or greater
- 1.5 Gigabytes or greater of free disk space
- Microsoft NET 1.1 with Service Pack 1 (the installation will download and install if not detected)
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