About Online Check Cashing/Depositing

Online check depositing services are currently available only to businesses. The business scans a check and then digitally uploads the check to the bank for deposit. Once the check is received by the bank, the business has almost immediate access to the money through their ATM or check card. Essentially they are able to cash a check online, saving time and money by not having to make regular trips to the bank.

How to Deposit Checks Online

The setup for a company to start depositing checks online is rather straightforward. A special check scanner is needed to scan each check and create a picture of the front and back. The picture is uploaded into special software on the computer. This software allows the business to send the digital check through the Internet to the bank that has an online check depositing service. Businesses with banks that do not provide this service can use an intermediate service that accepts the check and then sends the money to that business's bank account. These services charge a fee but can still be cost effective and convenient.

Costs

Start-up costs are the most expensive part of using this service. The check scanner's costs depend of the efficiency of the scanner. If the business uses an intermediate service company, the company charges a fee based on the number of checks and dollar amounts deposited.

Who Can Deposit Checks Online

In 2009 only a few banks offered this service directly, and only to their business clients. The online check deposit service companies also only provide their service to business customers. However, any business can use online check cashing with most any bank it has an account through.

Source:

Presidio Bank Online Banking

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Union Bank and Trust