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Remote Deposit FAQs 

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What is Remote Deposit?

How will Remote Deposit benefit my business?

How does Remote Deposit work?

How does Remote Deposit get me my money faster?

Who will use the system? And what type of training will be provided?

How late can I make a deposit and still get same day credit?

How long does it take to get set up?

What do I do with the checks after I make a deposit?

Are there fees for Remote Deposit ?

What security controls are provided?

Who would I contact for more information about Remote Deposit?

 

 

What is Remote Deposit?

Remote Deposit offers your business the ability to (1) capture the images and transaction information of checks accepted for payment and (2) deliver this information electronically to Berkshire Bank as if the items had been physically received and captured.

 

How will Remote Deposit benefit my business?

You can eliminate time causing manual deposit preparation and trips to the bank, while improving the speed and efficiency of both collections and returns.

 

How does Remote Deposit work?

Using Internet based technology, you submit checks for deposit using a PC and scanner located at your business. Each check scanned for deposit generates an electronic image that is transmitted to Berkshire Bank. The deposit will be credited at the end of the day. Funds will be available the next day.

 

How does Remote Deposit get me my money faster?

As long as you transmit your deposit by 5:00 p.m., it will be effective today and available tomorrow, allowing you to invest faster, or pay down on debt sooner.

 

Who will use the system? And what type of training will be provided?

Individuals already in charge of manually preparing and making deposits are typically the main users. Your business will receive your choice of personal on-site or remote access training from Berkshire Bank staff and a training guide.

 

How late can I make a deposit and still get same day credit?

The cutoff time for same day deposits is 5:00 p.m. Eastern time, Monday - Friday. Saturday deposits will roll over to Monday.

 

How long does it take to get set up?

Once the application is signed it will take no more than 5 business days

 

What do I do with the checks after I make a deposit?

You will retain the original checks in a secure location for 14 days at which time they should be destroyed.

 

Are there fees for Remote Deposit?

There is a one time setup fee of $150.00 plus the cost of the scanner. The monthly maintenance fee of $75 can be offset with compensating balances.

 

What security controls are provided?

Files are sent via a secure Internet connection (SAL 128 bit/RC4 encryption). The customer can set up dual control when sending files and dollar limits.

 

Who would I contact for more information about Remote Deposit?

Contact us, at 1-800-773-5601, or stop into any Berkshire Bank office.

 

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