Remote Deposit Central - Frequently Asked Questions
Remote Deposit Central is a business product and service which allows a qualified business customer to scan check deposits and transmit the images to Central Pacific Bank via the Internet. There’s no need to deposit the physical paper checks, eliminating a trip to the bank.
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1. What are the key benefits for a business using Remote Deposit Central?
A: Not only is this service easy to use, but it saves a business valuable time. Consider not having to make trips to the branch, not having to prepare deposit tickets and not having to sign or endorse the back of each check when making deposits.
2. What type of business is suited for this service?
A: This service is ideal for businesses that primarily deposit checks as opposed to cash, such as professional offices, contractors, wholesalers, physicians, attorneys and so forth. We normally offer a free consultation meeting with interested businesses to determine whether this service is right for their particular circumstances.
3. What’s the cost for a business to implement this service? Is there a fee per item processed?
A: There’s a nominal one-time setup fee. There’s also a tiered pricing, based on the number of checks scanned and the number of deposit accounts. Customers have the option of purchasing their own check scanner or using a bank-provided scanner at a nominal fee.
4. How long does it take to implement this service?
A: Once the necessary documents have been received and installation has been scheduled, the actual implementation and training can normally be accomplished in about an hour.
5. How safe is this service?
A: Remote Deposit Central is delivered over the Internet and uses SSL 128-bit encryption technology, the current standard for secure Internet activity. Additionally, only authorized users having the necessary login
information are allowed to access this service.
6. How many checks can a business process?
A: There’s no limit on how many checks can be processed through Remote Deposit Central. With computers that meet all of the required specifications, we're looking at a scan rate of approximately 50 checks per minute.
7. If the deposit is processed by the bank using the check images, what happens to the original paper checks?
A: It’s the responsibility of the business to securely store the original checks and then destroy them after a 30-day period. The check image that results from scanning a check now becomes the legal replacement which will then be processed by the paying financial institution.
8. Have you run into any issues with the introduction of this service?
A: There’ve been no major issues. In a few instances, checks with colorful backgrounds or light imprinting or those written with gel pens have caused some scanning difficulty. But in all such instances there are ways for the user to correct or improve on the scan quality.
9. Has Remote Deposit Central been more attractive to businesses in remote locations?
A: Businesses in remote locations especially enjoy the time they save from traveling to and from their nearest branch. And, surprisingly, customers who are located just minutes away from a branch have also embraced this service.
10. Is this service unique to Hawaii or to the industry nationwide?
A: Central Pacific Bank is the first Hawaii-based bank to introduce this service. Nationally, this state-of-the-art technology has been available since "Check 21" legislation went into effect in October 2004.
11. What changed to allow such a service to be used?
A: “Check 21” legislation resulted in the development of technology to capture and deliver check images directly to the bank. "Check 21" legislation allows electronic copies of checks to be accepted as legal substitutes for original paper checks, as long as copies meet certain requirements including a magnetic ink character recognition line at the bottom and an endorsement on the back of each check. With Remote Deposit Central, these are included automatically when checks are scanned.
12. Is the service provided by Central Pacific Bank or do you use a third-party vendor?
A: After a careful review of several vendors, we selected a leading third-party vendor that has been involved in check processing and imaging for many years.
13. How have businesses reacted to this service?
A: The response has been great and our users have been raving about Remote Deposit Central.
