Talk:Remote deposit

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[edit] Remote deposit from home

I'm not sure about the info. below:

However, an image is only legally acceptable if captured with a special scanner capable of reading the Magnetic Ink Character Recognition (or MICR) coding printed at the bottom of a check. Such scanners often cost several hundred dollars; for this reason, businesses that handle a lot of checks have shown interest in the technology, but it is not yet practical for individuals to use remote deposit from their homes.

I have USAA which offers a service called Deposit@Home. With this service I can make remote deposits from home with my scanner. The scanner is just a regular HP scanner bought a few years ago, even before 2004, and it is still capable of scanning the checks for the deposits. Maybe the info above is out of date? caz | speak 22:53, 22 July 2007 (UTC)

I'm not sure what USAA is doing, but from the appearance of it, they must be converting the images. Check 21 has specific requirements and generally is done by businesses because most FIs and solutions require a check scanner, which captures both front and back of the check and meets all the technical requirements of the law. I suspect that USAA has simply decided that the fraud risk (which they will have to fund) does not outweigh the customer satisfaction benefit. Whereas Online Deposit, such as UPost solves the same problem without using Check 21... but also is subject to fraud risk. However, most FIs using Online Deposit work around this by making it available only to select customers/members, generally dealing with the fraud risk. -Pearrari 02:51, 16 November 2007 (UTC)

[edit] major banks that currently allow remote deposit

This section probably needs to either be removed or re-cast as early adopters. At this time, a very large number of financial institutions support Remote Deposit Image Capture (RDIC) -Pearrari 02:51, 16 November 2007 (UTC)

[edit] Check 21 Characterization Seems to be inaccurate

It is my reading of Check 21 that the Act does not make a digital image of a check the legal equivalent of a check.

What Check 21 provides is: - substitute check, which is the legal equivalent of a check. The substitute check is a printed representation of the original check which has alterations to the MICR line information denoted that it is a substituted check. It also includes the language "Legal Equivalent" - This is contained within Section 3 Para 16. - prodding the banking industry towards electronic presentment without mandating it (Sec 2(b)(2)). —Preceding unsigned comment added by MN SoupNazi (talk • contribs) 18:27, 28 March 2008 (UTC)

[edit] ATM Machines

I think alot of the banks being mentioned as having remote deposit really only have the ATM machines that scan the checks instead of putting it in an envelope until someone checks it the next morning.