All Provident Bank branches will be closed on November 26, 2020 in honor of the Thanksgiving holiday. Access to your account(s) will not be affected. Normal business hours will resume the following business day.
Halloween is here! And it got us to thinking about, what else, zombies, of course… and the inevitable apocalypse. If shuffling hordes of brain-munching zombies are the future, we asked ourselves, then what is the new reality of commercial banking? Remote Deposit Capture.
Remote Deposit Capture (RDC) is a small, portable check scanner that allows you to deposit checks right from your home or office—any day, every day. Simply run the check through, review the high-resolution images of both sides of the check on your computer, and send the images to your local financial institution for processing.
That’s it. RDC is innovative, simple, effective, and quickly transforming the way businesses bank. This is a watershed moment for the financial industry, with Remote Deposit Capture carrying greater implications for financial institutions and YOU than even online banking.
Since Remote Deposit Capture will undeniably be the new normal, we’d like to share 5 tips from the Zombie Apocalypse Survival Guide that can, surprisingly, teach you how to take advantage of this pioneering technology.
The ones who will survive the Apocalypse are the ones who’ll find a shelter, fortify it, and make it their home base for defense operations.
With RDC, you can make your home or office your own hub of banking activity. Save time and enjoy the 24/7 convenience of depositing checks the same day you receive them, accessing funds more quickly, instantly viewing check images, deposits and reports online, and exporting accounts receivable data into your accounting system.
You no longer have to worry about bank hours. Now you can make deposits from your home or office whenever it’s convenient for you. Because you’re able to deposit checks earlier in the day and RDC carries extended daily deposit deadlines, financial institutions are afforded more processing time and can clear a high volume of checks significantly faster.
The key to surviving the Apocalypse is to keep your body and mind a well-oiled machine. Like a survivor, your banking should be practiced, economical, a perfect science.
Remote Deposit Capture streamlines check processing and account management, allowing you to deposit checks and post payments to accounts receivable at the same time. You can deposit an unlimited number of checks to multiple accounts and manually key in data, such as invoice numbers, as you’re scanning. Remote deposits are consolidated into a single file that you can use to update your accounts receivable.
RDC also greatly reduces error because deposits are validated and balanced as soon as the checks are scanned. This means improved efficiency, which, ultimately, means improved cash flow.
This is perhaps the most crucial tip to keeping you alive. Without water, food, and clothing to get you through, none of the rest matters. RDC helps you conserve your own resources by saving you money in gas, courier fees, and paper.
It reduces the cost and risk of traveling to the bank and the need for accounts at multiple banks, a courier service, and paper (You no longer have to photocopy checks because RDC archives images for as long as your financial institution dictates.)
When you’re on high alert for the signature shuffle, taking security precautions, along with keen senses, razor-sharp instincts, and split-second reaction times, is a primary characteristic of any survivor.
Remote Deposit Capture acts as your own security precaution by:
The old adage is true: There’s safety in numbers. Every Zombie Apocalypse survivor will have a ragtag group of fellow refugees, people to sleep in shifts and watch his back.
As with any technology, Remote Deposit Capture comes with its own risks. That’s why your financial institution will partner with you, working to mitigate those risks associated with image quality, warranties against item replication, fraud, and consequential damages.
But it’s not all up to your financial institution. You must also take steps to prevent fraud and ensure optimal security, including:
Stave off the zombies, keep your brains intact, and ensure your business survives by contacting your financial institution’s Cash Management Department to learn more about Remote Deposit Capture. Grrrr-Arrgghh!