Frequently Asked Questions (FAQ)

Remote Deposit Capture

• Do I need to change my bank?
• What do we do with the paper checks after we’ve scanned and deposited them?
• What kind of documents can I scan with CheckAlt RDC?
• How long does it take to get up and running?
• How secure is your Remote Deposit Capture system?
• What is the cost of a returned check?
• Why should I choose your RDC service over my bank’s RDC service?
• Does your RDC service send X.9 files to The Federal Reserve Banks for financial institutions?

Remote Deposit Capture Answers

Do I need to change my bank?

Generally, no– most banks are willing to work with us to allow remote deposit processing through a third-party processor. In the rare case that your bank is unwilling to accept deposits through our Remote Deposit Capture system, you would need to switch banks. Many banks offer a web-based RDC application with less features and will prefer that you use their service instead. If you have any questions about this, we can provide you with a comparison and more information to aid you in your final decision.

What do we do with the paper checks after we’ve scanned and deposited them?

This depends on your bank’s rule-of-thumb. Generally, paper checks must be retained for a period that can range from 30 to 180 days and then destroyed. You’ll want to make sure that the checks are kept in a secure location until they are destroyed to prevent any unauthorized person from accessing them.

What kind of documents can I scan with CheckAlt RDC?

We can process all checks issued from a U.S. bank including cashier’s checks, U.S. Treasury checks and money orders. You can also scan your pay stubs and archive them, along with all related check images with our desktop lockbox. Ask us for more information on the desktop lockbox feature.

How long does it take to get up and running?

Out of the box, our solution can be implemented within five days, depending on your bank’s cooperation. Depending upon the level of customization you may require, such as for pay stubs or integration with an accounting software that we have not yet interfaced with, set-up can take an additional one to three weeks.

How secure is your Remote Deposit Capture system?

Our secure servers consolidate and encrypt your deposit files to X9 format and send them to your deposit bank(s) or The Federal Reserve Banks using a secure connection (SSL processing). We also have a firewall in place and monitor any unauthorized access attempts. Please note that the CheckAlt Payment Solutions team at no point touches any of your funds. Additionally, we have been audited by Weiser LLP and have been found to meet SAS70 level 1 compliance standards.

What is the cost of a returned check?

CheckAlt Payment Solutions does not charge for return items. Your bank, however, will charge generally between $5 and $25. Please contact your bank to find out what they charge. CheckAlt Payment Solutions offers check verification through Intuit’s NCN network, which helps determine whether a check is likely to clear or not prior to deposit. This can help you prevent returns. For more information on this service, contact your sales rep.

Why should I choose your RDC service over my bank’s RDC service?

Many banks offer a web-based RDC application with less features. Because their service is completely web-based, if your internet connection goes down, your entire check processing system will go down as well. With CheckAlt RDC, a thick-client software, you can continue to scan checks and verify amounts, waiting to upload the full batch until your connection is restored. Web-based services also result in a slower scanning speed, as imaging the checks will be dependent upon your internet connection. Further key differences include:

• Our software incorporates highly refined Optical Character Recognition (OCR) and algorhythms that provide the most accurate scanning of data. This means your staff have less reworking to do up-front and fewer corrections to perform on the back-end after errors in the deposit are reported by your bank.
• Full check image archival and deposit history is available to users of CheckAlt RDC. Banks only make this information available for a limited period of time.
• We offer scanning of your pay stubs, remittance slips, etc. and a desktop lockbox to maintain this information, digitizing all of your records.
• CheckAlt RDC integrates into your accounting software, allowing you to automatically transfer your deposit data.
• We offer check verification to help prevent return items.
• CheckAlt RDC is compatible with most scanners. Thus, we can help you choose the best scanner for your business, whether it be a single high-volume scanner or multiple low-volume scanners. Most banks are compatible with a single model or a limited number of models of a single make.
• CheckAlt Payment Solutions offers two pricing options at low rates. Banks offer a single pricing option that often consists of “hidden” fees. Read our white paper, “ABCs of Bank Account Analysis for Remote Deposit Services” for more information on bank RDC charges. Please contact us to learn more about our two pricing plans.

If you have any questions about the differences between our RDC service and your bank’s, we can provide you with a comparison chart and more information to aid you in your final decision.

Does your RDC service send X.9 files to The Federal Reserve Banks for financial institutions?

Yes, we do. Once your data is uploaded to our servers from our software, it is then consolidated into X.9 format and sent via VPN (in most cases) to the Federal Reserve Banks. Your institution can also do returns processing through our Inclearings module. Visit our Banks & Credit Unions industry solutions page for more information.