News You Can Use!
September 19, 2007
Zero Dollar Items
Some receivable systems require the issuance of a check even
when the balance is zero to avoid receiving late notices. It was determined that
these are valid items. However, they can cause operational problems and should be
discouraged or even prohibited through the deposit agreement.
Best Practices for Remote Capture
Remote Capture, sometimes referred to as Corporate Capture, is one of the recent
products offered by financial institutions of all sizes as a result of Check 21.
Remote Capture refers to a non-financial institution imaging a check, then transmitting
that image to its bank for clearing. There are numerous devices that are used for this product.
Some financial institutions require their customers use only devices that they recommend or
provide, while others are more flexible by allowing the customer to utilize almost any device.
These products are offered by banks who offer various levels of service;
from a total turnkey operation to minimum support. Financial institutions that offer this service
are recommended to have legal agreements to identify the legal liabilities and risks associated
with the product and properly assign those risks. Agreements will also typically include other
logistical provisions, like time and delivery of files, pricing, availability, etc. Other
organizations' Web sites may provide more information on best practices for Remote Capture.