According to the company, the new electronic service will enable clients to create a digital image of their check using a scanner attached to their computer to provide secure transmission to BB&T and same-day deposit.
The release of the OnSite Deposit product is a further sign that the financial industry is moving toward paperless banking, in compliance with the Check 21 law that allows banks to convert paper checks into substitute checks in an effort to reduce the time and cost of transmitting paper checks between banks.
BB&T said it will offer scanners for small- and large-volume deposit clients and provide Windows-based software to enable clients to monitor and verify scanned checks and deposit amounts prior to transmitting electronically.
BB&T’s OnSite Deposit system will be available from April 1 to align with the company’s introduction of a new series of business products to be introduced in 2005. BB&T AllSite Deposit, planned for introduction this spring, will allow clients to capture cash and check deposits nationwide.
