Farmers and Mechanics Bank say goodbye to the headaches of printing and mailing statements. The institution will soon be adding check imaging capabilities to its current Web banking offering through its purchase of the iMagic platform from Open Solutions.
By Ivan Schneider | December 10, 2002
Banks circle the open seats in the check clearing game.
Attempted check fraud at the nation's banks surpassed $4.3 billion in 2001, doubling for the second time in four years, according to the latest American Bankers Association Deposit Account Fraud Survey Report.
Under the proposed "Check Clearing for the 21st Century Act," banks could truncate the original checks and replace them with either paper or digital substitutes, thus mitigating a potential weakness in the payments system.
Gomez research shows consumers are not merely interested in check imaging; they are eager to the point where they are willing to forgo many other features banks offer in order to access documents online.
A rule change by the major payments associations, allowing certain merchants to skip the signature requirement on transactions under $25, will allow fast-food restaurants to accept card payments at the drive-thru window.