Expanding its existing suite of remote deposit products, U.S. Bank is launching Deposit Express, a remote deposit capture offering for small businesses.
Deposit Express allows small businesses to scan and deposit checks to their U.S. Bank account from their office, using a PC and a desktop scanner. Small businesses can scan, balance and submit their deposits to the bank, without having to physically transport them to a branch. Small businesses using Deposit Express can also take advantage of later deposit deadlines, since deposits made by 10 p.m. Central time are credited on the same business day.
Small businesses that use Deposit Express say it saves them time because they don't need to find a break in their day and leave the office to make deposits.
U.S. Bank has offered remote deposit to large businesses since 2004. The small business group leveraged that existing technology, but created a simpler, streamlined version for small companies, according to Jeff Parker, senior vice president for U.S. Bank's Small Business Segment. U.S. Bank says this offering requires no minimum contract term or termination costs.