EFT Network's Strategic Alliance with Millennium Bank Provides Doctor Office with Electronic Check Processing System
The Progress - Index
November 23, 2005

COLONIAL HEIGHTS - The daily run to the bank used to take Jewel Feenstra, Office Manager for Dr. Raymond Meade in Colonial Heights, about an hour a day to complete. From writing deposit slips, to driving to the branch, to waiting in line, it was time spent that she couldn't reduce no matter how many shortcuts were implemented.
"Whether Jewel dropped the checks off on her way home or during the day, it was taking about five hours out of her week, over 12% of her time at work," said Dr. Meade, who has operated his dental practice in Colonial Heights for more then 30 years.
Today, Dr. Meade has eliminated his office manager's daily run to the bank all together. That's because two months ago, he began using Electronic Check Deposit from Millennium Bank, a service that lets his office manager scan and deposit checks right from her desktop.
"We introduced Electronic Check Deposit in conjunction with new laws that allow banks to accept check deposits electronically," said Carroll C. Markley, Millennium Bank's CEO. "Now, instead of having customers like Dr. Meade drive to the bank each day, we can give them a desktop scanner and let them make their deposits online."
How ECD Works
Electronic Check Deposit is designed to work with vitrually any office computer built in 2000 or later. The small scanner connects to the computer using a USB cable, the same as used to connect a digital camera. Once connected, users simply login to a secure website where point-and-click prompts walk them through the scanning. "The system is fast and simple," said Mrs. Feenstra, "You see everything on screen, the front of the check, the back and more. All I have to enter is the check amounts. The whole process normally takes five minutes or less."
Faster Funds...Ease of Administration
Millennium Bank's Electronic Check Deposit has also brought other benefits to Dr. Meade, most notably, faster funds availability. "By processing checks electronically for Dr. Meade, we're able to get his money faster from the check writer's bank," said Carroll Markley. "Businesses using ECD typically get their money in under 48 hours, versus up to five day holds that can come with paper checks."
Simplified account administration is another benefit Electronic Check Deposit has brought Dr. Meade. "Rather then keeping a paper copy of each check, I simply go online if I need to view an old check," said Mrs. Feenstra. "The ECD service keeps a full image of the front and back of each check that I can search by day it was deposited, check number and more."
And it's Free to boot
One of the biggest benefits Dr.Meade has noticed with the Electronic Check Deposit service is the cost, which to date has been nothing. "Given the time and money it saves me, I definately thought there would be a monthly cost associated with using ECD, but with the balances I maintain, it's been 100% Free."
"As the first bank in the market to offer Electronic Check Deposit, we had no precendent for how to price the service," said Jack Novak, Millennium Bank's EVP of Retail Banking. "We opted for putting ECD on analysis, where the customer's balance can offset any usage charges." Under the analysis model, the scanner is free with balances of $20,000 and the per item usage can typcially be offset with balances that are just a few thousand more. "For Millennium, the benefits is the new relationships the service helps bring to the bank," said Mr. Novak. "In just two months we've opened more than two dozen new accounts due to the ECD service."
In office demos now offered "The one thing I can say is that if you see the scanner in action, you'll want it," said Mrs. Feenstra. "Seeing it in person really drives home the benefit."