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."