Banking isn’t what it used to be.  I will date myself, but I remember when ATM’s first came along and some of the initial resistance to them.  Now they are taken for granted.  They have changed the way that our banking is done.

 

Another change is taking place now.  This one can affect how deposits are made.  We have streamlined some ways that we handle deposits:

 

·         We can have our paychecks deposited electronically right into our personal accounts.

·         We can have some suppliers make ACH or other electronic payments right into our corporate bank accounts.

 

Still, in most cases, deposits are still very high touch.  We will run personal checks received over to our personal bank.  Accounting will run deposits over to the corporate bank.

 

When we factor in the value of time, these are pretty expensive transactions to process.

 

Fortunately, there is a solution, the virtual bank deposit.  Rather than running to the bank, your accounting department can scan in the deposits on a small scanner that the bank provides.  The transaction is handled electronically and you have a copy of the deposit.

 

That makes for nice savings when you factor in the time for accounting to prepare and run in the deposit.  It also might mean getting deposits in a day ahead in some cases.

 

There is a fee for this, so it’s not for everyone yet.  I have heard costs about $150 per month.

 

There might be an even bigger benefit.  If deposits are no longer tether you to the bank, you could look at other banks that are farther away.  You might find a stronger bank officer and a stronger bank to work with that otherwise would have been out of reach.

 

I have one situation just like this with a new client.  They are located in an outer suburb.  This opens the door to pursue other banks closer in town that have more to offer.

 

Check out virtual bank deposits.  They could change the way you bank or even lead you to change your bank.