New Remote Deposit service hits $15-million mark

For Immediate Release

April 2, 2008

LANSING — The new Remote Deposit service being made available to businesses by the Michigan Retailers Association and Michigan Bankers Association has processed more than $15 million in checks and is growing rapidly, the associations announced.

Remote Deposit enables businesses and their financial institutions to reduce the time and cost of depositing and processing checks by allowing businesses to make deposits from their offices or homes. Michigan Retailers Association and Michigan Bankers Association launched the commercial service last year.

“Processing $15 million in business checks in the program’s first year confirms that Remote Deposit meets a need in today’s business world,” said James P. Hallan, MRA president and CEO.

With a Remote Deposit system, a business uses a rapid image scanner to convert checks from paper to electronic images. It then sends the deposit to the bank of its choosing, via the Internet using secure and encrypted software, where the check is received and deposited into the appropriate account. The system also links the bank to major check-clearing channels, allowing faster access to the funds by financial institutions and depositors.

“In addition to eliminating the need for a bank run, Remote Deposit benefits businesses by providing increased accuracy, security and reduced risk of check fraud,” said Dennis Koons, MBA president and CEO. “The system also provides online review of deposits, account activity and other valuable reports.”

The Michigan Retailers Association is the unified voice of retailing in Michigan and the nation’s largest state trade association of general merchandise retailers. MRA’s 5,500 retail business members operate more than 12,000 stores across the state.

The Michigan Bankers Association, the state’s largest banking group, is the voice of the banking industry. Comprised of Michigan financial institutions with over 2,300 branches located throughout the state, the MBA promotes strong communities and economic activity in Michigan by advancing a positive business environment for Michigan.