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No more trips to the bank!

2K views 23 replies 10 participants last post by  HOOLIE 
#1 ·
Just wondering if anyone has heard of or use companies which allow you to electronically deposit checks from home. Although I do love the cute tellers, I'd rather skip the traffic and deposit slips.:drinkup:
 
#6 ·
I'm actually meeting with a rep from Suntrust next week for this. It's $49 a month (this includes credit card processing as well)

Several retailers around here do this, at least one Wal-Mart and Trader Joe's. Write a check at either of them, then run home, log onto your bank activity and your check will already be cashed.

At least with Suntrust you can actually buy the machine, I think he said it's around $1200.
 
#7 ·
I need to check if my bank offers that. I am trying to eliminate all wasted trips this year. I am going to try to advoid stepping foot at the landscape supply yard this year. I'm planning on faxing in all my orders and getting everything delivered.

I wasted to much time last year running around ordering stuff, picking stuff up, dropping stuff off etc.

Matt
 
#9 ·
The only thing I'm unclear on...the money gets instantly debited from the check writer's account. But does it also instantly go into the depositor's account? If you scan a check at 11pm does the money go into your account at 11pm?

I kinda like the cute tellers, will still have to make the occasional appearance at the bank :laugh:
 
#11 ·
it still needs to clear just the same as if you filled in the paper at the bank and handed them the check. all you do is eliminate the drive, the paper and the math to figure out how much you're depositing.
That's still fine, it's more about eliminating the trips to the bank for me.

Speaking of math, Suntrust now has a $6 'fee' for 'math errors' on deposits. Sometimes I make a mistake...is it too much to ask for the tellers to check my math?? If they can't do that then just replace them with machines (except the cute tellers :laugh: ) Although everytime they've hit me with the $6 charge I take it up with the manager and he reverses the charge for me...
 
#12 ·
My bank just offered this to me last week. I told them i would look over the info they gave me but i did not.
The bank is literally 2 minutes from my house. So it does not take much for me to stop by there in the evenings. Also my bank is open 7 days a week and open till 7pm on weekdays. 6 pm on sat and 4pm on sun.
 
#13 ·
My bank just offered this to me last week. I told them i would look over the info they gave me but i did not.
The bank is literally 2 minutes from my house. So it does not take much for me to stop by there in the evenings. Also my bank is open 7 days a week and open till 7pm on weekdays. 6 pm on sat and 4pm on sun.
yeah thats another point my bank is maybe a mile down on the same road as me
 
#14 ·
I'm meeting with the bank rep this Friday so I'll let you all know how it went.

The only downside is, it is good to be seen in the actual branch, even if it is a big bank. At my 'home' branch, they all know me. I actually had a few problems with my account this year and the manager straightened things out for me with no hassle...I think had they not known me so well it might not have been so easy...
 
#17 ·
I'm actually meeting with a rep from Suntrust next week for this. It's $49 a month (this includes credit card processing as well)

Several retailers around here do this, at least one Wal-Mart and Trader Joe's. Write a check at either of them, then run home, log onto your bank activity and your check will already be cashed.

At least with Suntrust you can actually buy the machine, I think he said it's around $1200.
So is this $49 per/month + $1200 machine? Also, is there a limit on transactions and creditcard transactions?
 
#18 ·
No it's either you lease the machine at $49 per month or buy it outright for $1200.

Not sure if there are any limits, why would there be?
 
#19 ·
No it's either you lease the machine at $49 per month or buy it outright for $1200.

Not sure if there are any limits, why would there be?
So the $1200 is a one time price, and you can do any amount of credit card and paperless check transactions forever?

Most people I know are paying 1.67-2.9% for each credit card transaction. Is there any type of percentage charge in what they are talking about?
 
#20 ·
I personally wouldn't do it. Like said before there is somthing to be said with having a relationship with your bank, not just tellers. In addition it takes about 5-10 minutes a week for me. When I know I will be in the area, I stop in . I'm cheap 5-10 minutes X 4 weeks or $ 50.00, for me thats cutting two lawns for free or working for an hour (probably two after expenses). I'll take running to the bank.
 
#21 ·
I personally wouldn't do it. Like said before there is somthing to be said with having a relationship with your bank, not just tellers. In addition it takes about 5-10 minutes a week for me. When I know I will be in the area, I stop in . I'm cheap 5-10 minutes X 4 weeks or $ 50.00, for me thats cutting two lawns for free or working for an hour (probably two after expenses). I'll take running to the bank.
Judging by this post I would say that you are a small business. You can't look at is as cutting 2 lawns for free. Most of us need to go to the bank more than one time a week.

I would say that the suntrust idea would be good, espcially for those with secretarys that record checks.
 
#22 ·
When I was involved with my partnership we used a smaller bank and they had a "runner" that would come Tues-Thurs and pick up our deposits.

I looked into going with that bank when I went out on my own. The fees were similar but I elected to make it more convenient for my guys and go with a big bank with lots of branches and ATM's.

The small bank only had two branches and limited hours, so for the guys without checking accounts it was a pain.

Thinking about it now I have a better class of employees and that would not be an issue, I might check back into that again.

Being in a larger city gives me lots of options for everything from banks to clients and everything in between. But there are trade offs of course.
 
#23 ·
So the $1200 is a one time price, and you can do any amount of credit card and paperless check transactions forever?

Most people I know are paying 1.67-2.9% for each credit card transaction. Is there any type of percentage charge in what they are talking about?
No you still have the CC transaction fees like anywhere else...I'm sure if you bought the check machine there would still be a monthly fee as well just on the CC processing end. I meet with the guy tomorrow so will find out more...
 
#24 ·
I just returned from the bank...the whole thing is not exactly what I was led to believe. Not bad but not sure if it's worth it for me.

It's a combo CC processing/check processing machine. He quoted me 2.1% + 25 cents per transaction...this also includes the checks...I don't mind paying the fees for CC's as I control when I get paid. But to randomly wait for checks and then still pay fees on top of that, I don't know.

The machine only scans personal checks...from left to right the sequence must be: routing #/account #/check # Most true business checks have the check # in the middle so if you get many of these it will not process those.

It's $49 per month lease for the machine. Or you can lease a separate CC machine at $30 and a check processing machine at $10, so you would save $9 per month.

So the thing is, how much time do I waste on trips to the bank?? Not sure for my business if it's worth it.
 
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