Does anyone currently use a virtual endorsement feature in Remote Deposit?  We just began testing with one client and they love it.  The customer has a lot of accounts and a high volume of checks so they are saving significant time by not searching for stamps, and stamping checks.  However, there are questions about whether or not this limits the customers liability since they didn't physically sign/stamp the check.  Furthermore, there are concerns that the physical check is now stored at the customer site without an endorsement which increases the risk that the item could be deposited in a different bank.  Please comment.

Thanks

I you use a virtual endorsement it will be carried with the item throughout the processing cycle. This saves the customer time, in stamping and also the cost of ink. Typically with a virtual endorsement you are not limited to one line as you would be with a physical endorsement. The problem of someone taking the check and redepositing it again would be caught in the RDC application as a duplicate. You should have procedures in place to secure the check after the initial scan top make sure it does not get back in the work flow. I hope this has answered your question, if not please feel free to contact me via PM.

Regards

Our customers use a virtual endorsement and really enjoy it. Two ways that we have cut down on the risk of the customer depositing the check twice is duplicate detection and a sequence number. This is a number that is printed on the back of every check that is run through the RDC machine. While the duplicate detection catches checks that are run through the machine more than once, what happens if the customer is to physically bring the check to the bank and deposit it? This is where the sequence number comes into play. It gives our tellers, as well as tellers at other banks, something to look for to help catch re-presentment of a check at the bank branch.