7/8/2008 2:06:49 AM
Remote Deposit Capture & Money Orders
We are encountering issues with a property management firm that takes money orders from their tenants for payment. With this type of client, 85-90% of the items they receive are money orders. The majority of the items have very light printing for the dollar amount. When you look at the scanned image, you can see the money order clearly, however the dollar amount is non-legible meaning the amount has to be key entered. These money orders are sold from various vendors--WalMart, 7-11, etc. so it would be difficult to contact them telling them their ink needs to be darker.
Has anyone had a similar experience and how do you deal with these items? Is there any rule or regulation that requires the dollar amount to be legible? Are we taking a chance accepting the item without the dollar amount clearly visible on the face of the image?
Any guidance or assistance would be appreciated.