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Monday, November 27, 2006
(Star-Telegram / Jim Fuquay)
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In the past, an employee of Standard Insurance in Hurst gathered up the 100 or so checks that customers sent in every day and headed off for lunch, plus an extra stop at the bank to deposit those checks.
Now the lunch hour is just for lunch. About a month ago, Standard began depositing those checks electronically via a new service, remote deposit capture.
The service is the latest wrinkle in Check 21, federal legislation that went into effect in October 2004 that gives digital images of checks the same status as paper checks. Banks quickly began using the measure to clear checks without mailing them to the issuing bank, and credit-card companies quickly adopted it to process customers' payments.
Not surprisingly, the nation's largest institutions were among the technology's early adopters, including Bank of America, Chase Bank, Wells Fargo, Wachovia and First Horizon, all of which do busi ness in North Texas. Wells Fargo, for example, says its 2,000 Desktop Deposit customers have deposited more than 21 million checks using the service...
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