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The Green Sheet

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Poll Central: Mobile Driving Down Check Retention Times

Thursday, September 29, 2016 (RemoteDepositCapture.com / Patti Murphy)

With several years offering RDC products under their belts, and in particular the recent uptick in mobile RDC adoption, financial institutions are shortening the time frames customers have to destroy the paper checks they use to create remote deposits. Responses to the latest question posted at Poll Central, a feature of RemoteDepositCapture.com, indicate that growing numbers of banks and credit unions are recommending customers retain truncated checks just 45 or fewer days.
 
Poll Central is a popular feature of RemoteDepositCapture.com. Each month we pose questions on attitudes, policies and procedures related to remote deposit capture. During the month of September, we asked visitors: When do you advise RDC Clients (mobile included) to destroy the original checks? As the accompanying chart reveals, a growing majority of financial institutions advise clients to destroy original checks in 45-days or less: 71% compared to 64% when we last posed the question. The data also shows a spike in FIs with policies directing check destruction immediately or within 5 days.
 
“Financial institutions may be realizing that the longer a check is kept the more likely it is that it might appear again as a duplicate, especially with consumer mobile deposit,” said John Leekley, Founder and CEO of RemoteDepositCapture.com. Leekley said the trend reflected in the poll results may also reflect differences in consumer and business attitudes toward managing FI accounts. “Most businesses reconcile their accounts when they receive monthly statements, so a destruction time frame of 31- to 45-days makes sense,” he noted. “Most consumers, on the other hand, tend not to reconcile their checking accounts, so it doesn’t make sense for them to retain paper checks for very long.”
 
Evolving technologies and solution improvements that enable FIs to quickly verify the authenticity of checks is likely also contributing to the trend toward shorter customer retention requirements. “As FIs work to improve image capture quality, deposit notification and confirmation capabilities, and as customers become more comfortable with mobile deposit, there is less of a need for users to keep the originals after depositing checks,” Leekley said.
 
Although Poll Central features one question each month, past questions remain online and are open to voting throughout the year. The charts below compare responses collected from August 2015 through  August 2016 to the question “When do you advise RDC Clients (mobile included) to destroy the original checks?” with responses to the same question collected in September 2016.







New Poll Central Question
Check destruction timeframes are always of interest to our audience.  The next poll takes a deeper dive into this matter with a question that is specific to mobile: “When do you advise your mobile deposit (consumer) customers to destroy the original checks?” Click here  to cast your vote.

Complimentary Webinar
Furthermore, a complimentary webinar on the results of the 2016 mRDC Industry Study takes place on October 13th. Over 300 Financial Institutions participated. Click Here to learn more and register.



 


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