Check Safekeeping Implementation
Your customers can buy just about anything online. As many as 2 million Americans
are paying their bills over the Internet. Every day, E-mail outnumbers traditional
mail by almost a 2:1 margin. The day is coming when you will e-mail bank statements
to your customers. Only one problem - how do you send checks back over the Internet?
The answer is ... you don't send checks back at all (unless the customer wants them)!
Check Safekeeping is a must-do strategic move for your bank, helping you and your
customers prepare to transact more business electronically.
It also has a more immediate payback. The Fed Functional Cost Analysis puts the
tab of returning checks at about $9 per account per month. We think it is actually
much lower than that. Even at very conservative estimates, your bank can save thousands
of dollars every month by implementing check safekeeping -- if you do it right.
That's where Vitex can help. We will help you implement a voluntary check safekeeping
program that maximizes participation and cost savings for your bank.
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