Bank Midwest offers remote deposit capture

The service, part of Bank Midwest’s treasury management services, allows customers to scan checks received at their places of business and transmit the scanned images to Bank Midwest for deposit into their accounts. Remote deposit capture reduces the time spent depositing checks and makes funds available more quickly. Infrastructure put into place as a result of Check 21 – the Check Clearing for the 21st Century Act – makes remote deposit capture a reality.

“One of the most important advantages of remote deposit capture is the streamlined process, which allows companies with multiple locations to eliminate multiple depository accounts,” said Tim Connealy, executive vice president and chief operating officer of Bank Midwest, in a news release. “Instead, all deposits can be made into one central account, which substantially reduces deposit collection costs, time spent reconciling multiple accounts and physical transportation costs.”

Bank Midwest began offering remote deposit capture in August, and the bank is among an estimated 1 percent of U.S. financial institutions offering the service, the release said.

Bank Midwest, a subsidiary of Dickinson Financial Corp., has more than $3 billion in assets and nearly 70 banking centers in Missouri and eastern Kansas.

Bank Midwest’s Springfield branches are located at 600 W. Republic Road, and inside Wal-Mart Supercenters at 2021 E. Independence St., 3520 W. Sunshine St., and 3315 S. Campbell Ave. [[In-content Ad]]