The service, Citibank remote check deposit, enables customers to deposit checks into their bank accounts without having to travel to a bank or mail the items in. Other benefits of the new service include the elimination of geographic limitations, the ability to easily concentrate remote deposits and an extended time-frame for same-day deposits.
Following transportation interruptions stemming from the 9/11 terrorist attack, US Congress enacted national Check 21 legislation to reduce payment risk and ensure that money movement could continue in the event of an emergency. The legislation is enabling significant changes to take place in the payments industry. Under its guidelines, a digitized image of a check, also known as a substitute check, is the legal equivalent of an original item.
CitiBusiness clients will now be able to digitize checks from remote locations, such as their business offices, and transmit them electronically to the bank in real-time. Business clients will be offered a comprehensive, remote deposit service including state-of-the-art image processing technology and top-quality scanning equipment with full replacement warranty.
Our clients will now be able to save time and money by using this remarkable new service, said Jorge Bermudez, CEO of Citigroup’s commercial business group. By reducing or eliminating the need to physically transport checks for deposit, clients will be able to conduct more of their banking business at times which are most convenient for them.
