Wells Fargo has announced that its business customers’ deposits made via the internet surpassed $1 trillion during the Q2 of 2009. The bank claimed that as of May 1, Wells Fargo business customers excluding those from the former Wachovia Corporation had electronically deposited 468 million-plus checks worth $1,003,355,000.
The bank has added that paperless deposits became possible with the Check Clearing for the 21st Century Act, known as Check 21, in 2004.
Laura Lee Orcutt, electronic payments group product manager, Wells Fargo, said: “Our business customers recognized that their information is easier to store and protect when it’s online. Our customers are also keen on the savings in time and money from paperless deposits.”
