ezDeposit

Imagine a financial solution that provides both convenience and security to your business.  ezDeposit allows you to make check deposits to your business account electronically–from the comfort and convenience of your office.

ezDeposit, American Federal’s remote deposit capture solution, eliminates the need for your business to physically transport checks to the bank. Using a personal computer, check scanner and web-based software, your business can scan your customers’ checks, balance the deposit and transmit the images to American Federal for deposit to your account.

Benefits of ezDeposit include:

  • Reduced deposit preparation time
  • Improved cash flow
  • Greater productivity and reduced expenses and liability by reducing or eliminating trips to the bank
  • Increased depreciation expense
  • Scan, balance and transmit check deposits 24/7 every day

How convenient is ezDeposit?

  • No more photocopying checks or writing detailed deposit tickets. The system automatically produces a virtual deposit ticket for you.
  • Checks are available for viewing online for 60 days after deposit.
  • No more holding checks until you have enough to make a trip to the bank.
  • Depositing checks through ezDeposit means you increase funds available to your business.
  • Make deposits every day or multiple times per day.
  • Name accounts for easy identification and set up multiple accounts.
  • Retrieve images of any check and download and print images.
  • The check scanner used for ezDeposit can be depreciated on a 5-year schedule or expensed when purchased.
  • Our American Federal operations team will help you with installation of ezDeposit.

Will the ezDeposit solution fit my business?

Noncash businesses, whether located outside a convenient distance from an American Federal banking location or in town, may benefit most from ezDeposit. This includes businesses such as:

  • Professional services businesses like dentists, doctors, chiropractors, accountants and attorneys
  • Farmers and agri-business operations
  • Apartment complexes with rental units

Businesses that need to make frequent cash deposits or purchases typically do not benefit from remote deposit, as visits to the bank are necessary.

What type of equipment will I need?

ezDeposit is a web-based solution, so other than a small scanner drive, no software is installed on your computer.  Software is accessed through a secure high-speed Internet connection.  There are some system requirements of your hardware to ensure proper operation of ezDeposit.  The scanner must be obtained from American Federal.  Contact your American Federal Banker for details.

Costs to implement ezDeposit include installation, monthly fees based on number of items deposited and scanner purchase.  Your American Federal Banker can help you estimate potential monthly cost savings to your business by implementing ezDeposit.

This information offers general advice and is not intended to be marketing, legal or tax advice.  Consult your attorney, tax accountant or other professional.