Wells Fargo: Business Customers' Check Deposits Via Internet Nearly Double
Wells Fargo has announced that the number of deposits its business customers have made via the Internet -- eliminating the need for physical deposit of paper checks at the bank (called "remote deposit capture" in the banking industry -- nearly doubled in the past three months. This paper-less process was made legal by the "Check Clearing for the 21st Century Act" signed into law two years ago.
The growth includes:"Check 21 has allowed us to deliver new products to our customers that make it even easier for them to deposit and track their checks," said Stephanie Sturgis-Griffin, senior vice president of Wholesale Internet Solutions for Wells Fargo. "Our customers -- from companies in rural areas far from our banking stores to global operations running thousands of outlets -- are embracing this new service because it saves them significant amounts of time and money."
- An 87 percent increase in the number of checks deposited via the internet -- from 11 million to 21 million
- A 50 percent increase in the amount of money deposited -- from $66 billion to more than $100 billion
- A 36 percent increase in the number of electronic deposit business customers -- from 1,468 to 2,000
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