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Home > About BNE > Press Room > 2009 Archive > June > “No Branch, No Problem”

“No Branch, No Problem”

 
Move over “brick and mortar,” the US banking system has the technology available and legislation in place to eliminate the need to visit a branch to deposit a check! In a time where the industry news is dominated by doom and gloom, here is a product that shows innovation and forward thinking. Furthermore, this is a capability that is unique to the US banking industry and one that none of the “Big 5” Canadian Banks can offer or compete with.
 
Following the tragic events of September 11th, Congress had to reconsider the (now former) process of physically transporting checks across the country for clearing. The result was The Check Clearing for the 21st Century Act (or Check 21) which was enacted into law October 28, 2003 and took effect one year later, on October 28, 2004. This legislation allows banks to clear checks based upon images of the original items, instead of having to transport the original check all the way back to the paying bank for clearing.
 
The practical application of the law has allowed for the development of “Remote Deposit Capture,” a product that allows you to scan a check for deposit from your own office. The requirements are basic, with only a PC, internet connection, check scanner (provided by the bank) and US bank account needed, but the benefits can be substantial. Many US companies are using this product because of the convenience and the ability to save time and money. Furthermore, a Canadian Company would have the ability to deposit a US Dollar check into a US Bank (and US Clearing System) without ever stepping foot onto US soil!
 
For a more comprehensive description of this service contact Sean Moskal at sean.s.moskal@us.hsbc.com or (716)841-2633.
 
Further details are also available at the following website;
 
 
 
Sean S Moskal
Commercial Relationship Manager | HSBC Bank USA, National Association
One HSBC Center, Commercial Banking, Lobby
Buffalo, NY 14203
__________________________________________________________________

Phone.     716-841-2633
Fax.         212-642-1888
Mobile.     716-573-7160
Email.       sean.s.moskal@us.hsbc.com