How to improve your business banking deposits
That pile of checks and cash to deposit into your business checking or savings account has been sitting on your desk for how many days? Maybe you have a trusted employee who is supposed to be making regular deposits, but because of time crunches or urgent responsibilities, that deposit just doesn’t make it to the bank on a timely basis.
Your internal procedures for deposits directly affects your business banking transactions. How is that? If you have an interest-bearing account, a deposit delay can translate into lost interest. That may not seem like much at first. When it is continually compounded with delays, however, it can add up. It can be a real problem when you expect to pay bills on deposited income, only to discover it hasn’t yet been processed at the bank.
How can you correct this? The first step is to look at those internal procedures at your business. Are you really making the deposits a daily or weekly priority to your employees? Are you building those bank runs into their regular work day or expecting them to go on their lunch break or after hours? Do they understand the need for these to be made in a timely manner when other pressing responsibilities creep into their day?
Are you using the best resources available for deposits? Our Remote Deposit Capture feature allows deposits to be made without you or your employees even leaving your desks. This may be the perfect solution for your business if you or your employees struggle to make deposits on a timely basis.
We invite you to talk further with our business banking team members to find the best way to support your business and its deposit needs through this option.