Remote Electronic Deposit devices (RED) have been called "the most important development the U.S. banking industry has seen in years" by the Federal Reserve. In 2016, these devices accounted for one third of retail bank deposits.

A RED provides business owners the ability to deposit checks from the office, eliminating the need to make a trip to the bank. It's more convenient, makes funds available sooner and reduces both labor expense and risk.

How does the Red River Bank RED work?

Businesses utilizing a Red River Bank RED prepare a deposit just as if taking it to the bank. However, instead of physically visiting the bank, the RED is used to scan checks. The user begins by signing in to Red River Bank's Online Banking website, and clicking the tab titled CCX (Commercial Client Transaction). Scans are then initiated. Once these check images are captured, an image-based deposit is prepared. The Remote Electronic Deposit device will then transmit over a 128-bit encrypted file to your business's account(s) at Red River Bank.

RED's impact on funds availability and returned item risk

Enhanced funds availability results from being able to make deposits earlier, and more often in a day. The earlier in the day you make a deposit, the better availability you have on those funds, as the bank will have more time to process and clear items. With Red River Bank RED, it's now possible to achieve as much as a 95% next-day availability on items drawn on banks outside of our Federal Reserve District.

Businesses utilizing RED learn about returned items more quickly due to faster clearing. The Federal Reserve indicates that deposits processed via RED have a return rate of less than 1/2 of 1% or 0.5% due to poor image quality. And as technology improves, that percentage will continue to decline.

Reduce costs—gain convenience

Substantial savings can be realized from reductions in transportation expense and employee time. For example, a business making one deposit daily might expect 15 minutes in travel to the bank, 10 minutes to complete the transaction and 15 minutes in return travel. This daily total of 40 minutes adds up to four weeks out of each year of that employee's time. With RED, very few items will require physical transportation to the bank for deposit.

By reducing travel time to the bank from daily to once per week, your business can expect to save approximately 80% on transportation and out-of-office time.

How can Red River Bank RED strengthen and simplify your banking relationship?

With remote electronic deposit, there's no limit to the geographic footprint Red River Bank can serve when it's deposit time. Many businesses around the country find that RED allows them to consolidate their banking relationships because of this.

If your business is impacted this way by using Red River Bank RED, your accounting operation will simply be more efficient. Lower transaction costs, improved funds availability and enhanced cash flow result in more time to focus on running your business and less time focused on administrative tasks.

Why Red River Bank RED is right for you

Red River Bank's Remote Express Deposit provides a secure and convenient method of scanning and depositing your checks directly from your office location. Checks are deposited electronically to one or multiple accounts from various geographic locations, if needed.

Improved funds availability, reduced transportation expense, improved employee productivity and reduced operation expense. How can you afford not to adopt Red River Bank's Remote Electronic Deposit process?

Please contact your account officer today to get started.