Wells fargo print a check
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"Businesses have the option to use a single scanner and an Internet connection in the back office," Theisen said. Under the new BOC rules adopted by NACHA - the industry organization that represents more than 12,000 financial institutions and oversees the nation's electronic payment system - businesses no longer have to obtain a signature authorization or need to have scanners installed at the point of sale or at bill payment locations.Ī business needs only to disclose to its customers that their checks will be converted into electronic payments by means of a notice at the register and on a document that customers take with them - for example, on the back of a receipt.
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Among customers most likely to benefit from the new BOC rules, said Theisen, are retailers, municipalities, educational institutions, and financial services companies. The new rules mean that Wells Fargo business customers of every size and type can successfully and affordably share in the benefits of the paper-to-electronic evolution: cost savings in processing, faster checkout lines, quicker access to funds, a single channel for all deposits, improved collection and decreased returns, fewer bank relationships, and comprehensive reporting. The checks will then be converted in our back office." "Businesses can use our remote deposit solution, our coast-to-coast network of cash vaults or any of our 3,000-plus banking stores to make check deposits.
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"Wells Fargo business customers will be able to choose how to make deposits and instead use us as the back office with Smart Decision(SM), our optimized routing service," said Keith Theisen, senior vice president of Treasury Management for Wells Fargo. Wells Fargo, however, has made the process even easier by offering multiple back office conversion solutions to its business customers regardless of how they make deposits: through cash vaults, banking stores, ATMs, or by remote deposit. On that day, businesses can accept eligible checks - those under $25,000 without the "auxiliary on-us" field - at point-of-sale or staffed bill payment locations and convert them later to Automated Clearing House (ACH) debits. to provide Back Office Conversion (BOC) to its business customers through multiple depository channels when new electronic check processing rules take effect March 16. SAN FRANCISCO, March 6 /PRNewswire-FirstCall/ - Wells Fargo & Company (NYSE: WFC - News) will become the first financial institution in the U.S.