Well this is the ultimate in cheque truncation – scan the cheque at home, and process online.
- Enter details about the check,
- scan the front of the check,
- scan the back of the check,
- confirm the transaction,
- destroy the check. Done.
The entire process took just a minute and I never left my seat or sealed an envelope.
Source: NextCU.com: USAA Deposit@Home – Another WOW moment for ‘Net Banking
While cheques are not that prevalent in the retail market, small businesses still use lots of them, and in the US they are common still.
More importantly, there is nothing holding back online banking from all bank functions.
Technorati tags: cheque+truncation
Bankwatch 
USAA has adapted NetBank’s system creatively and there’s another solution out there that relies on Know Your Customer and adjustments to internal policies rather than image technology to overcome shortfalls in branch systems. Take a peek at Cubus Solutions. http://www.cubussolutions.com/CUDeposits.asp
I understand that Los Angeles Firemen’s CU is moving forward with implementation.
John
Thanks John. This is an interesting development.
It’s certainly not for high-binding FIs run by iron fisted risk managers. I referenced CUBUS Solutions during a speech to CU CEOs in Australia last year and could feel the air being sucked out of the room. Maybe that’s why there are only 135 CUs left Down Under.
John
Ha ! Well CU’s are not alone in that one. Bankers might have died on the spot.