Advanced bank technology offers remote deposits, online payments
As is the case with many forms of new technology, it can seem like a dream of the future suddenly becomes reality. That’s certainly been the case in the banking industry, where the use of cash, paper checks and direct deposits at bank teller windows are no longer necessary to operate a business.
Paper checks certainly haven’t disappeared in the business world. And monitoring bank deposits and withdrawals from the workplace isn’t new. But now, some banks offer a method of depositing those checks in a business account without leaving your desktop computer.
“You can make deposits from remote locations via check imaging,” said Linda Barley, vice president of operations at Timberline Bank in Grand Junction.
Customers need only to scan checks on their office scanners and e-mail the images to Timberline, Barley said. “They can make deposits. They get immediate credit to their accounts.”
As is the case with other banks, Timberline also offers an online option for paying bills. A new Timberline bill pay product launched in April and includes:
Search for vendors. Add new vendors by typing in the company name. If a match is found in the database, the vendor’s information is added automatically.
Schedule payments by due date. The product allows you to enter the date you would like your vendor to receive payment.
Keep your money with you. Your money will remain in your account until the day you select payment to be made to a vendor.
Set up reminders. When you set up reminders, you’ll receive a message telling you when a payment is due.
Pay from multiple checking accounts. Choose the checking account from which to pay your bills.
Make recurring payments. This is an option for payments that remain the same each month, such as car or mortgage payments.
See it all at a glance. The payment center enables you to make payments and view pending payments, recent payments and bill reminders — all on the same screen.
Timberline Bank opened in 2004 with locations in Grand Junction and Aspen and added a Montrose branch in 2006. According to the company Web site, each branch features its own president and decisions are made at the local level. This ostensibly means businesses applying for loans can receive comparatively quick answers.
For more information about Timberline Bank, log on to the Web site at www.timberlinebank.com