New Service Enables Consumers to Deposit Paper Checks Electronically

Online banking service provider CheckFree Corp. just rolled out technology that could mean consumers will no longer have to go to a bank branch to deposit checks. Called "Remote Deposit Capture", the technology has been around for years and lets people scan checks through their home computers and deposit them electronically. Until now, it has been used mainly for businesses. "Customers want to be able to deposit checks without having to go to banks", said Rod Springhetti, CheckFree's vice president of global strategic marketing, "and banks want to be able to offer that. I think the ability to remotely capture a check will become part of the standard features and functions of online banking." No word yet on authentication safeguards planned for this service, which might become a concern (see this recent ProofSpace blog entry on check fraud).