METBANK CLIENTS WILL USE REMOTE SCANNERS TO DEPOSIT CHECKS

NEW YORK – Metropolitan National Bank of New York [Metbank] says it will unveil new remote deposit technology that will let clients use a desktop scanner to deposit checks directly into their accounts.

The remote check imaging system is compliant with the Check 21 Act, a law designed to reduce and ultimately eliminate paper check processing, according to Mark R. DeFazio, president and CEO of Metbank.

“First use of the system will be to scan and process paper checks received at our three branch locations, at headquarters and at 15 Financial Centers operated by Metbank’s CashZone Check Cashing Corporation subsidiary,” says DeFazio. He says that this will create efficiencies and significantly reduce costs by eliminating the need to physically handle the thousands of paper checks that the institution processes each day.

Currently the checks are picked up daily by courier and then sent out for imaging, encoding, posting and delivery to the Federal Reserve Bank. “It’s a costly, manpower-intensive process that will be entirely eliminated through the use of the scanning technology we are putting into place,” DeFazio says.

“The system will be a great convenience for our commercial clients,” he adds, noting that a survey the bank conducted among its business clients showed that 75% of them would use it.

DeFazio says implementation of the technology “should also have a significant impact on the growth of our deposits. By providing clients with scanners linked to the bank via a secure Internet site, we’ve essentially created a way to accept remote deposits in real time from anywhere. Thus, the possibilities are limitless. Essentially, we will be opening new branches right in our clients’ offices.”

“Meanwhile, the same imaging system will be employed to provide nationwide convenience for CashZone clients via a strategic partnership, which we hope to announce soon, with a major national retailer. Clients with active CashZone Visa Debit Cards will be able to load their payroll checks or cash onto their cards at any of the chain’s convenient locations once its stores are fitted with the remote depository technology that will permit the them to almost instantly process the checks they cash.”

ABOUT METBANK
Metropolitan National Bank of New York [Metbank], with assets of more than $400 million, was founded in 1999. The bank and its subsidiary, Metbank Mortgage, provide a full range of personalized financial services for commercial and real estate enterprises, and individuals, in the New York metropolitan area. Another subsidiary, CashZone Check Cashing Corporation, operates 15 retail financial service centers in Manhattan, Queens and the Bronx, offering the unbanked in the region a wide range of financial services—including an exclusive Visa Debit Card.