First to Offer Bad Check Recovery, Expands Remote Deposit Capture
Capability to Smaller Businesses
CHARLOTTE, N.C., Nov. 13 /PRNewswire-FirstCall/ -- Wachovia launched
two new products today through Wachovia Business Online (WBO) -- Online
Deposits and Bad Check Recovery -- to provide small businesses with cash
management services on par with those available to most large regional and
national businesses. Online Deposits is a secure, seamless service that
allows customers to scan paper checks from their desktops and
electronically send the images to Wachovia for deposit. Bad Check Recovery
is another new service that helps small-business customers recover funds
from clients who have insufficient funds.
Online Deposits
Online Deposits is an outgrowth of the Remote Deposit Capture solution
offered to larger commercial customers through Wachovia's Treasury
Services. It extends the convenience of WBO to include the ability to make
electronic check deposits 24 hours a day, seven days a week, without
leaving the office. Online Deposits is ideal for businesses with five or
fewer accounts and less than 50 deposited items per account each month.
Small business owners will also:
-- Use an Internet-based application eliminating costly and complicated
software installation.
-- Add this service to any Wachovia Small Business checking account.
-- Make the first 50 deposits at no additional charge.
Once set-up, customers no longer need to make daily trips to the
financial center. Instead, they simply sign into WBO and click the Make
Deposits tab to create new deposits. Customers then enter the total amount
of the deposit, scan the checks, confirm the balance of the scanned checks
and click submit. The system automatically creates a virtual deposit
ticket. Online Deposits submitted by 8 p.m. Eastern time are processed the
same business day.
"Online Deposits is a safe, convenient service for our customers," said
Robert Ash, national sales director for Wachovia Small Business banking.
"This is something our customers have been asking for, and I'm happy to say
that Wachovia is the first national bank to make this service available to
this customer segment through our retail/small business online banking
platform.
"Some customers have been using courier or overnight services to make
deposits because they are unable to get to the financial center, while
others hold their checks longer than they would like because they cannot
find the time in their business day to get to the bank. Online Deposits
saves time and money and helps improve productivity by allowing them to
make deposits from the convenience of their offices."
To qualify, customers must have been in business for at least one year
and have a Wachovia deposit account. Online Deposits also requires the use
of a Wachovia-approved check scanner, which can be purchased or leased
through a third party vendor at Wachovia's preferred pricing, prior to
service activation. Most customers activate the service and begin using it
within three to five business days. To sign up for Online Deposits or learn
more, customers can speak with their banker or call Wachovia Business
Services at 800-566-3862 Monday thru Friday 8 a.m. to 9 p.m. Eastern time.
Bad Check Recovery
Whether a business receives checks routinely, occasionally or rarely,
the new, free Bad Check Recovery service will provide a better return:
-- Customers don't have to spend time, effort and money writing letters or
making phone calls to bad-check writers.
-- They can recover the full face value of returned checks.
-- Recovered funds are deposited directly to their account on the next
business day.
"Recovering bad checks can be time-consuming, tedious, costly and
sometimes fruitless. Wachovia is the first national bank to offer small
businesses the ability to recoup more funds when their customers bounce a
check through our Bad Check Recovery system," said Ash.
This system also allows small businesses to opt out and manage some
situations personally. For example, if an important customer bounces a
check, the owner may want to manage the recovery process to maintain a
valuable relationship or partnership. Wachovia has engaged Federal
Automated Recovery Systems, a wholly owned subsidiary of Infinity Business
Group, Inc., to accept and manage the process of electronic re-presentment
of returned items.
Customers can sign up for this free service through WBO or can learn
more by calling 877-546-2683 Monday through Friday from 8 a.m. to 8 p.m.
Eastern time.
About Wachovia
Wachovia Corporation (NYSE: WB) is one of the nation's largest
diversified financial services companies, with assets of $754.2 billion and
market capitalization of $95.3 billion at September 30, 2007. Wachovia
provides a broad range of retail banking and brokerage, asset and wealth
management, and corporate and investment banking products and services to
13 million household and business customers. Wachovia has 3,400 retail
financial centers in 21 states from Connecticut to Florida and west to
Texas and California, and nationwide retail brokerage, mortgage lending and
auto finance businesses. Globally, clients are served in selected corporate
and institutional sectors and through more than 40 international offices.
Our retail brokerage operations under the Wachovia Securities brand name
manage more than $800 billion in client assets through 11,400 registered
representatives in 786 offices nationwide. The acquisition of A.G. Edwards,
Inc., following the end of the third quarter, added approximately 740
offices, 6,300 financial consultants and $384 billion in brokerage client
assets. Online banking is available at wachovia.com; online brokerage
products and services at wachoviasec.com; and investment products and
services at evergreeninvestments.com.
SOURCE Wachovia Corporation
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Related links:
http://www.wachovia.com
http://wachoviasec.com http://evergreeninvestments.com
CONTACT:
Jennifer Darwin of Wachovia Corporation,
+1-704-383-8149
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