The New Wells Fargo Electronic Deposit Services Break Through Banking Boundaries in the Age of Check 21

Business Wire,  March 28, 2005  

Tags: Check 21, Wells Fargo & Co.

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The Desktop Deposit service is ideally suited for customers processing up to 299 checks per day, per location. Tested in software versions before the launch, the product has won early high praise among Wells Fargo customers, including leading educational institutions, utilities and real estate management companies.

Since the Desktop Deposit service is integrated with the CEO portal, enhancements can be performed across all image-capture locations instantaneously. Wells Fargo has already issued 20 functionality improvements and more than 30 new services since the portal's launch in 2000. The CEO portal is now being used by more than two-thirds of Wells Fargo's commercial customers.

7-Eleven, Inc. Pilots Wells Fargo's Electronic Deposit

Businesses with a network of proprietary scanning equipment can use Wells Fargo electronic deposit to streamline their depository process. Companies use their existing scanning equipment to electronically transmit deposits directly from their business location to the bank.

"With Wells Fargo electronic deposit we fit the solution to the customer's existing imaging system," said Stephanie Sturgis, senior vice president, Wells Fargo. "Given the high check volume of cash-flow businesses, companies are clamoring for more simplified solutions when it comes to doing transactions with their bank. That is the beauty of this program."

7-Eleven, Inc., the nation's largest independent convenience retailer, is the bank's first major corporate customer to pilot Wells Fargo electronic deposit through self-service virtual commerce and financial services kiosks known as Vcom(R).

Through its network of Vcom kiosks, 7-Eleven customers can make ATM withdrawals, cash payroll and government checks, transfer money, pay bills and purchase items such as prepaid calling cards, money orders and telecommunications services. 7-Eleven expects to complete a rollout of Wells Fargo electronic deposit to all 1,050 of its Vcom machines this year, allowing the retailer to perform daily deposits of checks without the expense of armored truck service. In the future, 7-Eleven expects to offer banks the ability to provide deposit services to their retail customers at its Vcom kiosks.

"We selected Wells Fargo as our provider because of its leading position in developing the infrastructure to facilitate Check 21 legislation," said Rick Updyke, vice president, Business Development for 7-Eleven. "Vcom is uniquely positioned to take advantage of electronic check deposits because of its image-capturing capabilities. Once the rollout is completed, we'll look to broaden Vcom's capabilities with services like deposit acceptance."

Whether using the Desktop Deposit service or Wells Fargo electronic deposit, Wells Fargo business customers will not only see a reduction in check-processing fees, but they will also avoid handling paper-based checks in the years to come. Due to declining check volumes, the Federal Reserve is expected to raise processing fees to cover its fixed costs, ultimately meaning higher fees for banks and their customers who continue to use the paper-based system. Checks made up 45 percent of non-cash payments in 2003, down from 57 percent in 2000, averaging a 4.3 percent drop annually, according to a recent Fed study.