DEPOSIT CHEK reader

Financial Institutions

The DEPOSIT CHEK reader provides real-time notification of potentially high-risk deposits. This service is available to financial institutions to help protect against fraud and subsequent losses.

How it Works

On a daily basis, most major U.S. financial institutions and other financial services organizations contribute positive and negative status information on their own accounts, as well as data from their transit and return files. Used exclusively for fraud prevention, this information is governed by a well-defined set of Operating Rules which are approved by financial institutions.

Deployed in high-risk deposit processing areas such as the teller window, new account opening desk, ATM operations or transit item review, information from the DEPOSIT CHEK reader helps to answer the following questions:

• Is the payee’s account open and valid?
• Is the account in a closed, NSF or other high-risk status?
• Has the account recently returned checks?
• Is there a stop-payment on a consumer check, official check or money order?

Benefits

• Identifies high-risk deposits at the point-of-deposit
• Shortens the window of opportunity for fraud by providing an immediate risk notification
• Reduces time and costs associated with telephone calls for check verification
• Helps to accelerate preventative action, including placing or extending holds in accordance with Regulation CC
• Enhances cash-back and check cashing decisions

For more information on the DEPOSIT CHEK reader, please Contact Us.