What is Check Imaging?
New technologies have changed the ways we do many things. In the banking industry, numerous advances have been made that deliver significant benefits to every customer. Check imaging is one of those technologies.
Simply put, check imaging allows us to send you digital images of all your cancelled checks, arranged in numerical order and included along with your monthly statement. Check imaging statements allow for easier record retention and storage. You no longer need to keep track of boxes of cancelled checks. Images of all your cancelled checks will be printed out on pages that are as easy to keep track of as your statements. The actual cancelled checks will be properly disposed of for you.
Should you ever need proof of payment (the endorsement side of the check), you may call us and we will send you an image of the backside of the cancelled check by mail, fax, or by visiting any convenient branch.
Online banking customers can view or print both sides of their cancelled checks at any time.
Why is the bank making this change?
Check imaging has many benefits. You will quickly realize it is far more efficient and it's easier to balance your statement. Your cancelled checks will be in numeric order. You won't have to store checks in a shoebox and you'll be able to view 10 checks on a single page.
Are the check images really a legal copy of my original checks?
Yes. You can present a copy of the image of your check as proof of payment. Should the need arise, you can even present a check image in court instead of the original cancelled check.
I have trouble seeing small print; what if I can't read my check images?
The size of the images can be adjusted for you upon request.
Will the check images show the front and back of my checks?
Only an image of the front side of your checks will be sent to you. But a copy of the endorsement (back) side of any check will be provided upon request.
Will check imaging cause a longer delay in receiving my monthly statement?
No. In fact, you should receive your statement much more quickly.
What happens if I lose my check images?
Upon request, we will provide you with another copy of your check images. If you are an online banking customer, you can print them out on your own anytime you want. If you would like to know more about the ease and convenience of online banking be sure to ask us.
Will I be charged to get another copy of my check images if I misplace the original?
No. At the present time, copies of the images of your checks will be provided at no charge.
How long do I have to keep the check images?
Check images are the equivalent of your old cancelled checks, so you should retain them for as long as you have in the past.
What is Check 21?
In the past, banks had to transport original paper checks from the bank where the checks were deposited to the bank that paid them. To remedy this increasingly inefficient and costly process, Congress passed the Check Clearing for the 21st Century Act, or Check 21, in 2003. Check 21 is much faster and more efficient because it allows us to send those checks through the system, from bank to bank, in electronic form, rather than moving the actual paper checks. Check 21 also provides for substitute checks, legally acceptable paper replicas of the original checks that are reproduced from digital images of those checks.
What are substitute checks?
In your monthly statements, you may have already noticed, included with your cancelled checks from time to time, a substitute check document. This is a result of your original check being converted to an electronic image by the initial bank of deposit. This electronic image is printed upon receipt by First Colebrook Bank and included in your monthly statement.
How do I tell the difference between a check image and a Check 21 substitute check?
A Check 21 substitute check has a caption on the bottom of the check stating that it is a substitute. On the other hand, a check image will be an exact replica of the check without a caption.
What if I need help understanding check imaging?
As always, we're eager to help you in anyway we can. If you would like a further explanation of check imaging, have any questions, or would like help understanding any aspect of what check imaging will mean to you, please feel free to contact anyone of us at First Colebrook Bank. Sample check images will be available at the branch nearest you for viewing.
Once you receive your first checking account statement with check imaging, we're certain you'll appreciate how much more convenient it is!