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FREMONT, California (July 26, 2007) - Fremont Bank (www.fremontbank.com), the Bay Area’s most progressive full service community bank, announced it has begun offering a new check imaging technology product called FB eZ-Deposit – also known as remote deposit capture – that allows business clients to make electronic deposits from their own offices or venues.

FB eZ-Deposit is a cash management tool that will provide a faster and more efficient clearing and settlement of funds for Fremont Bank’s business clients. Remote deposit capture provides a number of significant benefits for business customers, says Patti Greenup, director of Deposit Operations for Fremont Bank.

“Using image scanning equipment and a secure Web site both provided by Fremont Bank, our business clients will be able to significantly increase the velocity of their cash flow and eliminate courier services or the need to physically walk deposits to the bank,” Greenup says. “This product is especially good for businesses with moderate item processing needs or clients that receive high dollar checks.”

Remote deposit capture is an offshoot of the Check Clearing for the 21st Century Act, more commonly known as Check 21. The law, which went into effect in October 2005 and is being phased in, is intended to initiate a payments revolution that will eventually convert all payments to a fully electronic, image-based clearing system.

Exerting greater control
Basically, remote deposit capture allows accounts receivable personnel, bookkeepers, or financial officers to exert greater control over the process of managing cash for their businesses.

The system is secure and more accurate because there is minimal data input required. In addition, Fremont Bank’s product works in tandem with a dedicated Web site featuring tools that enhance tracking capabilities for business clients.

“We’ve included many additional fields that allow our clients to capture more information more quickly than under the traditional system of making paper check deposits,” Greenup says. “For example, using the Web feature, clients can include other identifying information such as invoice and purchase order numbers that are associated with each payment item.” She adds that users can take all the data and easily export it securely from the bank’s servers to their own company’s accounts receivables systems.

Remote deposit capture isn’t necessarily a fit with every business, Greenup says. “Retailers with heavy item processing volumes of say, more than 10,000 checks per month, may not be a good fit for this product. Many retailers, for example, already have proprietary cash register systems that were custom built for them. But for professional services firms such as law, accounting and medical offices; or for contracting, municipalities, property management firms, or small retailers with moderate payment inflow, it will prove to be very cost effective.”

Image makers
Banks nationwide have been working to implement imaging capabilities, with large national institutions leading the way. Community banks, however, have been somewhat slower in their adoption rates.

According to the latest Community Bank Competitiveness Survey, released in February by the American Bankers Association’s ABA Journal and the Association’s Community Bankers Council, only about 16% of community banks nationwide offer remote deposit capture now. The bulk of community banks indicated they won’t be offering the service until at least 2008, according to the survey.

Fremont Bank began utilizing imaging technology in the late 1990s, Greenup notes. “It was fairly clear a number of years ago that imaging technology would create opportunities for workflow improvements, new products and services and other significant value for both clients and banks,” she says. “We’ve been gearing up for this for some time. We are very comfortable with the technology because we know it will enhance our customers’ businesses.”

Remote deposit capture is also cost effective. As Check 21 becomes the standard, business customers who use the product will have funds available for use or investment much faster than under a paper-based system that relies on “float” – the time it takes for a check to travel through the mail and be cleared through the Federal Reserve System. The product is inexpensive and available from Fremont Bank for a low monthly fee

About Fremont Bank.

Fremont Bank (www.fremontbank.com) is the leading full-service community bank in Northern California. Founded in 1964, Fremont Bank is one of the oldest independent family owned and managed banks in the region and focuses on personalized service for individuals and businesses. It serves communities through 24 branches and 7 additional ATMs throughout the Greater Bay Area. Exceptional client service is the cornerstone of Fremont Bank’s business. Accommodation of customer needs in a friendly, personal atmosphere characterize the bank’s culture.