All about EDDY
What is EDDY?
We nicknamed our BankTennessee remote deposit solution EDDY. It's short for electronic deposit which you can make anytime it's convenient for you. With your new friend EDDY, you can eliminate both time-consuming trips to the bank and manual deposit preparation, thereby improving the efficiency of both your collections and your returns. We think you will like EDDY so much, that you will find EDDY to be your Employee of the Year!
How does EDDY work?
The checks that make up your deposit are scanned at your place of business and submitted to the bank via secure transmission. The deposit is picked up by the bank and is processed along with all other work that comes into our bank locations that day.
Is it easy to use?
Yes, the product is easy to use and takes less than an hour to learn the functionality. The check capture process utilizes a Windows-based application that walks the operator through the process step-by-step.
Are my funds available to me faster?
Since you can make a deposit every day, not waiting for a weekly run to the bank, your funds get into your account in a timelier manner. In addition, as the number of banks ready to trade electronic files of your items increases, the processing time for your deposited items will decrease resulting in faster availability of funds.
What kind of checks can I scan?
You may scan any check in U.S. dollars drawn on banks with valid U.S. routing and transit numbers – personal, corporate, government checks and money orders. You may not scan foreign checks that do not use a U.S. routing number.
Can the destination account be changed and diverted to another account?
No. The account information is set up at the bank and cannot be seen or modified at your place of business. The URL you will use to access the website is unique to your company and is tied only to your particular account.
What is a substitute check?
A substitute check is a paper reproduction of an original check called an IRD (Image Replacement Document). The IRD contains an image of the front and back of the original check, and it bears a MICR line containing all of the information that appears on the original check.
What type of computer system do I need?
We will install the necessary software and scanner drivers. The minimum computer system requirements: PC with Windows 2000 Professional or Windows XP Professional, 1.3 GHz - 2 GHz Pentium 4, 1 GB RAM, 1 GB storage, CD-ROM, display supporting 1024x768 resolution, a serial or U, 32-bit operating system only (64-bit operating system is not supported at this time).
What kind of scanner will I use?
You will be provided with a scanner that is compatible with our software and is very easy to use.
Do I need to check my checks or deposit slips?
No. Both long and short-style checks may be used with this system. The use of deposit slips is optional.
Can I send deposits anytime, day or night?
Yes. You can send deposits anytime.
Can I install this system in my other office locations throughout the country?
Yes. EDDY can be used at multiple client locations or on multiple computers. It will provide breakout and summary reports across your enterprise.
Can security and transmissions be centrally controlled?
Yes. The system supports a configuration that allows all locations to scan deposits directly into a central database from transmission to BankTennessee. Security can be administered from a central location.
Do I have to copy each check before I scan the deposit?
Continue to do whatever you would normally do to prepare your items for deposit to the bank. Keep in mind, with each batch of checks that you scan for deposit, a deposit report is made available for you, giving you a detailed list of each item scanned, all of the MICR information on the check and as much additional information about the item as you wish to enter. This report can be viewed, printed or exported as a text file to the destination of your choice.
What do I do with original check?
It is recommended that you attach the original checks to a copy of the daily report and keep this information for a minimum of 14 days to safeguard that your deposit has been processed correctly. Store the original items in a secure file for the duration of the time you keep them.
Am I notified if there is an error in a deposit transmission?
Yes. You are notified of the deposit status immediately when we receive the deposit.
What happens if a check has insufficient funds (NSF)?
Any check that is NSF will be returned just as any paper check that is returned NSF. The IRD would be returned to the customer.
Is this the same process that I see being used by some retailers and utilities?
No. They are actually converting your check to an electronic transaction. This is known as an electronic fund transfer or an Automated Clearing House (ACH) transaction, which electronically debits your account.
How long does it take to be set up to use EDDY?
The bank handles the majority of the setup. All that you need to do is execute the agreement and install the scanner. Installing the scanner is a simple process that we can assist you with over the phone.
What if a check will not scan properly?
On the rare occasion this occurs, you may manually enter any missing information from the MICR line in the appropriate fields.
Do I need to endorse the check with my deposit stamp?
Yes. Since the IRD contains the front and back of the original check, it should show the proper endorsement information.
Do I need to prepare a deposit ticket?
No. You will not need to create a manual deposit ticket. When you scan your items for deposit, a virtual deposit ticket is created for you and is already encoded with your account number and deposit total.
What if I key in the incorrect amount on the check?
If you have not yet submitted the file to the bank, it is a simple process to correct your entry. If you have already submitted the file and the bank processor discovers that the MICR line of a scanned check does not match the image of the check, the bank will contact you and ensure the deposit has been corrected or may request that you submit a corrected check. Please keep in mind that you do have the opportunity to double-check your figures before you actually submit your deposit to the bank.
Is there a deadline for my deposits to be credited to me on the same day?
The cutoff for same day processing is end of the business day.
How do I know if the bank has received my deposit?
When the bank picks up your file, an automated report is sent back to you to let you know that your file has been received. Also, through our business internet banking, you will be able to see your deposit the morning after it is submitted for processing, provided it is submitted by 2:00 pm.
How much does this cost?
There is a one-time fee, which includes your scanner, telephone set-up assistance, ongoing technical support, and training of your staff. You will also be charged a monthly fee. Your account officer can give you further information on the cost of the program.
Who should I call to get EDDY Electronic Deposit for my company?
your BankTennessee account officer for more information.
Once I’m set up, will you provide support?
Of course, we will! We're here to help!
Give us a call!