Hancock Whitney's clients often report that they need greater efficiencies to get their jobs done. One such client is a real estate closing firm that does a considerable amount of transactional work. The firm works with a variety of lenders to execute thousands of real estate closings each year, both in the commercial and residential markets. As a result, their staff deposits millions of dollars in checks each day at local banks.
A critical success factor for this client is the ability to perform the check-depositing function quickly, efficiently and accurately. So when Hancock Whitney suggested a way of improving its process -- making the firm's staff more efficient while enhancing client service -- the firm replied that it was "all in."
Old ways can be improved upon
Before it adopted Hancock Whitney's Remote Deposit, the firm's associates filled out deposit tickets and physically transported both the deposit tickets and checks to their local Hancock Whitney as many as10 times a day. These frequent trips were necessary because, after a closing is completed, the real estate transaction's parties want quick access to the transaction funds, and cannot disburse them until they have good funds in their trust account.
Hancock Whitney’s Remote Deposit feature enables its clients to save time and stay safe.
The bank trips were time-consuming and took staff members away from other work. Additionally, in the midst of the coronavirus pandemic, these trips created a safety concern for the employees.
A more efficient and timely process
Hancock Whitney's Remote Deposit feature enables its clients to save time and stay safe. Today, the same employees who were delivering checks to the bank now deposit checks using a check scanner and computer.
To make a remote deposit, they enter deposit data into the computer and run the check or checks through a desktop scanner. The scanner captures the check images, performs a quality check, verifies the total deposit amount, repairs any scanned checks that need it and submits the deposit, including the check images and data, as a secure file. The depositor receives immediate credit and a detailed report file for the deposits online that matches up to their accounting and real estate systems in real time.
Best of all, associates never have to leave their desks
In addition to freeing them up for other client-focused tasks -- and reducing potential exposures to COVID-19 -- Remote Deposit allows users to deposit checks into their trust account for same-day credit until 7 p.m. Those three extra hours on most business days -- two extra hours on Friday -- enable clients to disburse closing-related funds, in most cases, the same day as closing.
Hancock Whitney's clients often profess their satisfaction with Remote Deposit after adopting it, saying, "Why didn't we do this sooner?"
For more information, visit www.hancockwhitney.com/treasury-services or call (866) 594-2304.
