News

Wells Fargo introduces electronic deposit services for businesses

March 28, 2005

SAN FRANCISCO -- Wells Fargo & Co. is giving business customers the ability to deposit checks remotely, according to a news release. Dallas-based 7-Eleven Inc. was the first to sign up for the bank's electronic deposit solution. And Wasco, Calif.-based Semitropic Water Storage District in central California began piloting the bank's preliminary software version for its Desktop Deposit service in November.

With the service customers can scan checks at their desks using equipment provided by Wells Fargo. Customers review check images and key in dollar amounts via the Commercial Electronic Office portal, and electronically send the deposit to the bank. No software installation is required.

"With Desktop Deposit service we're no longer reliant on our local bank branch," said Drew Hamilton, Semitropic's controller. "I was losing about 10 hours of staff time every two weeks because of the time required for our employees to physically take checks to the bank for deposit -- time that could be put to much more productive use."

7-Eleven piloted the bank's electronic deposit through its self-service virtual commerce and financial services kiosks known as Vcom.

Through Vcom kiosks, 7-Eleven customers can make ATM withdrawals, cash payroll and government checks, transfer money, pay bills and purchase items such as prepaid calling cards, money orders and telecommunications services. 7-Eleven expects to complete a rollout of the bank's electronic deposit to all 1,050 of its Vcom machines this year.

In the future, 7-Eleven expects to offer banks the ability to provide deposit services to their retail customers at its Vcom kiosks.