Hi Everyone! I'm auditing Remote Deposit and am hoping that I could get a copy of someone's RDC Agreement and Policy to compare mine against.
We rolled this product out in 2007 and I see based on the agreement that we do not require the customer to destroy the checks. (our scanners do not frank the items either). I'm concerned about the risks associated with that. Any thoughts?
Thanks so much!

Big risks if your customer suffers financial setbacks or has a larcenous streak. Equally big risks if your business customer hires someone with RDC access who is less than honest.

It's reasonable to require that the original checks be retained under secure procedures for a period of time sufficient to allow for rejects or returns, and then require that those originals be destroyed by a commercially-acceptable method designed to ensure that the original checks and information from them cannot be used.

Thank you John!

Any one willing to share their RDC agreement and policy?

You may find an unwillingness in sharing the RDC Agreement. We paid big bucks for ours as many other FIs did. Ours rolled out in 2007 and we decided not to put in a specific number of days they were to maintain the items, just verbiage along the lines of the answer that John gave you.

I worked with an RDC expert in the drafting of our policy and we set the retention of original items at 45 days. It's my understanding that between 30 and 60 is the norm.

I agree with Skyline's comments. These policies are not cheap so it's going to be tough obtaining a comprehensive one for free. There are some generic ones out there but you get what you pay for. Additionally, each bank has different procedures, security, etc., so it would require some major revising.

If you want the name of the Attorney who drafted our agreement send me a private message with an email address.

There is a Template for an RDC Policy and Agreement available in the BOL Banker Store, HERE.

Thanks for your feedback!