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#165718 - 03/02/04 08:06 PM Statement Issues
Anonymous
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[I'm creating some sub-threads for discussion to get things organized on Check 21 topics.]

If you don't currently use imaged statements, are you considering moving to them?

Have you considered, in your imaged statements, simply including an "image lift" instead of an image of a substitute check? (The image lift would just be a representation of the image of the front of the check, without all the other substitute check info, such as the legal legend.)

Many credit unions have, for years, just provided descriptive statements -- without images and without checks. They list the check/share draft #, date paid, and amount. Any thoughts about moving to that type of statement?

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#165719 - 03/02/04 08:51 PM Re: Statement Issues
JacF Offline

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I'm going to step out of my banker shoes and answer this one as a consumer. Personally, I don't want checks, or even images, back in my statements. The statement is enough for me, as long as I know I can get a copy of a check if I need it. And I have found that I have only needed about 1 copy per 1000 checks written.

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#165720 - 03/02/04 09:05 PM Re: Statement Issues
Anonymous
Unregistered

Okay, Jac, if you're stepping out of your banker shoes into your customer shoes, I will, too. I do business with a number of financial institutions and with one (a credit union), I just receive the descriptive statement. I hate it, and for that reason, we really limit our checkwriting with that account. On the other hand, I absolutely love the imaged statements I receive from the other institutions. They have made my life much easier -- especially when it comes to tax time.

Having said that, however, I also think that giving a mere descriptive statement would be more feasible now that online banking allows a customer to see and print check images. It paves the way for customers to be accepting of e-statements.

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#165721 - 03/02/04 09:38 PM Re: Statement Issues
JacF Offline

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Joined: Nov 2001
Posts: 6,719
PA
Quote:

I also think that giving a mere descriptive statement would be more feasible now that online banking allows a customer to see and print check images. It paves the way for customers to be accepting of e-statements.


I absolutely agree with this. I also think e-statements and online banking can be used for other purposes that customers use cancelled checks for now. You mentioned tax preparation, for example. Some online banking systems allow the customer to add a category to each transaction, which is convenient for producing year end reports for tax purposes.

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#165722 - 03/04/04 02:56 PM Re: Statement Issues
ahou Offline
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ahou
Joined: Aug 2002
Posts: 3,094
We have imaged statements and are in the process of implementing e-statements.

Images are great until you need the back of the check to prove you paid a bill. (and that the business claiming otherwise got the check & used it to credit someone elses account) Getting the back of a check from some banks [not our bank of course] is like pulling teeth. It takes forever just to talk to a human being and it takes forever to get the copy and there is a charge.

Most images aren't very clear, especially the back of the check, so if the bank destroys the original - you're stuck with the poorly produced image. Check 21 substitute checks will hopefully improve that weakness, due to specific requirements for placement of routing numbers, endorsements, etc.
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