We are happy to offer our business customers the ability to remotely deposit checks at your business, with the added benefit of a later cutoff time of 6:00 P.M.! With the convenience of remotely depositing checks, comes the responsibility for maintaining the security of those checks. Gulf Coast Bank & Trust Company requires that you securely store the original checks for at least 90 days, and then destroy the checks. Checks may be destroyed in various ways; an in-house shredder or professional shredder service are recommended. During the 90-day retention period the checks should be under lock and key in a file cabinet, or secure location within the business. We understand that some businesses may choose to keep the original checks longer due to industry requirements or record keeping practices; in that case the checks should remain securely stored.
Businesses that utilize desktop teller are asked to complete the following prior to making a deposit.
- Verify the date on the check is valid. Most checks are valid for 6 months, unless otherwise noted with a shorter time period.
- Confirm the check is made payable to a name that matches the account title and endorsement stamp being used.
- Endorse all checks for deposit with an endorsement stamp that is clearly visible.
- Total the amount of the checks prior to beginning the deposit
- The legal amount of a check is the amount in words, not in numbers. Ensure that these amounts match and if they do not, always use the amount in words.
- Validate the signature on the check.
- Now you are ready to remotely deposit your checks.