05 Jul 2013

Deposit Slips and ACH Transfer Updates


Banking Tips:

Deposit Slips and ACH Transfer Updates

Sending Rabobank the Correct Deposit SlipDeposit Slip

As you know, your deposit slips come in sets of three. You will notice that the first slip on the sheet contains the micro-encoding (MICR) line located at the bottom of your deposit ticket.

This first deposit slip containing the MICR code ribbon must be the one submitted to the bank for processing. Many times the bank receives deposit slips that do not contain the MICR code. When the bank receives an incorrect deposit ticket, they have to type in the coding manually which could delay the processing of your deposits. This not only prolongs the process but forces you to call the Support Center to retrieve the correct “Processed By” date for CaseLink since this field will now be missing. Before submitting deposits to the bank, please make sure you are using the top deposit ticket with the MICR code ribbon, not one of the duplicate slips below. This is easy to identify because the duplicates do not contain the MICR code along the bottom of the slip. The two duplicate slips are for your records. This attention to detail will expedite the deposit process and create less work for you.

 ACH Transfers Automatically Blocked

As part of the premium service you receive from BMS, all outgoing ACH transfers are automatically blocked. You do not have to be concerned with filling out forms to request this; it is an automated process performed by Rabobank. For Chapter 7 requests, Rabobank will initially block then review transfers to see if they are allowed by the IRS and Bankruptcy Courts. This process was implemented to ensure all parties are in compliance.

If you have any questions regarding which deposit slips to send to the bank or how Rabobank blocks ACH transfers, please contact the BMS Banking Center at 800-634-7734, option 8.

Are there other bank processes and services for which you would like more information? Please let the BMS Banking Center know or post your comments below so that we may share with Rabobank accordingly or feature in future articles.

2 Responses to Deposit Slips and ACH Transfer Updates
  1. What on earth are you talking about. I have never seen a deposit slip like what is being shown. We are using paper deposit slips that come three to a page and we use a micr toner. I am totally confused.

    • Ms. Rose,

      While many clients have their settings in the BMS software set to include two duplicates, it is possible not to print any duplicates. When set for “2” duplicates, this results in three copies of the deposit printing out, using all three perforated slips on the page, as in the example. But when the setting is set at “0” duplicates, then only one deposit slip will print on the page, or if “1” duplicate is chosen, then two deposit slips will print on the page (one original and one copy). It can be handy (but not necessary) to print out duplicates so that you don’t have to make copies. If you decide to start printing duplicates, please ensure that you send the one with the MICR line printed on the slip, since the duplicate copies do not print it out.

      Forgive us for not mentioning the “duplicates” choices in the article. That would have made it more clear.

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