WHY SWITCH FROM PAPER CHECKS TO CHECK IMAGES?
Paper checks are processed at Federal Reserve processing centers. Over the last several years, the Federal Reserve has begun the consolidation of their check processing centers in an effort to convert the processing of paper checks to image files of those items. Initially this was a very expensive process for banks to undertake. At that time, we chose to continue processing paper checks through the remaining Federal Reserve processing centers. As the Federal Reserve has closed more and more processing centers, they have continued to reduce the fees for processing check images. Now that the fees have substantially decreased, check images are now more affordable and efficient to process than paper checks. Switching to check images will allow us to maintain our commitment of keeping fees as low as possible and give us the ability to offer improved teller, online and telephone banking services.
