Frequently Asked Questions
SwiftDeposit

• What is SwiftDeposit?
  SwiftDeposit is an industry leading technology that allows you to safely deposit checks via a desktop check scanner from the convenience of your place of business. The images are transferred using a secure Internet connection for deposit into your Swift Business Checking Account.

• How does SwiftDeposit benefit my company?
  No more time-consuming trips to the bank and deposits can be made 24 hours a day.

• How quickly will my funds be available?
  80% of your deposited funds are available the next business day and 100% are available in two business days for customers in good standing.

• How late can I make a deposit and still get funds availability the next business day?
  Deposits must be made by 9:00 PM EST. For deposits made after 9:00 PM EST, you will receive 80% funds availability on the second business day for customers in good standing.

• How does SwiftDeposit work?
  SwiftDeposit's advanced imaging capabilities allow you to submit checks for deposit using a PC and scanner. Each check is scanned for deposit and generates an electronic image that is transmitted for deposit into your Swift Business Checking account.

• How much does SwiftDeposit cost?
  Swift Financial provides a scanner with no upfront costs and there are no monthly fees provided you maintain an average daily balance of $15,000 or more in your Swift Business Checking Account. Additionally, there are no per item transaction fees regardless of your balance. For Customers with an average daily balance between $7,500 and $14,999.99, the monthly fee is only $25. Customers with an average daily balance of less than $7,500 will be assessed a fee of $50.

• Why are there no per-item charges?
  Swift Financial understands that one of the greatest frustrations business owners have is dealing with unpredictable transaction fees and all of the other miscellaneous charges assessed by banks. At Swift Financial, we are looking to make your life easy, so our policy is simple - No transaction fees.
• What kind of equipment and software will I need to install in order to deposit checks electronically?
  A scanner and software provided by Swift Financial at no cost to you and a PC meeting the following minimum requirements:
  • Intel or AMD 1.6 GHz processor
  • Monitor with 1024 x 768 resolution
  • 512 MB RAM
  • 2 GB free hard disk space
  • High speed Internet connection (i.e., cable, DSL)
  • Microsoft Windows 2000 (SP4) -or- Microsoft Windows XP (SP1)
  • Internet Explorer 6.0 and above
  • Open USB port
• Will I get help setting up my check scanner?
  Yes. Your SwiftDeposit welcome kit includes everything you need to get started. We also offer FREE installation assistance and customer support for SwiftDeposit at (888) 89-SWIFT (888-897-9438).
• What types of checks can I process through SwiftDeposit?
  U.S. dollar checks drawn on banks with valid U.S. Routing and Transit numbers are accepted, including personal checks, business checks and money orders.
• What happens if I deposit a check remotely and it is returned or determined to be fraudulent? Are there any differences from what would happen if I had deposited the check in person?
  Banking rules regarding the handling of returned and fraudulent checks are the same, regardless of how the checks are deposited. However, Swift Financial may provide you with a faster notice if there is a problem. If a check is returned for insufficient funds, it can simply be submitted electronically a second time.
• Is my money insured by the FDIC?
  Swift Financial is able to make these products available through its relationship with M&I Bank FSB ("M&I"). This relationship ensures that your deposits are FDIC insured. M&I Bank FSB is the lender and depository bank for this account / Member FDIC
• Do I have overdraft protection with a Swift Business Checking Account?
  The Swift Business Line of Credit can be used as FREE overdraft protection for a Swift Business Checking Account.
• How can I apply for a Swift Business Checking Account?
  Simply fill out an online application at swiftfinancial.com or call 888-89-SWIFT (1-888-897-9438).