Does your organization have large volumes of cash most work days? Are you looking to spend less time preparing deposits? Are you concerned about the security of your employees taking deposits to the bank? If so, M&T’s Remote Safe Deposit may be what you need.1, 2
How Remote Safe Deposit works:
- You contract with M&T’s preferred armored courier services vendor. They will install their smart safe at your business location(s).
- Deposit cash into the safe throughout the day. The smart safe validates the bill denomination.
- The value of cash deposits made in the safe are transmitted to M&T at the end of the business day (excluding weekends and holidays). For qualified customers with advanced funds option3, if your selected end-of-business time is prior to 7pm ET, credit will be posted to your account that evening (excluding weekends and holidays). Deposit information by location will be available on Previous Day Report within M&T Web InfoPLU$® or BAI transmission.
- Your armored courier service will pick up the cash in the safe and physically verify the deposits according to your chosen pick up schedule.
There are many benefits to subscribing to Remote Safe Deposit service:
- Improved loss prevention – Minimize the risk of internal or external theft
- Improve employee efficiency – Reduce deposit preparation time and allow employees more time to focus on primary job responsibilities
- Currency validation – Notes are authenticated by validator, reducing counterfeit risk
- Advanced funds – Qualified customers can elect to receive advance credit for deposits3
- Deposit Reporting – Access deposit information by location with M&T’s Web InfoPLU$ or BAI transmission
For more information, please send us an email, call 1-800-724-2240 to speak to one of our experienced Commercial Service Team Representatives, or contact your M&T Relationship Manager.