- What is FRed™?
FRed™ is First Resource Easy Deposit™ -- a remote deposit service for businesses that enables you to scan check deposits from your office, at any time of day, and electronically transmit them to the bank for deposit to your account. No driving to the bank or waiting on line -- FRed™ does the work and lets you get back to business!
- How does FRed™ work?
Using your computer and a scanner provided by First Resource, you would log into a First Resource web-site, scan checks for deposit, confirm the check total, and let FRed™ do the rest! Checks scanned and accepted before 7pm are deposited that same business day into your account. FRed™ also provides great reporting functions: if you choose to capture your customers' data along with their checks, FRed™ can archive that information for you to research later by customer name, invoice number, or any customized data you desire.
- Do I need to buy special software? Hardware?
Neither. FRed™ is web-based - the only special software is a free download of the drivers needed to operate the check scanner. And First Resource lends you the scanner at no additional fee, for your use so long as you actively use the service for your account(s) at First Resource. System Requirements.
- Is FRedTM difficult to use? Any special training required?
FRed™ is very easy to use, and First Resource will walk you through the installation and training, in person, at your location. Should you need it, help is available through our Customer Support until 9pm weekdays. We're confident you'll find FRed™ to be simple, reliable and quick!
- What do I do with the checks after I've scanned them?
After you've scanned your checks, simply store them in a secure location for a brief period of time, while the check images clear the banking system, and then shred them. No need to photocopy the checks to keep a record - you can retrieve and print an image of any check online for up to a year after you've scanned it. This is a much more secure way of storing your customers' sensitive banking data, and saves the time and paper involved in photocopying!
- What do I do with cash deposits?
If your business periodically needs to make cash deposits, we can arrange for a courier to pick up these deposits.
- How much does FRed™ cost?
The monthly cost for using FRed™ will vary, based on the number of items scanned, number of accounts linked to the service, type of processing selected (individual vs. batch scanning), and whether you'd prefer to offset some or all of the cost by maintaining balances in your account. We'd be happy to learn more about how you would use FRed™ and develop an estimate of the costs that may apply. Please Contact Us and ask for information about FRed™ to obtain a quote. We're confident that you'll find FRed™ is a bargain, when compared with your savings in time, gas, convenience and efficiency.
- How do I sign up for FRed™?
Contact Us and tell us that you'd like to get FRed™ to work for you. You can get started by downloading and completing the FRed™ application, and faxing the application to 610.561.6038, attn: FRed. We will work with you to understand your business needs, process your application, and get FRed™ to help you work smarter, not harder.*
- How fast are my deposits available with FRed™?
Deposits scanned and accepted by 7pm on a banking business day are deposited to your account the same business day, and available according to our applicable funds availability schedule. Deposits accepted after 7pm are deposited the next banking business day. No more interruptions in your day to run to the bank before it closes; and no more deposits piling up in your desk or in your car, waiting to have time to make the trip to the bank. FRed™ handles your deposits on your schedule.
*Eligibility for FRed™ is subject to the Bank's terms and conditions.