Bank Deposits/ Electronic Banking

The importance of making a bank deposit right away

It is important to make bank deposits for a medical office as quickly as possible for many reasons. One of the important reasons would be that it is a courtesy of the maker of the check. If the check isn’t deposited in a timely fashion then their checkbook will become off balance and they would have to spend time figuring out the reason why and that could be upsetting to the patient and possibly make the medical office look bad. If the maker of the check doesn’t keep track of their balance and just go by the balance given at an ATM they could continue writing checks and when the office goes to deposit the check there could be insufficient funds and the check will be returned causing a hassle for both parties involved. Another reason why could be that the maker of the check could stop payment for whatever reason and the office would not receive their payment. Also, if the office has a pile of checks waiting to be deposited it could become difficult to keep track of. They could easily become misplaced, lost, or possibly even stolen. Most checks have a time limit on when they can be deposited. If they are not deposited right away they can be forgotten about. If the medical office tries to cash the check past the time limit for cashing they could be denied and not receive the payment for their services.

The Advantages of Electronic Banking

There are many advantages of electronic banking, also known as online banking, e-banking, personal computer banking, home banking, or internet banking. Some services that online banking offers include: Checking account balances, transferring funds between accounts, paying bills electronically, applying for loans, downloading account information, trading stocks or mutual funds, and viewing images of transactions. One advantage would be that it is available 24 hours a day. When working in a business you may need to access the account before the bank is open. Since some doctors offices are opened before the bank and close later than the bank, the account can be accessed by using the office computer. One of the biggest advantages is that online banking saves time. Medical offices are often busy and it can be an inconvenience for the office manger to have to drive to the nearest bank. Online banking is very convenient and is available anytime. An important reason for online banking is that the office manager can easily keep track of the account. With online banking, you can check the balance, and look at items that have cleared. The office manager can catch mistakes quickly, and report them. If someone is embezzling money from the office you will catch that person much quicker if you can check the account online, rather than always waiting for the account statement to arrive. Finally the account is kept very organized online, but it is also important to keep track of the account on paper in case there are any discrepancies.
Reference: Kinn’s The Administrative Medical Assistant, Chapter 23.