Charter One has become the first US bank to implement the Federal Reserve's FedImage services technology, allowing free online cheque imaging for its Internet banking customers.
The new service will enable online banking customers to access all paid or cancelled cheques in real time, eliminating the need to receive and store paper cheques. Customers will also be able to print or e-mail cheque images.
Dominic Salomone, senior vice president and chief bank operations officer at Charter One says: "Online cheque imaging is a great tool for our customers and will give them another way to stay on top of important financial transactions."
FedImage provides a national archive for cheque images captured at Federal Reserve offices. Direct archive access is provided to customers through home banking systems.
The service was introduced in May 2002 and is being implemented across the US through 2003.