Edward Jones check imaging

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Oct 19, 2009 3:31 pm

Back some time ago, someone at Edward Jones mentioned that the branches were going to get check imaging machines this last summer.  Can anyone tell me if that has happend or not and if not, when is it supposed to happen?  I'm getting mighty tired of having to drive out of my way every time I need to deposit a client check and I'm trying to light a fire under LPL to get a better solution for us small-town advisors.  I figured that news of Edward Jones already having such technology might make them move a bit faster.

Oct 19, 2009 4:09 pm

I think they tried it out in some markets.. not nationwide yet to my knowledge

Oct 19, 2009 4:32 pm

I've confirmed with at least one advisor that it is in at least some offices and the early reviews are excellent.  Why LPL is in the stone age on this issue is beyond me.  Generally speaking, I am very satisfied with their technology and setup, but the local deposit program sucks for those of us living in podunk.

Oct 19, 2009 4:41 pm

Check scanners will be in all branches by the end of the year, according to our intranet. 


It's really nice technology.  My BOA no longer has to run to the bank every day.  Instead we just mail the checks to HQ for record keeping purposes.  Clients who bring their checks by the office can stand there and watch them go through the machine.  I think it takes the question of what happens to my check off the table. 
 
How many firms use check scanners besides EDJ?  
Oct 19, 2009 4:41 pm

I have it.  It works great.  They scan and image the check, you verify the amount, payee, account/routing, and away it goes.    They are being rolled out very rapidly now.

 
Oct 19, 2009 5:09 pm

I have it as well...works awesome...and Spiff...we don't even have to send in the Checks...we get to shred them after they are scanned!

Oct 19, 2009 5:22 pm

Hmm...I'm wondering if I could light a fire under them by starting a topic here entitled "LPL in technology stone-age - Edward Jones check processing much more efficient"?

 
As you can tell, this is a sore spot for me.  I'll let you know how fast they get it fixed.
Oct 19, 2009 5:27 pm

HKA - Then what is it that my BOA mails to the home office everyday?  Maybe it's a report to my GP on how many phone calls I've made today vs how many posts I've made here.  

Oct 19, 2009 5:34 pm
Spaceman Spiff:

HKA - Then what is it that my BOA mails to the home office everyday?  Maybe it's a report to my GP on how many phone calls I've made today vs how many posts I've made here.  

 
LOL...hope not
 
We started out having to mail the checks to St. Louis...and somewhere along the line they told us we can start shredding...not sure why but boy what a great thing!
Oct 19, 2009 7:50 pm

We had to mail them to STL for the first 30 days after implementation, presumably just as a backstop in case there was a breakdown in the system.  Now we just save them for a few days then shred.

Oct 19, 2009 7:53 pm
Indyone:

Hmm...I'm wondering if I could light a fire under them by starting a topic here entitled "LPL in technology stone-age - Edward Jones check processing much more efficient"?

 
As you can tell, this is a sore spot for me.  I'll let you know how fast they get it fixed.





The problem with you indy guys is that you just dont know what you don't know.  You have had your heads stuck in LPL's sand for so long, that you think their sh!t don't stink.  Once you see the light and come over to Jones, you will finally see the opportunities that are out there.  Check scanning is just the tip of the iceberg.  Pretty soon we will be off the DOS screens, and then the world is our oyster.  Take the leap, my man, take the leap.
Oct 19, 2009 7:58 pm

Indy, I know there are some banks in my market (big) that have those check scanners available for businesses that bank with them.   Have you checked with your local banks to see if they offer those?  I wouldn't wait for LPL to move on this for you. 

Oct 19, 2009 8:41 pm

LPL is like a dinosaur....so behind the times!  lol...they don't even have check scanners...heh..

Oct 19, 2009 8:54 pm

Another reason Edward Jones is #1!!!

Oct 19, 2009 10:11 pm
Baldy McGrindy:

Indy, I know there are some banks in my market (big) that have those check scanners available for businesses that bank with them.   Have you checked with your local banks to see if they offer those?  I wouldn't wait for LPL to move on this for you. 




 
I could be mistaken, but I don't believe that LPL will even allow me to use a check scanner at this point.  If I could unilaterally do it, believe me, I'd shell out the money in a heartbeat.
 
...and for you Jones guys...OK...I will give you that one technological advantage.  I only hope it is very short-lived.
Oct 19, 2009 10:16 pm

B24 ....    that was classic

Oct 20, 2009 7:06 am

It's funny. As an RIA, I've had that capability from the beginning. It's where the industry is moving folks. Forget Jones. Forget ML. Forget the Banks. Forget LPL.



Create your own success story, not someone else's.

Oct 20, 2009 9:52 am

Indy, all joking aside, for what it's worth, it's not THAT big a deal for us because we can literally walk to the bank from my office.  I imagine it would be huge if you had to trudge across a city to the bank or something.  If I didn't have it, it would really be no big deal.

Oct 20, 2009 11:28 am
iceco1d:

You guys are funny.  We have to FedEx our checks & apps to the home office.  Quit bitchin' 

 
Seriously?  Who's your B/D?
Oct 20, 2009 11:38 am

DOS...unreal.


Who would have thought that we are still using DOS. I mean, I have a damn cell phone that has almost found the cure for cancer, and my firm is still using DOS. Unbelievable.