Edward Jones check imaging
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.
I think they tried it out in some markets… not nationwide yet to my knowledge
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.
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?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.
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!
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.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!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.
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.
[quote=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.[/quote] 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.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.
LPL is like a dinosaur....so behind the times! lol...they don't even have check scanners...heh..
Another reason Edward Jones is #1!!!
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.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.
B24 … that was classic
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.
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.
Seriously? Who's your B/D?You guys are funny. We have to FedEx our checks & apps to the home office. Quit bitchin’
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.Yea but look how damn slow BONDNET is compared to DOS. First time a great bond comes into inventory, there will be much bitching on Weddle’s Corner, because alot of people will miss it trying to refresh the screen. Not to mention that DOS is alot more secure of a system than windows and not very hackable. It may be behind the times, but its not really anything to be bitchin about because it’s really perfect for keeping the information from leaking out. Garauntee alot of people miss beeing able to page up and down to refresh the screen, instantantiously.
I didn't know you could shred the checks. I always thought you had to mail them. Thats what we have done thusfar. I will say that the new video phones are bad ass. I'm not sure when we will all get those though.[quote=SometimesNowhere]
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. [/quote] Full disclosure; it's not really DOS. It's actually pretty robust, it's just that interface still looks like DOS. It's a hell of a lot faster than anything windows based.I will say one thing and it’s not necessarily a Jones “Horaah” but more of an observation. Everyone is griping about Jones taking so long, but it’s really been sort of a fact over time that a company that takes it’s time developing it’s software and systems, usually comes out with a better system. The guys that just hop on board right away, usually get lower quality software, as well as end up having to change it or upgrade it very often to keep up. A well developed software system can run with minimal upgrades, and really only need necessary maintenance. Just an observation, like I said not specifically me praising Jones, but I see it as a good thing. So maybe other firms might be inferior to Jones technology soon enough lol.
Now if they could only add the diversification screen to the FA performance screen so that it updates daily. That seems to be easy, considering all the other numbers update daily lol.Bondnet is slow as hell. I think its because people have searches and refreshes running on it like crazy. Also, it’s new so 9000 are cramming the system.
I expect it'll speed up but they certainly need to increase the bandwidth or whatever it is. Cool system though!x2 ... Many regional banks run their software and systems just this way. Massive cost savings but you are never leading edge and your systems age faster because you buy into them a few years after other companies.I will say one thing and it’s not necessarily a Jones “Horaah” but more of an observation. Everyone is griping about Jones taking so long, but it’s really been sort of a fact over time that a company that takes it’s time developing it’s software and systems, usually comes out with a better system. The guys that just hop on board right away, usually get lower quality software, as well as end up having to change it or upgrade it very often to keep up. A well developed software system can run with minimal upgrades, and really only need necessary maintenance. Just an observation, like I said not specifically me praising Jones, but I see it as a good thing. So maybe other firms might be inferior to Jones technology soon enough lol.
x2 ... Many regional banks run their software and systems just this way. Massive cost savings but you are never leading edge and your systems age faster because you buy into them a few years after other companies.[/quote] You really don't have to be leading edge. Take Mac for example. It's the same damn software it was 20 years ago. The difference is just the programs on it and ugrades. Windows however is completely different everytime it comes out. When you have a good progam (Mac) which is Linux based, you don't need to keep changing the system. You simply upgrade, or build the new program within the old system. So you are saving money in alot of ways and really just as up to date (for the most part) as anyone else.[quote=Ronnie Dobbs]I will say one thing and it’s not necessarily a Jones “Horaah” but more of an observation. Everyone is griping about Jones taking so long, but it’s really been sort of a fact over time that a company that takes it’s time developing it’s software and systems, usually comes out with a better system. The guys that just hop on board right away, usually get lower quality software, as well as end up having to change it or upgrade it very often to keep up. A well developed software system can run with minimal upgrades, and really only need necessary maintenance. Just an observation, like I said not specifically me praising Jones, but I see it as a good thing. So maybe other firms might be inferior to Jones technology soon enough lol.
I understand that there is something to be said for security and reliability, but in my mind that does not excuse us for having those COM screens. Even BondNet, while a far more useful tool than the COM screens is about 10 years past it's prime. I just don't get that. I am not asking for state of the art, but having something that was developed sometime this century would be pretty cool.
This is how I imagine the conversation goes in some of these software companies (I assume we bought BondNet from someone): Inventory Manager: "Damn, what are we going to do with all this excess capacity with this archaic platform. Guess we have to scrap the whole thing and take a loss on the project. This software is essentially worthless." Enterprising Sales Manager: "Not so fast. There is this brokerage firm in St. Louis..." Inventory Manager: "Scottrade? No way, they would never take it." Enterprising Sales Manager: "No, Edward Jones. You know, the ones that have the naming rights to the stadium that houses the worst team in football?" Inventory Manager: "Huh...never heard of them..." Enterprising Sales Manager: "Anyway, I think if we call them up and tell them we have this great idea with this really spiffy bond trading platform they would be all over it!" Inventory Manager: "Really, who in the hell would do that?" Enterprising Sales Manager: "Well, you see, right now they are using this thing they call the 'green screen'. I saw it one day. It is like a morbid cross between DOS and some joke from Office Space." Inventory Manager: "What!?" Enterprising Sales Manager: "Yeah! I heard some branches also have crank telephones. Anyway, I think we can sell this outdated product at full price, and they would be happy to take it." Enterprising Sales Manager and Inventory Manager pat each other on the @$$ and begin calling the Edward Jones home office...Sadly i think it might be true… I love the new website… just a front splash page, but after that same old crappy site…
Sometimes,
Honstly, I don't see the problem with BondNet. It has every imaginable sort feature. You can save pre-sorted searches. You can run proposals and hypos, customize the views, etc. What exactly is not "current" about it? I mean, I'm not defending Jones, I simply don't see what else you need. It is very similar to Municipalbonds.com website, and many others, but with more functionality. I just ran a quick search - all munis 10-15 years. In 7 seconds it gave me 129 bonds, with every single feature of the bond as a sortable search column. Honestly, I am just curious exactly what other features you would want.[quote=B24]Sometimes,
Honstly, I don't see the problem with BondNet. It has every imaginable sort feature. You can save pre-sorted searches. You can run proposals and hypos, customize the views, etc. What exactly is not "current" about it? I mean, I'm not defending Jones, I simply don't see what else you need. It is very similar to Municipalbonds.com website, and many others, but with more functionality. I just ran a quick search - all munis 10-15 years. In 7 seconds it gave me 129 bonds, with every single feature of the bond as a sortable search column. Honestly, I am just curious exactly what other features you would want.[/quote] I guess it's less about what I want and more about what we (business people in '09, not Jonesies) are capable of. I don't know about you and your region, but people in my region talk about it like it's the greatest thing ever. Yeah, it's better than what we have, but it is not as fantastic as everyone says it is. In my mind it is a slow, dolled-up spreadsheet. And what's worse is I believe that because we spent so much time and money rolling it out, we will have it for 25 years. Well, in 25 years this technology will be like 35 years old, and at the rate of technological development that is just not ok. Now I don't know how scalable it is, but I'm sure, as Windy pointed out, there will be some opportunity to upgrade it. My point is it's ok, not good, certainly not great, and if we are just sort of shrugging our shoulders about it now, imagine what we will be saying later on down the line.Don’t worry Sometimes and B24. You guys won’t be at Jones in 2.5 years, let alone 25 years.
I’d prefer a BondNET girl over a software update … but that’s just me.
Hello Inyone;
I noticed that you are interested in RDC(remote deposit capture) for your needs.
If you are interested today we can get you up and started depositing checks, etc for less than 300.00 that includes the scanner,the software,the training…and the ability to get funds to your bank within 48 hours.
If your interested i can give you all the information and details. Works very well and most importantly…very easy to use anyone can use it.
Look forward hearing from you
Patrick Anderson
605-498-221
CheckITNOW
Indyone;
Sorry i sent you reply to your RDC question and gave you my name and phone number but failed to include my email.
Again if your interested.
My contact email is
[email protected]
Thanks again
anyone know where i can get some sweet check scanners??
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