Edward Jones check imaging
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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’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..
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.
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.