Better Statements FAQs

· What is Check Imaging?
· How will my monthly statement change?
· Why is Cape Cod Cooperative Bank going to this new system?
· Does this mean that I won't get my checks back?
· How will this benefit me as a customer?
· What will the Bank do with all of the original paper checks?
· What if I need to prove I paid for something?

What is Check Imaging?
Thanks to new technology, we will be able to scan the fronts and backs of your original checks into our computer system and permanently store them on optical disk. The scanned image becomes a permanent digital document and can be reproduced at any time. It is a vast improvement over the traditional microfilm used to store your records at the bank.

How will my monthly statement change?
You will no longer have to sort your own checks. When monthly statements are prepared, our system will gather all of your new digitized checks for the month, organize them by check number and neatly print them on 8.5" x 11" sheets of paper for easy storage. These digital check printouts will be included with your statement instead of your original paper checks.

Why is Cape Cod Cooperative Bank going to this new system?
We have always been committed to bringing you the best in customer service... and keeping up with new technology is an important part of that. Our check imaging system allows us to offer you a better checking service which will improve many aspects of your account. You will also find that we can service your needs even faster and more efficiently.

Does this mean that I won't get my checks back?
Actually, you will be getting your checks back with your monthly statement, just in a different form. Better Statements provide a method that is easier to manage, organize and reconcile.

How will this benefit me as a customer?
With Better Statements, you will receive an array of benefits:

1. Easier statement reconciliation. Your checks will be provided in numerical order. Beneath each check, clearly printed, will be the date the item was posted, the check number and the amount of the check. These features make balancing your checkbook faster and easier than ever before.
2. A ready-made filing system! Think about the advantages of having your statement and canceled checks all together in one place, readily available for fingertip reference. No more overstuffed drawers, bulky envelopes, or overflowing shoeboxes!
3. Income tax preparation was never easier. Imagine the convenience of having all your checking account records for the year neatly organized numerically by check number. This will certainly be a helpful feature for you and/or your tax preparer.
4. Enhanced Bank research capabilities. When you need information or copies of the front and back of any check, it can be made available almost immediately.

What will the Bank do with all of the original paper checks?
After scanning your checks for permanent storage on optical disk, we will keep them for up to 60 days before they are destroyed.

What if I need to prove I paid for something?
No problem.   Imaged checks are fully accepted by the IRS and court of law. We can even enlarge an imaged item for ease of signature verification. In fact, due to quality and clarity, an imaged check is preferred over micofilm for proof of payment.

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