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Select Board discusses check reader, remote deposit and bank limits
Summary
Board members said the town will get a check reader to enable remote deposit; discussion noted potential daily bank limits (one member cited a $5,000 daily limit) and security considerations for large deposits.
Members discussed a forthcoming check reader that will allow remote deposits and reduce the need to travel to the bank. One Select board member noted limits to consider: "I know our bank has a $5,000 limit per day, and then so many thousand per week," a practical constraint the board said they must account for when accepting large deposits or running multiple transactions.
The board reviewed whether check-reader deposits would appear in the same ledger columns as other check payments and agreed to track how remote deposits display on bank statements to avoid reconciliation issues. Security and per-day limits were flagged as operational concerns to be addressed before rolling out the technology.
