MINNEAPOLIS, Feb 22, 2010 (BUSINESS WIRE) -- U.S. Bank has launched an enhanced cash vault service called Advanced Cash Credit and Notification solutions. The new solutions include Remote Cash Deposit and the DTS(R) Tracking System. Both services help companies streamline their cash handling needs, provide additional information regarding their deposits, reduce cost and mitigate risk.
Remote Cash Deposit allows customers to electronically deposit cash, consolidate depository banking relationships, reduce armored car pickup frequency, and increase security. U.S. Bank has partnered with Brink's Inc. to use their CompuSafe(R) product line. Business customers deposit currency into a Brink's CompuSafe and electronically receive collected credit to their U.S. Bank depository account the following business day.
With the DTS Tracking System, businesses can monitor deposits from the time of preparation at the store location until they are processed and credited at the bank. This allows retailers to manage their overall deposit process from a central location. It makes it possible to identify early on if a store's deposit is missing, late or has a discrepancy that needs quick resolution.
"Remote Cash Deposit is designed to mitigate the risk of fraud and reduce labor expense associated with cash handling, while also increasing staff safety and productivity," said Bill Burback, vice president in global treasury management at U.S. Bank. "And with the DTS Tracking System, retailers can have improved and early access to detailed deposit information that allows the corporate office to adjust individual store processes and procedures for quicker and more efficient deposit processing. The cash vault's Advanced Cash Credit & Notification enhancements give our business customers a powerful way to better manage their cash handling needs."
U.S. Bank Cash Vault Services offers traditional cash processing at 45 locations across 23 states and Washington D.C. The extensive vault network can accommodate cash deposit and purchase needs for business customers, correspondent banks, and government entities.
U.S. Bancorp (NYSE: USB), with $281 billion in assets as of Dec. 31, 2009, is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The company operates 3,015 banking offices in 25 states and 5,148 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.
DTS(R) is a registered trademark of IFS Services, Inc.
CompuSafe(R) is a registered trademark of Brink's, Inc.
SOURCE: U.S. Bank
U.S. Bank Media Relations
Jennifer Wendt, 612-303-0731