COLLECTIONS AND CASH LETTER SERVICES
Wachovia has been a pioneer in the U.S. Dollar Cash letter service since 1956. Today, we are one of the largest check processors in the U.S., processing close to 18 million deposited items per day.
Internationally, we are at the forefront of this product and have maintained a full array of global services that positions Wachovia as one of the industry leaders in processing deposited items on behalf of our international correspondent network. Since 1997, we have been imaging every item we process, building one of the most extensive image archive systems in the United States while leading the market in Check 21 readiness and responsiveness.
Our ability to meet your needs is demonstrated by the following:
- First bank to develop an international cash letter
- First bank to receive image cash letters via SWIFTNET Fileact
- Currently process 18MM check per day, more than any single Federal Reserve Bank
- 30% of all checks drawn on the East Coast of the U.S. are drawn on Wachovia
- In August 2007, Wachovia reached $1 billion mark in Remote Deposit Capture volumes processed in one day
- Leader in reducing risks in check fraud return via our Final Credit Service (FCS) service
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