OK, that headline may be slightly overblown. But only slightly, because document imaging technology may soon help bank customers avoid overdraft fees.
Overdraft fees, which are expected to generate $39 billion in revenues for banks in 2009, are often caused by the fact that banks run withdrawals immediately, but do not run deposits immediately.
For example, you can swipe your debit card to buy some gas and it goes through right now. But the paycheck you deposited two days ago is still not credited to your account.
Therefore, your gas purchase causes an overdraft, which costs you $35.
Enraged by such practices, bank customers are fighting hard for a solution. Document imaging may be just such a solution.
If you can scan your paycheck from your home computer or even your cell phone, and then send the scanned image to the bank, banks may start crediting deposits sooner.
Document imaging has already greatly changed how banks do business. It looks like that trend will continue.
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Ok, maybe I'm not the only one to think this and maybe it's a bit cynical, but here goes. The bank isn't going to use technology if it lowers their bottom line. Those overdraft fees keep them in business. And if they did insitute that tech solution, they'd just get their money from somewhere else.
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