Hate driving to the bank to deposit your checks?
With the advent of mobile deposit technology, no longer do you have to worry about the hassle related to visiting your local branch. Mobile deposits into your checking account mean you can put your money in a safe place, no matter where you are. Ready to get started? This guide will help you understand what mobile check deposits are, how they work, and the benefits you’ll get from using this technology.
What Are Mobile Check Deposits?
53% of smartphone owners used mobile banking in 2016, according to a report from the Federal Reserve. With the growth of mobile banking has come the ability for mobile check deposits, which allow consumers to immediately deposit money into their checking accounts by using a bank’s app on their mobile device. The major difference between mobile deposits and those at a bank branch is that you won’t be handing over the original form of the check, and instead, electronic images will allow the bank to assess the legality of the check and process the amount.
How Do Mobile Check Deposits Work?
Similar to when you deposit your checks in an ATM or at a teller, to make a mobile deposit you’ll need to endorse the back of the check, and then you’ll take pictures in the app of both the front and the back. You’ll verify the amount, select the account you want the funds put into, and then save the paper check as your receipt. It’s a good practice to write “deposited” on your check to make your records clearer and avoid confusion, and you’re typically safe to destroy it after two weeks.
The Benefits Of Mobile Check Deposits
What’s the biggest benefit of mobile check deposit? The convenience of it. You don’t need to fill out deposit slips, find an ATM, or travel to a local bank branch just to add money to your account. Because the mobile check deposit process is so simple, you can do it anytime, anywhere, just by downloading your bank’s app.
There is also a safety element to remote deposits. You don’t have to travel anywhere with checks, and mobile banking apps are designed to protect you and your information, even if your phone is lost or stolen.
What You Need To Know About Mobile Check Deposits
Banks have certain regulations that they must follow concerning how long they can take to disperse the money that you deposit. However, because mobile deposit technology is still new and not directly addressed in many of these, not all banks adhere to these regulations for their app transactions. It’s important to know about your bank’s fund availability policy, so you know how long you’ll have to wait to get access to your money. As with any deposit, be aware of certain timelines or deadlines for deposits – many banks will cut off processing deposits for the same day at 5 pm.
Some banks will also put a monthly – or sometimes daily – cap on the total amount of funds you can deposit remotely using your app. If you make large deposits on a regular basis, you may need to combine old-fashioned branch visits with your mobile banking.
Take advantage of the ease and convenience of mobile check deposits with a bank you trust that can also help you navigate everything from checking accounts to home loans. Answer a few questions here, and a home lending expert will contact you.