Customers may now do many standard banking tasks, such as check deposits, online or through a bank's mobile app thanks to the growth of digital banking.
When you deposit a check using a mobile device, you may frequently access your cash the same day or the following day, saving you the trouble of finding your financial institution's physical location.
A Mobile Check Deposit: What Is It?
Through the use of a bank's mobile app, a customer can remotely deposit a check on their smartphone, saving them both time and effort. Instead of needing to drop off the check-in person, the consumer may simply endorse their check, snap pictures of the front and back of the check, upload them to an app, and digitally deposit the money to the appropriate bank or savings account.
Mobile check deposits can be used to deposit a variety of checks, including cashier's checks, personal checks, company checks, and even government cheques like stimulus, unemployment, and tax return checks. Before making a mobile deposit, verify your bank's restrictions as certain banks might not accept them for specific things, including international checks.
Banks That Offer Mobile Check Deposits
Many banks now offer mobile check deposits, including big names such as:
- Bank of America
- Chase
- Capital One
- Citi®
- U.S. Bank
- Wells Fargo
Furthermore, several credit unions and online-only banks like Ally and SoFi allow mobile check deposits.
Using mobile check deposit services often carries no additional costs on top of those charged by your regular cellphone carrier. Although each bank has different processing procedures, money is usually accessible the same day or the following working day.
For instance, Bank of America allows mobile check deposits, and money is usually processed the following business day.
Any money deposited through PNC mobile deposits by 10 p.m. EST on a business day will be free to access the next day. For a little extra charge, individuals can choose to use PNC Express Funds to have prompt access to their money if they would like a quicker method. PNC Express Funds charges a cost of two dollars for checks between $25 and $100, or two percent of any check amount above $100.
Through Ally eCheckTM Deposit, Ally provides simple, cost-free, and safe online check deposits.
Like most banks, Ally has certain limitations. For example, the check must be dated within the past 180 days, and you may only deposit up to $250,000 per 30 calendar days. You can also only deposit up to $50,000 in a single day. You will have more instant access to your money if you have been an Ally customer for longer than 30 days, which might be helpful if you need to make quick payments.
The Advantages of Mobile Check Deposits
The flexibility offered by mobile banking, and especially mobile check deposits, is one of its main advantages. For a significant portion of your financial needs, you are no longer restricted to a physical place, and many banks provide this service at no additional cost.
Many banks give same-day or next-day access to customers who require their mobile check to deposit cash quite quickly. Keep in mind that although you may make mobile deposits at any time of day, you might have to wait an additional business day for the cash to become available after specific cutoff hours.
Maintaining an online record of all of your checks is another benefit of online deposits. Instead of storing outdated physical checks around, banks will save digital copies of the checks you placed on the app.
Most significantly, mobile check deposits are just as secure as any other kind of Internet banking. Check photos aren't saved on your device, and the data you upload is encrypted as long as you're using the official bank mobile app.
Apart from facilitating mobile check deposits, the majority of mobile banking applications enable users to send and receive money via Zelle and provide other functionalities like credit score checks.
Additional Thoughts on Mobile Check Depositing
Banks typically place restrictions on mobile check deposits to lower the possibility of fraud. Customers may be limited in the amount they may deposit on a daily, weekly, or monthly basis; these limits differ depending on the bank and account. For instance, clients of Chase Private Client Checking can deposit up to $100,000 in a rolling 30-day period, whereas those of Chase Total Checking are limited to $2,000 per day or $5,000 in total.
The same endorsements that apply to checks submitted in person also apply to checks deposited online. Furthermore, it is usually mandatory by banks for you to affix a notation such as "for mobile deposit only" beneath your signature.
It's crucial to save the paper copy of the check for a few days after it's submitted before throwing it away. Should an issue emerge, you might have to try the mobile deposit once again or bring the paper check to a branch to be deposited.
Mobile check deposits may bounce even after you receive confirmation, just like regular check deposits do. For instance, if the check issuer does not have enough money in their account or if the photos are not readable, the check may be returned. Regretfully, banks typically impose penalties for cheques that are returned.
Remember that mobile check deposits will affect your data consumption or any expenses linked with your phone plan, and they require an internet connection to process. Furthermore, there isn't a very good way to deposit money without visiting an ATM or actual bank.
In Summary
You don't need to travel to a physical place to deposit money into your bank account; mobile check depositing is a simple and secure method. To save you time and effort while satisfying all of your financial demands, the majority of reputable institutions provide this service. Before making a mobile deposit, just be aware of any possible limitations.