Mobile Check Deposit

As you may have noticed, check volume is in rapid decline. However, checks are still a valid and periodically convenient form of payment. If you receive the occasional check and are not able to deposit the check to an ATM or bank branch on a same-day basis, consider mobile check deposit.

Advantage #1 - Reduce Risk
There are many risks with checks-- payer's balance falls below check amount, lost or stolen check, and damage to check. With mobile check deposit, it's easy to deposit the check on the same day, reducing your exposure to these risks.

Advantage #2 - Collect Interest
If you have an interest-bearing bank account, it is in your advantage to deposit the funds as quickly as possible.

Advantage #3 - Save on Transportation Costs
Instead of spending the time and energy traveling to an ATM or bank branch, deposit the check from the comfort of your home or business.

Advantage #4 - Flexibility
Deposit a check at any time of the day or night. Furthermore, initiate a check deposit on weekends or holidays.

Advantage #5 - Security
Avoid becoming a target of thieves who assume individuals transacting at an ATM will have cash. Also, eliminate the risk of card skimming at an ATM.

Getting Started

Most bank applications that offer mobile check deposit make it very easy. A sample with Bank of America below.

Step 1 - Verify that your bank offers a mobile application for your phone and mobile check deposit. In some cases, the option is also known as remote deposit capture.

Step 2 - Download the mobile application from your bank.

Step 3 - Select the "Deposits" option from the main screen (below)

Step 4 - Take a photo of the front and back of your check

Step 4A - Photo of front of check

Step 5 - Enter Amount & Confirm

Step 6 - That's it!

It may take a day or two for the check to clear. Monitor your transaction details through your online or mobile account.

Next Level

Many common interactions with your bank can now occur without a bank branch or ATM. Paycheck deposits can be handled through direct deposit, cash can be obtained at grocery stores, transaction history can be viewed online or in mobile applications, and checks can be deposited using mobile check deposit. If you find yourself in a situation where bank branches and ATMs become obsolete for you, consider switching to an online bank. Great write-ups here and here.

photo credit: SimpleIllustrations via photopin cc