Personal Solutions

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Making Deposits Through Your Phone or Tablet – A 21st Century Technological Banking Marvel

July 31, 2019

In the 1980s, it was predicted that we would one day live in a checkless society.  With ACH, Apple wallet, Google Pay, PayPal and other third party payers such as Zelle, we’re almost there. But, for those people who still use paper checks, banks have made it easier to deposit them.  Mobile check deposit lets you deposit a check into your bank account by taking a picture of it with your smartphone or tablet- eliminating the need to visit the bank or ATM.

How popular is this feature? 

According to research featured on BankRate:

  • 72% of millennials ages 25-34 use mobile deposit.
  • 52% of Americans 50 and older use mobile deposit.

What’s the big attraction?

It’s all about convenience.  Once you download your bank’s mobile banking app onto your tablet or smartphone, you can take photos of the front and back of the check and then follow a few simple steps to complete the deposit.  If you’re already a fan or ready to try it, here are five things you should know.

Your bank can cap how much you can deposit.

While banks’ policies differ, it’s not unusual for mobile deposits to be subject to daily or monthly limits — or both. Pew Research found monthly limits ranged from $2,500 to $750,000 among the banks it examined although some limits may be lower. If you want to deposit more than your bank’s mobile limit, you’ll need to do it one of the old-fashioned ways.

Your bank can return a deposit even after you receive a confirmation.

Smartphones haven’t yet solved the problem of checks that bounce due to insufficient funds in the account they’re drawn against. If there’s not enough money and the account doesn’t have overdraft protection, you won’t receive the funds – just like a paper check.

Your bank can place a hold on mobile-deposited funds.

Funds that are deposited before the bank’s evening cutoff will usually be available the next business day, regardless of how they’re deposited. If you miss the cutoff, you’ll still have to wait.

Mobile deposits are secure.

Banking apps don’t store check images on your smartphone. For added protection, the images of the check are stored securely at the bank, not on your mobile device.

New technology makes it easy to capture check images.

While older mobile banking apps might have difficulty recognizing checks, newer versions generally are more adept and may have on-screen guidelines to show you where to position your check and smartphone making it quick and easy to make a deposit.

First Bank of the Palm Beaches has a state-of-the-art mobile banking app that makes depositing a check quick and easy.  Contact us today to learn more!