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The Benefits of Mobile Deposit

November 7, 2018

Thanks to recent advances in technology, mobile banking is making financial management easier for people and businesses.  Let’s explore some of the benefits that making mobile deposits from your phone or tablet can provide.

Convenience

There’s no denying the convenience that comes with having the ability to deposit checks via your phone or tablet. You don’t have to make a special trip to the bank, you don’t have to wait in line, and you don’t have to deposit during business hours.  You are virtually carrying your bank in your pocket!   All you have to do is snap a quick photo of your check, and it’s as good as deposited.

Increased Accuracy

If you’ve ever received a “sloppy” check, you’re probably familiar with the frustration that can come from trying to deposit it in an ATM. When using mobile deposit, the verification process is right in your hands, minimizing any discrepancies and improving overall accuracy. With mobile or remote deposit, you do the data entry and verify it. You don’t have to rely on the ATM’s character recognition skills. If there is an error and for some reason the deposit wasn’t accepted, you still have the check and you can take it to a branch and resolve the problem in person if needed.  With an ATM deposit, you lose control of the check — and it could get eaten, damaged, or destroyed by the ATM.

Quicker Transactions

Finally, mobile deposits typically are credited to your account more quickly. This can eliminate late payment problems.   For example, at any given time, approximately six million people are behind on their car payments by 90 days or more, and even being just a few days late on a bill can incur late fees. While you’ll likely wait up to three days for funds to be credited to your account with a traditional deposit, your bank may make at least a small portion of the total amount of a mobile deposit available much sooner or even instantly, helping you stay current on bill payments.

Decide which mobile banking deposits are right for your financial needs.  For more detailed information about mobile banking and deposits, contact First Bank of the Palm Beaches.