How to Deposit Money into Your Bank from Your Smart Phone

Written by , December 5, 2012

How to Deposit Money into Your Bank from Your Smart PhoneThe digital age has already revolutionized the way that some businesses interact with their customers. Digital books and music have already disrupted the old way of doing business in those industries, and now we’re seeing some major changes in the world of personal banking.

For example, instead of having to visit the bank to deposit a check into your account, or even visit an ATM to deposit it, you can now deposit the funds simply by using an application on your smart phone. Your bank needs to support the service, of course, but an increasing number are doing so.

If your bank offers mobile banking deposits, here’s some banking advice on how to take advantage of it.

  • Remote Deposit Overview. The service is generally known as “remote deposit,” although some banks may use a different term. Once you download the appropriate app to your smart phone, you use your phone’s camera to take a picture of the front and back of the endorsed check that you want to deposit. The app sends those photos to your bank, and the deposit proceeds as if you had actually provided the bank with the physical check.
  • Smart Phone Capabilities. Even if your bank offers the service, you still need to have a smart phone that’s capable of running the app. The most important feature is that your smart phone camera provides sufficient resolution so that the bank can verify your signature, as well as the account and ABA number of the check.
  • Pay Attention to Processing Time. While an increasing number of banks and credit unions are offering a remote deposit service, not every institution does it in exactly the same way. Banks often have different cut-off times throughout the day for the check to be treated as a same-day deposit. Furthermore, some financial institutions limit the total value of checks that may be deposited via a remote app during the first few months in the account is open.
  • Pay Attention to Fees. You’ll want to make sure you understand any fees that may be applicable to the service, as not every bank offers remote deposit capabilities free of charge. If you normally deposit a large number of checks throughout the month, and want to use a remote deposit app to reduce the number of trips he made to the bank, you’ll almost certainly want to do business with the bank that does not charge for the service.
  • It’s Not Just For Smart Phones. When we’re talking about these remote deposit “smart phone” apps, we’re really talking about apps for portable computing devices that have cameras. This includes an increasingly popular category of devices known as “tablets.”
  • Using your smart phone can work to deposit checks, but not cash, so you may still need to make trips to the bank. However, using a remote deposit app can save you time and money by reducing the number of those trips.

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