mobile check deposit


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mobile check deposit

Using the camera in a phone to deposit a check in a bank. An app in the phone takes a picture of the front and back of the check, and both images, along with the dollar value, are transmitted to the bank. Nothing is stored in the phone. Initially created for commercial customers in 2004 in the U.S. and known as "remote deposit capture" (RDC), banks began offering the service to individual account holders starting in 2012.

The Amounts Are Not Unlimited
In order to limit a bank's liability if someone makes a mobile deposit in one bank and physically deposits or cashes the check in another bank, there are maximum mobile deposit amounts. The limits are generally from USD $1,000 to $2,000 per day and from $3,000 to $5,000 per month. See mobile payments service, online banking and virtual bank.


A New High-Tech Benefit
For customers who want to quickly deposit their checks, this is a great convenience.
References in periodicals archive ?
Using Fidelity's mobile check deposit technology, financial advisors can now take pictures of checks using smartphone or tablet cameras and securely deposit funds directly into client accounts.
Popular Community Bank, a Rosemont, Illinois-based bank which operates 94 branches in Illinois, Florida, New York/New Jersey, and California, has said that it has launched a new Popular Mobile Check Deposits service that enables easy three step, anytime/anywhere deposits of checks up to USD1500.
In addition, 41 percent are interested in mobile-to-mobile payments and 45 percent are interested in mobile check deposit.
NetSecure's Mobile Check Deposit feature allows merchants to deposit checks by snapping a picture of a check using their mobile phone or tablet, eliminating the need for trips to the bank.
The Ent Locator App was provided by LocatorSearch, mobile check deposit from Vertifi Software in June 2011 and a PFM tool was first added in June 2010 and enhanced last month, Ent said.
The last update to the Platform was mobile check deposit for consumer accounts.
Adds Mobile Check Deposit, Person-to-Person Email and Mobile Transfers and Mobile App Alerts to Provide Customers More Control and Convenience
has introduced mobile check deposit through the TD Bank BusinessDirect app for Android(TM) and iPhone[sup.
Currently, Wipit's mobile wallet consumers can load accounts by adding cash at retail locations, setting up direct deposit, or using Quick Check, the company's instant remote mobile check deposit service.
Popular Community Bank provides a broad array of financial services for businesses and consumers, including mobile banking and mobile check deposit.
Designed for today's mobile user, the PenFed Mobile app delivers faster and more intuitive navigation, and features a broader selection of menu options that includes mobile check deposit.