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 ?
And just about every institution surveyed this year has plans to expand mobile deposit offerings.
Fauquier Bankshares is the parent of the Fauquier Bank, an independent, locally-owned, community bank offering a full range of financial services, including internet banking, mobile banking with mobile deposit, commercial, retail, insurance, wealth management, and financial planning services through 11 banking offices throughout Fauquier and Prince William counties in Virginia.
com)-- Mars National Bank launched mobile deposit functionality in its myMNB Mobile banking app.
Features like Touch ID, Mobile Deposit and Apple Pay support are just some of the ways in which we are enhancing our mobile customer experience," said Jack Barnes, President and Chief Executive Officer, People's United Bank.
The associates will assist customers with day-to-day banking needs utilizing both store and mobile technology, including ATM deposits, person-to-person payments and mobile deposit.
Remote users can access all the same functionality of an advanced merchant RDC system via their tablets or smartphones, including capturing multiple checks in a single mobile deposit.
The bank said that with the app customers can access information and manage their assets from their Apple tablets and also view account balances and transactions; search for specific transactions; transfer funds between accounts with Argent; pay vendors and other Bill Pay payees; view and cancel scheduled bill payments; search for nearby Argent branches and ATMs; and deposit cheques using image capture Mobile Deposit.
Mobile Deposit is currently licensed by 889 financial institutions including all of the top 10 retail banks in the US.
ET; mobile deposit history along with check images available for review for the past five calendar days; and user-friendly "How Mobile Deposit Works" instruction guide.
Wells Fargo has launched the CEO Mobile Deposit service, designed specifically for commercial and corporate banking customers.
The harmful toxins found in mobile phones and other electronic equipment could cause damage to the environment and pollute water bodies to a large extent if they are discarded without thought, Fleming said, while calling on residents to make use of the mobile deposit boxes set up as part of the initiative.
Mitek will demonstrate ImageNet Mobile Deposit in booth #225 at the BAI-TransPay show beginning February 5, 2008 in Dallas at the Gaylord Grapevine Resort.

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