mobile check deposit


Also found in: Dictionary, Thesaurus, Financial.

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 payment 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 ?
Agile software development capabilities allow Synchrony Bank to quickly update the platform to continue to offer customers the functionality they desire, such as mobile check deposits, which are up 77% over the past six months.
This demand drives cases such as the use of mobiFLOW for mobile check deposit implementations in the U.K., accelerated mobile customer acquisition at a consumer bank startup in the U.S.
Securities America, an independent broker-dealer and a wholly owned subsidiary of Ladenburg Thalmann Financial Services Inc (NYSE MKT: LTS), has adopted mobile check deposit for National Financial Services accounts.
Goeken has also embraced Securities America's mobile access, electronic signature and mobile check deposit solutions.
Both checkings and savings accounts would be on offer besides debit cards, mobile check deposit, bill pay and other services.
Christopher Oddleifson, president and CEO, Rockland Trust, said, 'Rockland Trust is proud to be one of the first banks in New England to offer a mobile check deposit service.
Earlier this year, the bank began offering Apple Pay and mobile check deposit.
"The average size of a mobile check deposit is $596 per item compared to $405 for consumers."
Morgan Stanley Wealth Management declared that it has amalgamated NCR Corporation s latest in mobile check deposit software with its new Morgan Stanley Mobile App for iPhoneA, to offer its wealth management clients with a simple, convenient method for depositing paper checks.
He worked with Andrew Tilbury, chief marketing officer from the Nevada-based Bluepoint Solutions to add mobile check deposit technology, in those areas defined as having less than two bank or credit union branches in a ZIP code.
Global Banking News-March 1, 2012--Popular Community Bank launches mobile check deposit application(C)2012 ENPublishing - http://www.enpublishing.co.uk