Remote check depositing is a new feature that will soon be available through many of the largest national banks. The system allows customers to deposit paper checks without visiting an ATM or a bank office. Transfers receive immediate processing using a secure server directly to the bank. With remote checking added to the already robust banking apps that are available on smart phones, people really will begin to feel as if they have an entire ATM in their pocket or purse.
Download the Proper App
Before you can take advantage of a remote check deposit system, you have to download an app from your bank. The banking app will have a section that allows you to collect the information you need from the paper check and transmit the check directly to your account through the bank’s secure servers. Remote check deposits would be limited to the customers who own the correct type of smart phone or device and can download the app. All other customers would still need to take their checks to the bank the old-fashioned way.
Smart Phones Create Check Images
The smart phone app collects all of the necessary information from your paper check when you take a photo of the front and the back of the check. You still need to endorse the check, as you would have normally, and make sure that the endorsement is visible in the photo that you send to the bank. The bank will receive the check photo and apply the payment to your bank account. The same safeguards are in place for remote deposits that are in place for deposits made in person. The check must be signed and display your name, and it must be endorsed correctly.
Funds Can Be Available Right Away
One of the main benefits of remote check deposits is that the money is generally available as soon as the deposit photos reach the bank. With an ATM deposit, you may have to wait up to 24 hours for your check to be available depending on what day and time you make the deposit. By using digital deposits, checks process quicker with bypassing the administrative work needed in processing paper checks. Using remote check deposits could speed up your banking by eliminating a trip and making the cash available faster.
Major Banks Setting up Remote Deposit Systems
Right now, there are only a few banks using remote check deposit systems, but several large firms are setting up their own versions. Citi and Chase are both in the process of creating remote systems, while USAA has been offering the service for a few months already. Other large banks are watching the new technology carefully to see what works and what needs a little more work to be successful before they jump in. Consumers seem excited about the opportunity to deposit checks remotely. It saves time and makes banking even more convenient.
About the Author:Jessica Bosari writes about new technologies for Technology-Colleges.info. The site helps students find the right technology colleges to fulfill their needs.
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