Mobile deposit is a process where you can deposit a cheque using your smartphone’s camera. It’s a convenient and secure way of depositing cheques as you don’t need to visit the bank physically.
The process involves taking a photo of both the front and back of the cheque using a phone app. The cheque amount and images are then sent to the bank for processing without storing any data on your phone.
Mobile deposit was first developed in the United States in 2004 for commercial clients and was made available to individual account users in 2012. However, there are limits on the maximum deposit amount to restrict a bank’s liability if someone deposits a cheque in one bank and cashes it in another.
Frequently Asked Questions (FAQs)
Is mobile deposit safe?
Yes, mobile deposit is safe as long as you use a trustworthy banking app and ensure a secure internet connection. Never share your banking app login details with anyone.
What is the maximum deposit amount for mobile deposit?
The maximum deposit amount varies depending on the bank’s policy and can range from $1,000 to $10,000 per day.
Are there any fees for using mobile deposit?
Most banks offer mobile deposit services free of charge, but it’s best to check with your bank for any applicable fees.
Mobile deposit is a safe and reliable way to deposit cheques without visiting the bank personally. It offers convenience and saves time while providing the same level of security as a physical deposit. However, make sure to use a trustworthy banking app and follow appropriate security measures to ensure a safe mobile deposit.