Mobile deposit is a method for depositing paper checks electronically. It uses Remote Deposit Capture technology to convert paper checks into an electronic image called a substitute check. This monetary instrument can then be credited to your bank account electronically. In other words, your deposit goes in without you ever visiting the bank or an ATM.
Many banks now offer mobile deposit services. Some financial institutions in the Ellisville area that provide mobile deposit access include Bank of America, Commerce Bank and First Bank.
Typically, you use a mobile app on your smartphone or tablet to access mobile deposits. Although these apps differ, the following are the general steps you typically need to make a mobile deposit.
First, download your bank’s app to your smartphone or tablet. Your financial institution will likely have a link to their app on their website, and you can find many apps for banks on the Apple App Store for iOS and Google Play for Android. Usually, you simply tap the download button and follow the on-screen instructions to install the app.
If you already use mobile banking, you’ll normally open the same app to access mobile deposits.
Once the app is ready, find the icon on your device and tap it to launch. You’ll typically reach a screen that asks for a username and password. If you already signed up for mobile banking, enter your information. If not, look for an option that says “Register my account” or “Sign up” and follow the steps.
After you sign in, look for a link or tab that says “Mobile Deposit.” Should you run into any difficulty locating it, check out the Help or Support section in the app.
Now that you’re at the mobile deposit section of the app, prepare your check. Normally, you just flip it over and write “For Mobile Deposit Only” or “For Remote Deposit Only” in the endorsement area. Refer to the app for the specific wording your bank requires.
When your check is ready, tap the remote deposit button and follow the on-screen instructions. Usually, you take clear photographs of the front and back of the check. Place your check in an area that receives plenty of natural light for best results.
Once the process is complete, you should receive an on-screen confirmation that your bank is now processing your check. When processing is complete, you’ll typically get a confirmation via email, text message or push notification. You can then sign in to the mobile app to check that the deposit amount is correct.
For seniors, mobile deposit offers many benefits. Here are a few reasons to consider using it.
With mobile deposit, you don’t have to visit an ATM or head to your bank to deposit a check. While anyone might benefit from this convenience, mobile deposit is especially great for seniors who lack transportation or have mobility challenges. Plus, using mobile deposit spares you the expense of paying for gas or public transportation. You can even deposit checks when you’re on vacation or visiting loved ones out of town.
Mobile deposit gives you the freedom to deposit checks any time. As soon as you receive your check, you can get it deposited into the account, so there’s no more waiting until the next business day or worrying about the weather.
When you deposit your check virtually, you get to retain the paper copy. Some seniors find this makes recordkeeping easier.
Despite its many benefits, mobile deposit does have some downsides you should be aware of before you begin using the service.
Mobile deposit makes it possible to deposit paper checks remotely, and some banks will also allow you to use the service for money orders. However, even when you sign up for the service, you'll still need to visit a branch location or an ATM to deposit cash.
For a mobile banking app to function properly, your phone or tablet will need to meet minimum technical specifications. If you have an older device, you may not be able to access mobile banking or may need to download a new operating system before you can. You’ll also need reliable access to your cellular network or Wi-Fi to use mobile deposit.
Also, technical issues may arise during the mobile banking process. If your photos aren’t clear enough, the app may prompt you to take them again, and although the risk of errors is small, there's a chance the deposit may not be credited for the correct amount.
Funds you deposit via mobile app may not be immediately available. Some banks will give you access to a certain dollar amount, such as $100, right away and require you to wait until the following business day to access the remaining funds.
