What Is Mobile Deposit and How Does It Work

What Is Mobile Deposit and How Does It Work?

With the innovation of many revolutionizing technologies in the modern world, the way we carry out our banking has been drastically changed.
Before, you would have to line up in long queues to make a deposit or pay a few bills. This would make going to the bank a tedious and boring chore. However, thanks to mobile phones, you can enjoy mobile banking benefits from the comfort of your home. This makes it easier to manage your finances without any limitations or impediments to your routine.
According to a research study from Statista, the number of mobile banking users in the United States from the year 2009 to 2016 has seen an increase to 57 million. With many companies and banking commodities, such as PayPal, Skrill, and Venmo in today’s market, the convenience of mobile banking is evident. Therefore, we discuss the immense benefits of mobile depositing, what it is, and how it works.

What Is a Mobile Check Deposit?

This service allows you to deposit funds into an eligible bank account directly through your smartphone. The mobile check deposit can be made to any checking or savings account and requires a supporting mobile banking app to work. This allows you to remotely mail checks online without having to physically present them at your local bank. This can be a convenient and time-saving feature that doesn’t take much time out of your schedule. Furthermore, you can print, email, or save a copy of your mobile check onto your device or tablet for any accounting or verification purposes.
What Is a Mobile Check Deposit

How Does Mobile Deposit Work? 

To successfully utilize this service, what is all needed on a mobile deposit check to go through is a supporting banking platform app or third-party app and a smartphone.
All you need to do is take a photo of the front and back of the check and also punch in the required amount as written on it. From there, you then submit the image and complete the transaction online.

Mobile Deposits How Long Does It Take to Post?

Sometimes, there is an urgent need to securely and quickly deposit a check. Any delays could prove to be a dilemma in the face of urgency. This is why two of the most common answers needed by many are “mobile deposits how long does it take to post” and the “expected period it takes for it to process.”
In most cases, depending on your bank or third-party check deposit system, the payment is often received on the day you submit the image of the check via your mobile. If you manage to scan the check after working hours, it will be processed the next business day. Once the check has cleared, you will instantly receive a confirmation.

Are Electronic Deposits Safe and Secure?

It is safe to mail checks online provided that you keep your information, passwords, and, of course, original check away from lurkers. Furthermore, online banking apps utilize high-grade TLS encryption to protect your data and activity. More so, if your device is equipped with a fingerprint scanner, most sophisticated apps will require your fingerprint each time you log in to confirm your authentication.

Benefits of Mobile Banking

  • Increased versatility – With a reliable mobile banking provider, you’re able to access essential features, such as a mobile check deposit from your home, business, or on the road.
  • Saves you money – You stand to save money by not commuting to and from the bank and wasting gas.
  • Avoid extra fees – With mobile banking, you alleviate high fees associated with transferring and depositing your money to separate accounts.
  • Easy monitoring – Through your smartphone, you can monitor any mobile check and your account balance at your convenience.
  • Saves you time – You stand to save on time by not lining up in queues or traveling to your nearest bank branch.
  • Minimizes paper waste – Mobile banking is an optimal solution to all clutter as it alleviates the use of bulky forms, slips, and paper checks. As a result, it keeps your environment clutter-free and manageable.

Benefits of Mobile Banking

Troubleshooting FAQ: How Come the Check Isn’t Going Through?

There could be various reasons why your deposit isn’t going through as planned. Therefore, it is essential to try the following solutions.

  • Ensure the Check Is Endorsed and Properly Signed

On submission, what is all needed on a mobile deposit check to go through is your signature authentication. Thus, it’s essential to ensure that the check is signed correctly before scanning it through your mobile app.
You also need to check the “mobile deposit” option or write “for mobile deposit only” at the bottom of your signature to ensure proper endorsement of your check and prevent any problems as it clears.

  • Make Sure to Take a Quality Photo

Many things can influence the clarity of the check as you scan it. First, ensure that you’re taking a photo of the check in a well-lit room, and avoid night light. Second, try to fit in as much of the check into your frame as you scan both sides. Accidentally cropping out any part of the check can lead to discrepancies as it’s being processed. Make sure you visually capture all digits, writings, and bar codes present on your check.

Everyday Things to Be Wary Of

How does mobile deposit work? While it can be simple to mail checks online, there are a few things you need to understand regarding how it works in order to avoid any unnecessary limitations.

  1. A Deposit Can Be Reimbursed Despite a Confirmation

Despite receiving a successful confirmation, your bank can opt to bounce any check that fails to meet the deposit requirements of your account. Therefore, it’s always good to confirm the status of your check deposit with a bank agent to prevent any hiccups.

  1. Your Bank Can Withhold Deposits

In the instance you make a check deposit too late in the day, your bank can hold your funds until the next working business day to process and clear the check. It’s best to process a check well before cutoff time to prevent any delay as a pointer.

  1. There Are Limitations to How Much You Can Deposit

Depending on your bank, the maximum amount of money you can deposit is usually capped as per the bank’s standards. This can range from $10,000 to $100,000 per check or per day.

  1. Keep Your Paper Check Until Verification Has Been Authenticated

One quick snap of your check isn’t all that’s required to ensure a successful transaction. Hold on to your check for some time until the funds have been correctly wired into your bank account.
This will also help clear any queries the bank may ask regarding the authenticity of the check. Ideally, it would be best to store the physical check in a safe area far from people to safeguard your money against any fraudulent activity.
The world of mobile banking has indeed revolutionized the way we live life. Here at Checkissuing.com, we’re more than happy to help with all your financial deposit needs. Consider scheduling an appointment or calling us for all your inquiries and receive assistance from our team of specialized financial professionals at your convenience.