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Depositing Checks at Home - Survey of Banks and Credit Unions with Remote Deposit

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More banks and credit unions are starting to offer remote deposit in which you can scan your check at home and deposit it online without having to mail in the check. It can help you cut down on your branch visits. It can also be a lot quicker than mailing in your checks, and you don't have to worry about the check being lost in the mail.

One of the big banks that has introduced a remote deposit service is Chase which offers QuickDeposit. They have been heavily advertising this (I must have seen that Chase commercial with the newlyweds at least two dozen times). The problem with Chase's service is that it only works with the iPhone.

US Bank has announced to its customers in May that it will soon be launching its remote deposit service called DepositPoint. After 6 months, I think their use of "soon" was inaccurate. From reports it appears DepositPoint will allow customers to be able scan checks using their home PC and scanner.

Internet Banks

With remote deposit services, you may no longer need a brick-and-mortar bank. So internet banks have the most to gain with offering this service. You would think that this service would be common at internet banks. But it's not, and only a few currently offer it. I've listed three below. If you know of others, please leave a comment.

USAA Bank has long been offering its Deposit@Home service. Scans can be done with your home scanner or with a mobile device. The main problem with Deposit@Home is that you must be eligible for USAA property and casualty insurance. This requires some military connection.

EverBank introduced its remote deposit service called Online Check Deposits earlier this year. This service is free and available for both the checking and money market customers. A separate form must be filled out and mailed or faxed. When I checked with EverBank in July, I was told this service has a deposit limit of $10K per day. My Money Blog has an excellent review of this service.

First Internet Bank offers a remote deposit service that it calls iScan Deposit. It's available to customers with First IB's Interest Checking, Regular Savings or Money Market Savings accounts. According to First IB's FAQ, there's a dollar limit of $50,000 per item.

Credit Unions

It seems like most of the remote deposit services are being offered by credit unions. Here are three credit unions that make it easy for anyone to join.

Alliant Credit Union offers its remote deposit service, called eDepositPlus, to members who have maintained accounts in good standing for at least six months. My last review on Alliant describes how one can qualify for membership.

Like Alliant, PenFed Credit Union's remote deposit service, called Deposit Anywhere, requires that you have been a member in good standing for 6 months. There's a daily limit of $5,000. My last review on PenFed describes how one can qualify for membership.

Digital Credit Union offers a remote deposit service called PC Deposit and Mobile PC Deposit that allows deposits to be made either by your home PC and scanner or by your mobile phone. My last review on DCU describes how one can qualify for membership.


  Tags: checking account

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Comments
19 Comments.
Comment #1 by ING Customer (anonymous) posted on
ING Customer
Sure wish ING would offer this service.

Unlike my other Internet Bank, ING doesn't even offer pre-paid deposit envelopes. 

ING always struck me as an early adopter, I wonder why they are late to offer this feature.  Then again, if somehow I've missed it, please let me know!

4
Comment #2 by starlight posted on
starlight
Chase offers another nice service which I just used for the first time called QwikPay which is similar to Paypal only free as long as either the person sending or receiving the money has a Chase account.  I was sent the money Sunday afternoon and it was availalbe to me Tuesday morning.

2
Comment #3 by Anonymous posted on
Anonymous
Navy Federal Credit Union offers online deposit.  You get postage paid envelopes to mail in the physical checks, but you enter all the check info online and it is posted to your account immediately.  Not quite the same as scan and forget it, but the extra step is really not onerus.

4
Comment #4 by Anonymous posted on
Anonymous
@starlight

Alliant can push payments to other Alliant accounts as well.

 

eDepositPlus is really great, the funds are usually available immediately. Sometimes I write myself a check instead of ACHing money in just because its faster and you don't have to set up a link.

4
Comment #5 by pdxmale posted on
pdxmale
Alliant has a limit of $1500 and the CSR says thats the same for everyone. And that's $1500.00 max until they get the checkin the mail in thier special envelope. Although, they credit your account immediately. This is for e-deposit. 

For e-deposit plus ---you can scan the check and never mail it in ---sounds great--- and no $1500.00 limit. So, i thought I would give it a try and sent a deposit for $10.00. Then I find out that they HOLD the funds for 2 full weeks. I could understand this if it was a large deposit --- BUT $10.00??????

Hopefully, this will improve as the system become more commonplace.

2
Comment #6 by Anonymous posted on
Anonymous
Using eDepositPlus from Alliant - no holds for smaller amounts, works great!

1
Comment #7 by adityanm posted on
adityanm
. I have account with chase but do not use cell for web service therefore it is useless.

2. many banks allow transfer to their other customer accounts including BAC & Alliant cu.

3. Naefe cu allows remote deposit for $1000 only and has 1 day hold.

4 No bank has better service than Alliant cu0

2
Comment #8 by Anonymous posted on
Anonymous
Deposit checks at home is a bad idea.  Anyone with your account info can photoshop a fake or deposit a real check twice.

1
Comment #9 by Gaelicwench posted on
Gaelicwench
USAA also requires the account holder to have their credit card and in good standing....

1
Comment #10 by Anonymous posted on
Anonymous
meadows credit union also allows for remote deposit in the form of expressteller.

1
Comment #11 by Walt (anonymous) posted on
Walt
My Bank First United has a savings account for deposits under $10,000.00 at 2.1 percent.

Phone number 1-888-692-2654, member FDIC

Walt



 

1
Comment #12 by Anonymous posted on
Anonymous
To #11  Savings with 2.1% APY is NOT on the bank's website.  Where are you finding this rate???

1
Comment #13 by Anonymous posted on
Anonymous
Patelco is now offering this as well. They're using the same software as Alliant uses.

1
Comment #14 by Anonymous posted on
Anonymous
USAA, the original and still the best, does require you to have their insurance. But they do not require a credit card, but rather some form of credit check through them. Since they apply the check immediately to your account up to $5000 and it may take several days to get credited for said check, they are, in essence, providing you a small loan until it is paid. So having a credit check makes sense.

The USAA iPhone app is still better. It allows you to take a check and deposit it on the spot. I've not seen any evidence it can do any kind of check of the quality of said check, but the ability to deposit a check on the go is unbelievable.

Chase checking online also offers and iPhone app that allows similar abilities to the USAA app only not quite as smooth and comfortable.

1
Comment #15 by PACMan (anonymous) posted on
PACMan
I have Chase and they limit deposit amounts to $1000 a day and $1500 a month. Not particularly useful to me. USAA on the other hand has a limit of $50000 a day. Now that is a limit.

Also the phone app is nice but picky as hell on the picture quality. Chase just released the app for Android as well.

1
Comment #16 by Anonymous posted on
Anonymous
PACman, i wish i had your problem!

1
Comment #17 by Bob (anonymous) posted on
Bob
USAA now has remote check deposits at most UPS Stores around the country.

1
Comment #18 by moxfyre posted on
moxfyre
I wonder if you guys would consider doing an updated verison of this article, to see how remote deposit has expanded and improved in the last year and a half.

I have three accounts with remote deposit.  Each has good features and annoyances:

(1) Alliant: I have their e-deposit service, which requires me to mail in the checks after e-depositing them.  Nice interface, but annoying to have to mail the checks in.  Apparently they'll waive this requirement but not until you've had an account for 6 months.

(2) Chase: I use the Android smartphone app, which is pretty good.  Generally, $200 of each check deposited is available immediately, and the hold time on the rest is generally two business days, and the website accurately reflects this.  Good job there!  The problem is that the daily limit is only $1,500...

(3) Fidelity cash account: I use the Android smartphone app, which has a similar interface to Chase.  The daily limit is $10,000 which is much more convenient.  The problem with this one is that the hold times are very long (5 business days?!) and unpredictable and there is absolutely no notification of when funds will or have become available.  Extremely frustrating because I *know* the checks have cleared on the other end when they're checks from myself.

Are there any online checking accounts that don't have these failings?  Is there such a massive level of remote deposit check fraud that they're all necessary precautions?

2
Comment #19 by Anonymous posted on
Anonymous
what happends if some one remotely deposit the same check into multiple accounts on the same day : sounds like a scammers dream come true

2