Dedicated to Deposits: Deals, Data, and Discussion
About Ken Tumin About Ken Tumin - Founder and Editor

Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

Featured Savings Rates

Popular Posts

Featured Accounts

Credit Unions That Offer Smartphone Check Deposit

POSTED ON BY

Credit Unions That Offer Smartphone Check Deposit

An increasing number of financial institutions have added remote check deposits to their mobile apps. USAA Bank was the first to offer mobile remote deposit in 2009, but I think it was Chase which made it popular thanks to a TV commercial showing newlyweds using Chase QuickDeposit. The popularity of smartphones also helps. According to Nielsen, over 50% of the nation's consumers have smartphones. So this explains the demand for mobile check deposit. This US News article reviews the trend and lists several institutions which offer this service:

In the past few years, large financial institutions like PayPal, PNC, ING, Chase, State Farm, and Bank of America, as well as credit unions and smaller regional banks, have added this capability to their mobile apps.

One issue with remote check deposits is the security risk. The article describes some of the fraud-prevention strategies that banks use. One is to reduce the amount that a customer can deposit. This may reduce the cost of fraud, but it also makes remote check deposits less useful for those who have to deposit large checks.

As mentioned in the article, remote check deposit doesn't eliminate the need to visit a branch or an ATM. Nevertheless, it can at least cut down the number of your branch visits.

If you want mobile check deposit, you don't have to limit yourself to banks like Chase or Bank of America. Many credit unions are now offering this service. I reviewed the credit unions on my big list of all-access credit unions and found several that offer mobile check deposit. I've listed these below. It's not a complete list, and I'm sure more will be adding it in the future. Also, I'm not including credit unions which only have remote deposit that's limited to PC/scanners. The ones below are those that have mobile apps that allow remote deposit.

Have you deposited checks with your smartphone? Is this an important feature for you? Or do you still prefer depositing a check at a branch?


  Tags: checking account

Related Posts

Comments