I'm seeing more credit unions and banks introducing remote deposit capture services which allow customers to deposit checks with their PCs or mobile phones. The latest credit union to launch this service is Patelco Credit Union. The service is called Anywhere Deposit, and it allows members to deposit checks into their accounts using their smartphones (iPhone or Android) or a PC and scanner. Patelco announced this news on Monday. It has set up this Anywhere Deposit page with the details.
Online Check Deposits at Other Credit Unions and Banks
A few of the other major credit unions that offer remote deposit capture services include Alliant Credit Union, Pentagon FCU, Navy FCU and Digital Credit Union. Not all offer a mobile phone app for making deposits.
It's interesting to see internet banks not being ahead of the credit unions in this service. Two major internet banks have just recently introduced a remote deposit capture service. ING DIRECT launched its service, called CheckMate, in April 2012. Ally Bank launched its service to all customers, called eCheck Deposit, in October 2011. eCheck Deposit still does not include smartphones, but that's scheduled for later this year.
Patelco Credit Union Overview
For those looking for a basic checking account, Patelco Credit Union has several things going for it including a free checking account and membership in the CU Service Centers (a shared branch network) and in nationwide ATM networks.
The main reason why most DA readers may be interested in Patelco is due to its CD rates. Top CD rates used to be more common at Patelco before 2009. In January 2008, Patelco Credit Union dropped the ASI private deposit insurance and became federally insured by the NCUA. This eliminated concerns many readers had about the safety of private deposit insurance.
After a couple of years of unimpressive CD rates, Patelco finally changed this year with a very competitive 7-year CD and IRA CD rate. This is still available. I described the details of this CD in this Patelco Credit Union CD review.
Membership in Patelco is open to anyone who joins the Community Association for Engaging Youth (CAFE-Y). This is described at Patelco's Membership Eligibility Page.
Patelco is a large California credit union with branches located in several Northern California cities.
Patelco has an overall health score of 4 stars (out of 5) with a Texas Ratio of 16.19% (average) based on March 2012 data. Please refer to our financial overview of Patelco Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 68579).