A mobile deposit or mobile check deposit is a simple, convenient tool that allows you to deposit your checks remotely via your bank’s mobile app. With this method, also called a Remote Deposit Capture, you simply take a picture of your check using your smartphone and deposit it in your bank account. It’s a way to save time while also getting money into your account faster.
For your security, it’s important to double check that the app you’re using is from a trustworthy source. Otherwise, you risk falling prey to cybercriminals.
Here are some tips to help you maximize the benefits of mobile deposit while staying safe:
1. All Banks Have A Limit On Mobile Deposits
Banks place a limit on the dollar amount of mobile deposits. This cap or maximum limit varies from bank to bank and is designed to reduce the risk of fraudulent check deposits. If you need to deposit checks over the cap, visit your bank or ATM.
2. Your Online Check May Bounce
Yes, there is a chance that your check may bounce. Just like any regular bank deposit protocol, mobile deposits bounce when the check issuer doesn’t have adequate money in their account to make the deposit. So keep in mind that, while you may receive a confirmation upon deposit, your bank has the right to reverse the funds even after sending confirmation.
3. Check Information Is Kept Private
It’s natural to wonder whether your check information is safe with mobile deposit, but rest assured that check images aren’t actually stored on your phone. Your bank stores the deposit data on a protected and encrypted web server.
4. Your Bank’s App Is Capable Of Taking Clear Pictures
Taking snaps of your check may take a little practice. Keep in mind that a dark or monochromatic background creates a sharper, more detailed picture, and remember to position the check correctly so the app captures a complete photo.
5. Keep The Paper Check With You After The Deposit
A good rule of thumb is to hold into the paper check until it appears on your online account statement. Even if you receive a confirmation message after mobile deposit, it’s possible that the bank may ask for the physical check to confirm details. Once it has appeared on your statement, you no longer need to keep the paper version.
