by Ken Tumin
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.