In its 2021 Mobile Deposit Benchmark report, the firm wrote, “It’s clear that U.S. Bank has taken the importance of mobile banking very seriously and truly demonstrates what a powerful tool mobile deposit can be for customers. Effortless to use and confidently designed, the bank’s consistent improvements have brought it to the top.”. Recipients must have an eligible bank account in the United States. Terms and conditions apply. Safe Debit Account is subject to certain account limitations and eligibility requirements, including on the use of Bill Pay and Mobile Check Deposit. Please refer to the U.S. Bank Safe Debit Account Terms and Conditions and Safe Debit Account Pricing.

Remote deposit is the ability of a bank customer in the United States and Canada to deposit a cheque into a bank account from a remote location, such as an office or home, without having to physically deliver the cheque to the bank. This is typically accomplished by scanning a digital image of a cheque into a computer, then transmitting that image to the bank. The practice became legal in the United States in 2004 when the Check Clearing for the 21st Century Act (or Check 21 Act) took effect, though not all banks have implemented the system.

This service is typically used by businesses, though a remote deposit application for consumers has been developed and has begun to be implemented by a handful of banks.

Remote deposit should not be confused with:

• Direct deposit, which refers to the practice of posting amounts, such as employees’ weekly earnings, directly to their bank accounts.
• Online deposit, which refers to a retail banking service allowing an authorized customer to record a check via a web application and have it posted, then mail in the physical check, giving the customer access to the funds before the check clears in the usual way. While this type of service does not involve a scanner nor take advantage of the Check 21 Act, it is also sometimes called remote deposit.^{[citation needed]}

History[edit]

Remote deposits became legal in the United States in 2004 when the Check Clearing for the 21st Century Act (or Check 21 Act) went into effect. The Act is intended in part to keep the country's financial services operational in the event of a catastrophe that could make rapid long-distance transportation impossible, like the September 11, 2001, attacks. The Check 21 Act makes the digital image of a check legally acceptable for payment purposes, just like a traditional paper check.

Before 2004, if someone deposited a check in an account with one bank, the banks would have to physically exchange the paper check to the bank on which the check is drawn before the money would be credited to the account in the deposit bank. Under Check 21, the deposit bank can simply send an image of the check to the drawing bank. This reduction of the transportation time from total processing life cycle of a check provides a longer time for the corporation to process the checks. Often, this additional processing time allows the corporation to deposit more items at an earlier cutoff time than they otherwise would. In addition, most banks offering Remote Deposit Capture have extended the cutoff times for deposit-8:00 pm, while the deadline for regular paper deposits is 4:00 pm. The practical effect of the law is that checks can still be deposited and cleared, even if a disaster makes it impossible for banks to exchange the physical paper checks with each other.

Mobile deposit[edit]

On July 4, 2009, Element Federal Credit Union (formerly WV United FCU^[1]) became the first financial institution to deploy a smartphone app for its members. Members were already able to submit checks for deposit by using a scanner and secure web portal. USAA in 2009 became the first bank to enable customers to deposit checks with a smartphone. Mobile Deposit allows smart phone users to snap a picture of the check with the phone's camera. The application automatically processes the picture and sends it to the bank for deposit. The customer does not mail in the original check, instead voiding or discarding it.^[2]

According to an industry study conducted in late 2013, only 10% of U.S. banks and credit unions offered mobile deposit, though many more planned to do so.^[3] Some of the largest U.S. banks offer mobile deposit, including Bank of America, Chase, Citibank and Wells Fargo^[4][5][6][7] and some in Canada, RBC,^[8]TD,^[9]CIBC,^[10]Tangerine^[11] offer mobile deposit to retail banking customers.

Implications for businesses and consumers[edit]

A side effect of the Check 21 Act is that, because the digital image of a check is now considered a legal document, bank customers who get paid with a check can scan an image of the check and deposit it into their account from their home or office if their bank supports doing so.

Advocates of Check 21 claim that remote deposit saves time and money because businesses who use it no longer have to send an employee or a courier to take their checks to the bank. Another potential benefit is that it cuts down on paperwork, and therefore reduces the chances of making mistakes or losing checks in the process of depositing them. Bounced checks also show up faster when processed through remote deposit.

Critics, and some advocates, contend that remote deposit — and by extension, the entire Check 21 Act — is an attempt by the banking industry to eliminate 'float,' the standard one- or two-day waiting period between the time someone writes a check and the time the money is actually taken out of their account. Now that checks can be cashed and cleared electronically, it is theoretically possible for a bank to take the money out of a checking account on the same day a check is used in payment. This would make checks behave much like debit cards, making it impossible, for example, to write a check to pay a bill at the grocery store, then rush to the bank to make a deposit so the check doesn't bounce. So far, all banks in the United States still operate with at least a one-day float period.^{[citation needed]}

Cash App Mobile Check Deposit

Use[edit]

Remote deposit use has grown. A June 2009 survey by group Independent Community Bankers of America found that 62% of banks in the United States offered merchant remote deposit, and 78% had plans to adopt the technology by 2011.

Client adoption of remote deposit capture was projected to reach 1 million by 2010, and over 5 million by 2012.^[12]

The banking industry does not keep an official tally of how many businesses use remote deposit nationwide, but, the number is estimated to be in the tens of thousands. Several independent companies such as ProfitStars,^[13]BankServ, Diebold, RDM Corporation and NetDeposit claim to have signed up a few thousand customers, although several major banks have also developed their own systems and may eventually end up handling most remote deposit traffic.^{[citation needed]}

See also[edit]

References[edit]

1. ^WV United Federal Credit Union is First with iPhone-based Remote Check Scan & Deposit Finovate Blog, Jim Bruene Posted on July 12, 2009
2. ^Stellin, Susan (2009-08-10). 'Bank Will Allow Customers to Deposit Checks by iPhone'. The New York Times. pp. B4. Retrieved 14 December 2013.
3. ^Camhi, Jonathan (2014-01-06). 'Celent: Banks Looking to Replace RDC Solutions'. Bank Systems & Technology. Retrieved 8 January 2014.
4. ^'Mobile Check Deposit from Bank of America'. Bank of America. Retrieved 1 February 2014.
5. ^'Chase QuickDeposit'. Chase. Retrieved 1 February 2014.
6. ^'Mobile Check Deposit'. Citibank. Retrieved 1 February 2014.
7. ^'Mobile Check Deposit'. Wells Fargo. Retrieved 1 February 2014.
8. ^'Mobile Cheque Deposit – RBC Royal Bank'. www.rbcroyalbank.com. Retrieved 2015-12-02.
9. ^'TD Mobile Deposit - Electronic Banking TD Canada Trust'. www.tdcanadatrust.com. Retrieved 2015-12-02.
10. ^'CIBC eDeposit – Deposit cheques with your mobile device'. www.cibc.com. Retrieved 2015-12-02.
11. ^'What is Cheque-In™'. Mobile Tangerine.
12. ^Celent's estimates were published on 4 June 2007.
13. ^ProfitStars

• Remote Deposit Capture Comes with Some Risks - A Short Description of Remote Deposit Capture
• RDC Overview Overview of Remote Deposit Capture

External links[edit]

How mobile deposit works

Explore these simple steps to deposit checks in minutes.

Us Bank Mobile Deposit Not Showing Up

1. Download the Wells Fargo Mobile app to your smartphone or tablet.

Us Bank Mobile Deposit Rules

2. Sign on to your account.

3. Select Deposit in the bottom bar. Or, use the Deposit Checks shortcut.

1. Select an account from the Deposit to dropdown. If you have set up a default account, it will already be pre-selected.

2. If you want to create or change your default account, go to the Deposit to dropdown and select the account you want to make your default, then select Make this account my default.

1. Enter the check amount. Your account’s remaining daily and 30-day mobile deposit limit will also display on the screen.

2. Make sure the amount entered matches the amount on your check, and select Continue.

1. Sign the back of your check and write “For Mobile Deposit at Wells Fargo Bank Only” below your signature (or if available, check the box that reads: “Check here if mobile deposit”).

2. Take a photo of the front and back of your endorsed check. You can use the camera button to take the photo. For best results, use these photo tips:

Us Bank Mobile Deposit

• Place check on a dark-colored, plain surface that’s well lit.

• Position camera directly over the check (not angled).

• Fit all 4 corners inside the guides on your mobile device’s screen.

1. Make sure your deposit information is correct, then select Deposit.

2. You’ll get an on-screen confirmation and an email letting you know we’ve received your deposit.

3. After your deposit, write “mobile deposit” and the date on the front of the check. You should keep the check secure for 5 days before tearing it up.

Still have questions?

Mobile deposit is only available through the Wells Fargo Mobile^® app. Deposit limits and other restrictions apply. Some accounts are not eligible for mobile deposit. Availability may be affected by your mobile carrier's coverage area. Your mobile carrier's message and data rates may apply. See Wells Fargo’s Online Access Agreement for other terms, conditions, and limitations.

Us Bank Mobile Deposit Faq

LRC-0620