Depositing Clients' Cheques Using Mobile App

[allanc]

Is anyone using a Mobile App to deposit their clients' cheques?
All pros / cons and tips / traps are appreciated.

Thank you in advance.

 

[britechguy]

I've used my bank's mobile banking app to deposit any check that lands in my hands for somewhere around 5 years now. I had one issue, with one check, where the photo did not come out clearly enough for them to approve the deposit. So now I do hold all the check originals until I get the message back that a given deposit was approved. Then, and only then, do they go into the shredder for paper recycling.

I love mobile banking, and would not want to go back strictly to in-person or by mail.

 

[Markverhyden]

After switching banks, both personal and business, 3 year ago I got mobile app deposit. Absolutely love it since going to a bank ATM can be a pain.

 

[HCHTech]

So now I do hold all the check originals until I get the message back that a given deposit was approved.

How many checks to you get in a month? I ask because this extra tracking just to make sure that the bank accepted each check is what has kept me from doing this. We probably process at least 200 checks in a month - so that seems like too much of a headache for me. Option #2, those USB check scanners would solve the problem, if only the bank would stop using them as a profit center. I'm not paying $50/mo just to make their jobs easier - haha. For us, we still make daily trips to the bank for deposits.

 

[timeshifter]

I'm not paying $50/mo just to make their jobs easier - haha. For us, we still make daily trips to the bank for deposits.

I pay $50 a month for the privilege of doing the teller's job . It's worth it to me. I can make deposits up until 11:00 PM and they count for that business day. Been doing that for a couple of years.

I'd consider mobile banking again, but when I thought about it years ago I think the daily limit was $2,500. And I'm not sure the funds availability was as good. Finally, as a one man business I don't have as many checks as @HCHTech but using a mobile app would be a lot more cumbersome than putting a stack in the Panini check scanner and letting it fly.

I've briefly thought about switching banks. I've got the $50 per month for scanning checks and they just added a $15 a month fee if my balance dips below a certain amount.

 

[allanc]

I pay $50 a month for the privilege of doing the teller's job . It's worth it to me. I can make deposits up until 11:00 PM and they count for that business day. Been doing that for a couple of years.

I'd consider mobile banking again, but when I thought about it years ago I think the daily limit was $2,500. And I'm not sure the funds availability was as good. Finally, as a one man business I don't have as many checks as @HCHTech but using a mobile app would be a lot more cumbersome than putting a stack in the Panini check scanner and letting it fly.

I've briefly thought about switching banks. I've got the $50 per month for scanning checks and they just added a $15 a month fee if my balance dips below a certain amount.

Who remembers getting Interest on their business chequing accounts?

 

[allanc]

I pay $50 a month for the privilege of doing the teller's job . It's worth it to me. I can make deposits up until 11:00 PM and they count for that business day. Been doing that for a couple of years.

I'd consider mobile banking again, but when I thought about it years ago I think the daily limit was $2,500. And I'm not sure the funds availability was as good. Finally, as a one man business I don't have as many checks as @HCHTech but using a mobile app would be a lot more cumbersome than putting a stack in the Panini check scanner and letting it fly.

I've briefly thought about switching banks. I've got the $50 per month for scanning checks and they just added a $15 a month fee if my balance dips below a certain amount.

I think that I had better read the very small font to see if there are daily limits!

 

[Markverhyden]

I have yet to have a problem with a check I've scanned. Over 3 years maybe 60 checks. Both personal and business.

 

[Markverhyden]

Who remembers getting Interest on their business chequing accounts?

LOL!!! Now a days you have to keep a high balance to keep from being charged fees.

 

[britechguy]

I certainly don't get 200 checks/month, but even if I did, that's not all that many per day. I always have confirmation of acceptance of individual check deposits within 24 hours, most often much faster than that if it's during the business day. As soon as that comes in the check goes into the shredder.

Now, mind you, the check could, at least in theory, still bounce, but that's a completely separate issue. I really don't know why there is even such a thing as a delay on a check either cashing or bouncing since virtually everything is EFT/ACH behind the scenes. The financial institutions should know, at the moment of attempted deposit, whether the funds are available or not.

But, like @Markverhyden, I've had as close to zero issues as one can have over the years depositing checks via mobile banking. I've actually had more difficulty with certain devices and their cameras (as in they want to stay portrait when I want landscape) in the mobile banking app than I ever had with the checks themselves.

But I will agree, depending on your check volume, that mobile banking could prove to be impractical. I certainly wouldn't want to be using it were I receiving a thousand (or even five-hundred) checks per month. Thinking about how 200 spreads out over a typical month, that would probably be my limit.

 

[allanc]

I just re-read the instructions on my bank's website regarding mobile deposits.
The instructions for the back of the cheque are:
- Sign
- Print 'For Deposit only'
- Include the account #

However, I use a stamp from Staples that includes:
- 'Deposit only to the credit of'
- Company name
- The last line has 4 segments with some text and hyphens embedded with the account #

Should I worry?

 

[rsarceno]

I also use my Bank apps to deposit.
I haven't visited the inside of the bank for over 4 or 5 yrs.
Last ATM deposit was approx. 2 yrs ago because some check with hologram fails during scan.

Approx. 2 yrs ago, I was using Android phones.
Bank deposit / scan works but you you sometimes have to do it several tries.
Since I switch t iPhone 11 scan deposit works on first try.
Checks with hologram also works on first try.

 

[britechguy]

Should I worry?

Unless the bank were to complain, then no. The big deal is having some form of the "For Deposit Only" specification along with the account number.

 

[allanc]

Unless the bank were to complain, then no. The big deal is having some form of the "For Deposit Only" specification along with the account number.

I think I will try a deposit of one smallish cheque and then wait a couple of days for 'feedback' from the bank.

 

[nlinecomputers]

I think I will try a deposit of one smallish cheque and then wait a couple of days for 'feedback' from the bank.

Most bank apps can tell if the check is properly franked when it is scanned. If your information is wrong it usually will reject the check in the app. I had a check that would not work and I had to take to the bank.

 

[glricht]

I've been doing deposits (both business and personal checks) via my bank's phone app for over a year. When I got started, I had a stamp made that said "Pay to the order of [your bank name and address]. For Deposit Only, [business name], [my account number at the bank]".
Now, I just stamp the back of the check and then do the deposit. Haven't had a single problem. Easy Peasy!

p.s. About a month ago, one of my senior citizen customers actually wrote a check to "My PC Repair Man"!
Didn't catch it until I was doing the deposit back at the office. The bank never blinked and deposited the check!

 

[mikeroq]

p.s. About a month ago, one of my senior citizen customers actually wrote a check to "My PC Repair Man"!
Didn't catch it until I was doing the deposit back at the office. The bank never blinked and deposited the check!

C&G web enterprises dba My PC Repair Man

 

[sjeterone]

Is anyone using a Mobile App to deposit their clients' cheques?
All pros / cons and tips / traps are appreciated.

Thank you in advance.

Mobile checks mean I don't have to make it to bank. Also, the transaction takes minutes. Love it!

 

[VISA MC]

I use the banks mobile app. I have a $20,000 daily deposit limit.

I looked at the USB scanners and at first I looked at it as though I’m paying to make their job easier too. When I’m reality I’m paying to not have to go to the bank. It’s 45 minutes from my office and with gas prices today… well you know the rest of the story.

 

[HCHTech]

When I’m reality I’m paying to not have to go to the bank.

Yeah, if that had more value for me, then I'd probably give in. The bank is 5 minutes away and it's not me that makes the trip unless I just want to get out of the office for a change of scenery. If they would SELL me the scanner so it was a fixed cost, I would do it - but no, $50/month forever.