Customers have the option of processing check deposits online as money becomes increasingly digital, with internet-only banks and apps that allow money transfers in a few clicks on a smartphone. Many banks now allow you to deposit checks from the comfort of your own home via online or mobile deposit. You can avoid going to the bank by depositing checks this way. Though each bank’s policies differ, the process is pretty consistent. To this end, we have made this post to highlight how to deposit check online. Come along!
What is an Online Check Deposit?
Online check deposit is a service that allows you to save more time by processing checks virtually, regardless of where you are or what time it is. You can deposit it without going to the bank by following a few simple steps. This can save you time while allowing you to cross something off your to-do list. This digital transaction is sometimes referred to as “remote deposit capture” in the financial sector.
Not only is this a simple procedure, but it is also secure. Even so, you must always ensure the banking software you’re using to make an online check deposit is from a trusted source. Otherwise, you put yourself at risk of becoming a victim of identity theft. Typically, you can find directions to your bank’s app directly on their webpage.
Benefits of Check Depositing Online
The following are some of the merits of an online check deposit:
Greater Flexibility: Unlike a standard remote scanner, an online check deposit gives you the option of not having the service connected to a single workstation. Furthermore, most banks provide this service at no additional charge.
Small businesses benefit: Businesses with a limited volume of check deposits can save a lot of money using online check deposit solutions for large volume accounts. To avoid a re-deposit fee for a bounced check, evaluate the checks that have previously been scanned.
Accessibility: When you use an online check deposit, your checks are captured and saved in an online database, allowing you to easily retrieve past deposits for reference and accounting needs.
Funds availability: With an online check deposit, you’ll have access to your funds considerably faster than with a traditional deposit.
Efficiency: Having your checks deposited virtually increases your operational efficiency because you won’t have to make daily journeys to a local brick-and-mortar bank. Scanning and depositing can be done from the convenience of your own office.
How to Deposit Check Online
You can deposit a check online by completing these steps:
Check with your bank for confirmation.
Check to see whether your bank has an online deposit option. Although most national banks provide this service, some local institutions do not. On your bank’s webpage, you should be able to obtain information on this feature. Some financial firms only allow clients with business checking accounts or high minimum balance requirements to use remote check deposit capture.
Check with your bank to see what they require. Before you may utilize this feature, other banks may ask you to pass certain credit checks.
Get a smartphone
Get a good phone and examine its specifications. Unfortunately, not every bank or operating system is compatible with every phone. Apple and Android phones are the most widely supported operating systems. Ensure your phone is supported by checking with your bank.
Sign up for the program
You will very certainly need to join the program to deposit a check, just as you would for an online deposit. If you enlist in one, you are almost always enrolled in the other. You must download the mobile app to your phone even if you do not need to enroll in the program. By searching for your bank’s name on the app store, you should be able to discover it.
Sign the check
Sign your name on the back of the check. Depending on the bank, you may also need to include your bank account number or member number. Check with your bank to see what they require. Make sure your endorsement is written in the space provided on the back of the check.
Go to your account and log in
On your phone, open the mobile banking app. Log in to your account after it is opened.
Locate a mobile deposit location
Many options will be available in your mobile banking account, including the ability to examine your bank accounts. First, locate the location where you can make mobile deposits. It should be on the home screen, although it might alternatively be beneath a title like “Tools” or “Deposits.”
You can take images of the check with your phone. Take images of the front and backside of the check by following the instructions on the screen. Typically, the app will ask you to accept the front image before proceeding on to the rear, which means you may have to snap each picture multiple times to get it right.
As long as the check is on a dark background, some applications will immediately identify it. Attempt to catch the entire check and align it as squarely as possible.
Confirm or enter the amount
Some banks will want you to fill in the check amount. Others will ask you to confirm the amount taken from the check by the software. For example, to ensure they’re the same size.
Make a check payment
Submit the check once you’ve double-checked the images and the amount. You may have to wait for the check to be reviewed. Other banks will immediately deposit the funds. Find out what your bank’s policy is by contacting them.
Check your e-mail for confirmation that your check has been deposited. Check your account for the deposit if you don’t receive notification within a day or two. If it isn’t there, contact your bank.
Make the check null and void
According to your bank’s policy, when you get proof that the check has been deposited, mark it “void” or “processed.” Most banks will need you to store the check for a specific period, such as five days.
Frequently Asked Questions
Can I deposit a check online?
Yes. Institutions often allow consumers to upload an image of a check using a mobile app rather than using an ATM or a bank teller for deposits.
Is it possible to deposit a check by e-mail on your phone?
Yes. You can deposit a check over e-mail, as companies have created a variety of digital check services that allow you to send someone a check with just their e-mail account, and they can deposit it online or print it off right away. It would help if you used online checks by e-mail rather than keeping a deck of paper checks on hand and paying for seals and postage.
Can I deposit a check into someone else’s account online?
Yes. Transfers are simple with digital banking apps. You can make deposits into someone else’s bank account using various methods as long as you get their consent.
After an internet deposit, how long should you retain a check?
On the face of your check, put “Mobile deposit” and the date after you’ve completed your mobile deposit. Please keep it in a secure location for at least five days before destroying it. If the original check is needed for any reason, five days should suffice.
How long does it take for an internet deposit check to clear?
It could take a little longer for your cash to become available after you deposit a check online, depending on what time of day you made the transaction—online check deposits to at least one major bank done after 6 p.m. Pacific time on business days, for example, cannot be used for two business days.
Is it possible to deposit a third-party check online?
No. Unfortunately, most banks do not allow third-party check deposits online. However, you can attempt a mobile or ATM deposit and see if the check clears. Just make sure the check isn’t cashed before the deposit is completed. Bank of America, for example, does not accept third-party check entries online.
What is the procedure for endorsing a check for an online deposit?
Due to the new banking law, all checks deposited through an online platform must have the phrase “For online Deposit Only” penned below your authorization in the endorsement space on the back of the check. Otherwise, the deposit may get a denial.
Why isn’t it possible for me to deposit my check online?
You neglected to sign the back of your check, which is the most typical reason for your online check deposit not working. Ensure you’re always authorizing your check before taking a picture. You won’t have to restart the process if you do it this way.
In conclusion, an online check deposit comes with diverse merits. And if you desire more help in this regard, the tips on how to deposit check online will aid you immensely.
I am Lavinia by name and a financial expert with having a degree in finance from the University of Chicago. In my blog, I help people to educate by making wise choices regarding personal investment, basic banking, credit and debit card, business education, real estate, insurance, expenditures, etc.