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bank deposit

See mobile check deposit.

mobile check deposit

Using the camera in a phone to deposit a check in a bank. An app in the phone takes a picture of the front and back of the check, and both images, along with the dollar value, are transmitted to the bank. Nothing is stored in the phone. Initially created for commercial customers in 2004 in the U.S. and known as "remote deposit capture" (RDC), banks began offering the service to individual account holders starting in 2012.

The Amounts Are Not Unlimited
In order to limit a bank's liability if someone makes a mobile deposit in one bank and physically deposits or cashes the check in another bank, there are maximum mobile deposit amounts. The limits are generally from USD $1,000 to $2,000 per day and from $3,000 to $5,000 per month. See mobile payments service, online banking and virtual bank.

A New High-Tech Benefit
For customers who want to quickly deposit their checks, this is a great convenience.

Personal Use Only

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