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All You Need to Know about Remote Deposit

10/23/2019

All You Need to Know about Remote Deposit

In a world where you can order almost anything through your mobile phone — from a new pair of shoes to a dining room table to tickets to a Caribbean cruise — it only makes sense that floridacentral Credit Union offers mobile banking services for our members. You can now check your account balance and transfer funds between accounts, all from the comfort of your home or while on the road.

One of the most convenient features we offer through our mobile banking service is floridacentral Credit Union Remote Deposit. There’s no need to squeeze a trip down to floridacentral into your already busy schedule. All it takes to deposit a check is a few minutes of your time, floridacentral’s mobile app, and a phone that has internet access.

Remote deposits first made their appearance in the banking world back in 2003 with the passing of the Check 21 Act. This law afforded scanned images of checks identical legal standing as the original paper documents. While the law was passed with the intention of speeding up the check-clearing process between financial institutions, the concept was quickly adapted by large businesses that were handling loads of checks each month. In 2009, when smartphones were already being used by most consumers, financial institutions began offering remote deposit and mobile deposits to their members.

floridacentral is proud offer this service to make our members’ banking a little easier and a lot more convenient.

Let’s take a closer look at remote deposit and mobile deposits.

What is remote deposit?

Just like it sounds, remote deposit is a way for you to deposit a check into your floridacentral Checking account from a distant location using your smartphone or another mobile device that has internet access. You can be practically anywhere in the world and make your deposit at any time of day or night.

The process is remarkably simple: You’ll sign into your floridacentral mobile app and prepare your check for deposit. Tap the Deposit Check icon and your phone will guide you through snapping a picture of both the front and the back of the check. You’ll also be asked to verify the amount on the check. Once you’ve made that confirmation, your check will be submitted to be deposited into your account.

It’s that easy.

The benefits of remote deposit

It’s not just another errand crossed off your list. Here are some of the benefits you’ll enjoy by using floridacentral Remote Deposit:

  1. Convenience.You’re no longer bound by regular business hours. As mentioned, you can now make your deposit anywhere, and at any time.
  2. Accuracy.There’s no room for errors when it comes to remote deposit. You’ll be asked to confirm the check amount in case the character-recognition software is not reading it correctly.

Some facts you may not know about remote deposit

  1. Deposit limits.For your safety, most financial institutions put a cap on how much you can deposit in one go. At floridacentral, the maximum amount you can remotely deposit at one time is $1,000.
  2. Bounced checks.Just like a confirmed check deposit can end up bouncing several days later, if we are unable to collect the funds, a mobile deposit can also be returned for the same reason.

But is it safe?

If you’re worried about sending a personal check through the airwaves, you can rest easy. Your safety is always our priority, and we take multiple precautions for ensuring your personal information is protected throughout the remote deposit process.

First, no one can sign into your floridacentral mobile account without yout biometrics, or user ID and password. Always make sure to use strong, unique passwords and never allow your phone to “remember” the PINs and passwords to your floridacentral account.

Second, our mobile app does not store your check images in your phone. As soon as your check has been submitted, the image will be erased from your phone and stored only in our own software. There’s no need to worry about someone picking up your phone and helping themselves to your check.

Finally, as mentioned, if an error occurs with your check deposit, you’ll always have the physical check to deposit if necessary.

If you haven’t already done so, try floridacentral’s Remote/Mobile Deposit. It’s quick. It’s easy. And it’s safe. You’ve got nothing to lose but one more errand crossed off your to-do list. Try it today!

Sources:

thebalance.com

bankrate.com

digitalcheck.com

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