With the advancement in technology, banking has been made easier for everyone. You do not have to endure long queues waiting to deposit a check. After a long day at work or doing business, the last thing you want to do is wait for a while in a bank so that you can deposit your check.
You can now comfortably use your mobile device from anywhere you are to deposit your check. You can also do several other bank transactions online. With a few easy steps, you will be able to deposit a check. You can also keep a record so that you can easily manage your account or accounts. Most people will ask how long does a mobile deposit take, it is a clear process that will take a few minutes to complete.
What Is Mobile Deposit
A mobile deposit is an easy way to deposit a check without going to a physical bank location. This process is done online, and you can deposit your check to your account using your smart mobile device. You can put the money into your account and then transfer it to different accounts as you wish. This process is done virtually from anywhere you are with the use of a data connection or Wi-Fi.
The Process Of Depositing A Check Online
When you want to deposit a check online through mobile deposit, there are a few steps you will need to follow. Here are the processes you will follow to ensure you successfully deposit your check:
- Download the bank app from the play store or app store. Ensure that you download the app that your bank uses because you will need to use it to deposit to your account.
- Sign in to the app and then fill in the information you are requested by the bank. Ensure you give the correct information because the bank will verify the information. After the bank verifies the information you have given, you can now access your account anytime you want.
- Once you get the check, open the app and select the deposit part at the bottom of the bar.
- Choose the account that you want to use when you are depositing the check. This is because you might have different accounts with the same bank. You need to ensure that you choose the proper account that you want the money deposited to.
- Enter the amount of the check on the app. Ensure that the amount you have placed is the same as the one on the check.
- Sign the back of your check and write the words ‘for deposit only’ below your signature. You can also check if there is a box that you need to check if it is for deposit only. When you are writing the words, you can also include the name of your bank.
- Take a clear photo of the front and the back of the check after you endorse it. here are some guidelines to take the best photo of the check:
- Place the check on a well-lit place on a flat surface. You can place it on a dark-colored surface.
- Make sure all the four corners of the check are in the picture before you take the photo.
- Position the camera directly above the check and take the photo. Do not angle the camera so that you can take a clear photo.
- Confirm that all the information that you have provided is correct so that the check is not rejected by the bank.
- Submit the deposit after you upload the photo you have taken to the app.
After you are done with this process, you will need to wait to get a confirmation message on your mobile device after the successful deposit. Some banks will also send a confirmation message to the email address you provided when opening the account.
You will have to wait for a few days to get the money after the check is deposited. This is usually determined by the type of check and also the type of account and bank that you have. The process is faster and easier than when you go to deposit the check in a physical location.
After the cash is available in your account, you can transfer or send the money whenever you want. Do you no longer need to ask how long does a mobile deposit take? if you follow the process correctly.
Ensure that you keep the check for at least 5 days after doing the deposit before you destroy it. This is because you might need it in case there is a problem with the mobile deposit. The time will allow the bank enough time to clear the check and request the original check, in case they need it for some reason.
The Types Of Checks You Can Deposit Using Mobile Deposit
It is important to inquire from the bank which checks they allow and which ones cannot be deposited through mobile deposit. When you are depositing a check, you should ensure that it is payable in US dollars and drawn at any US-based bank. This check can be personal, government check, business check and it should be endorsed by the account holder. This means that the account holder must sign the check before you can deposit it to the account.
In most banks, you will be able to do a mobile deposit if you have the following:
- International check
- A savings bond
- Postal money order
- Electronically created check either in paper or electronic form
- Convenience check
- Duplicate check
- Non-American express travel check
- A check that is not machine-readable
If you are not sure about the check you are depositing, you should contact the bank first before you do a mobile deposit. There is usually a customer care number, email address, or any other form of communication so that you can confirm if the check will be allowed.
The most important part is that the check should be clear. Use a dark pen so that anything you are writing including your account number can be seen well. If you make a mistake on the check and you have to cross it out, ensure that you counter-sign it so that the bank knows that you are the one who did the correction.
When Will The Money Be Available After The Deposit
After you make a successful deposit, you will get the money typically the next day. You only need to ensure that you deposit the check on time. For example, you should deposit before 8 or 9 pm so that you can get the money on the next working day. This is different if it is a holiday or a weekend. The banks usually process the checks on business days so the money will be available the day after.
- If you deposit on a Monday by 9 pm or the time set by the bank, you will get the cash on Tuesday.
- If you deposit the cash on a Friday before the close of business, you will get the cash on Saturday.
- A deposit made on Saturday or Sunday will be available on Tuesday
Some checks might take a little longer to process so you may need to wait a few days to get the money. If there is a delay, the bank will typically notify you and give you the reasons for the delay. They will also inform you when you will get the money or what you need to do if there is a problem with the check.
If you still do not have the information about the check, you can check the account status on the app. You can see the amount available if the check has already been processed.
Facts About Mobile Deposit
Before you use a mobile deposit to deposit your check, there are some facts that you need to know about the process. The following are some of the things you should know about mobile deposits:
You Will Receive Notifications
You will receive notification if the check is on hold and when the money will be available. Most banks will give you details of how much is on hold and when it will be available. They will provide the reasons why the money is being held to see if you can resolve it or you need to wait it out. Some reasons for holding the check might be:
- You have reached the limit you can deposit using the mobile app
- The check is not eligible for mobile deposit
- The amount you entered when depositing does not match the amount on the check
- You did not endorse the check
- There is a mistake on the check, like with the signature or any other thing.
- The account number does not match the one on the check
Ensure that you check the notification so that you know when your money will be available. You can also solve any issue with the bank if there is a need so that you can receive the money.
There Are Deposit Limits
The bank will place a limit on how much you can deposit every month. This means that you need to check the type of account and how much you will need to deposit every month. If you are in business, you might need a higher limit and, therefore, you should apply for a business account that will allow this type of deposit.
The Process is Secure
You must do all you can to keep your account safe. The banks already have advanced encryption and security technology they use to ensure that fraudsters do not easily get to your account. You should do the following to enhance security:
- Do not store your password in your phone or write it in a conspicuous place
- Always log out after you use the mobile app
- Do not store the check photos on your mobile phone
- Use nicknames to view your accounts instead of account numbers
There Might Be Other Fees
Most of the banks will not charge you to deposit the check. However, you should check the fees you might pay when transferring, sending, or withdrawing the money. The apps are also free, but you need to know that you will need to pay for data connection when using the app for different transactions.
It Encourages Flexibility
Using a mobile deposit gives you the flexibility you need when you are banking. You can easily manage your finances and accounts from anywhere you are. You do not need to get to the bank when you need a deposit. If you are an entrepreneur, you can access your money whenever you need it and deposit checks faster from your premises.
You Must Endorse The Check
Even with a mobile deposit, you still need to endorse the check. You should sign the back of the check and check the mobile deposit box before you upload it to the app. Under the signature, you need to write, for deposit only so that the process is smooth.
You Should Keep The Real Check
Even after you deposit the check using a mobile deposit, you need to hold on to the paper check. This will help you if there is a problem with the check. After a few days, you can confirm that the funds are properly deposited into your account, and then you can shred it. You can keep the check for 5 to 7 days as you wait. If there is a problem, the bank will ask for the check, and you will need to provide it to them.
Conclusion
If you have been asking how long does mobile deposit take? You now know the answer. You need to know that just because you are using a mobile deposit does not mean that check might not bounce. This is why you need to keep the check even after your deposit for a few days if there is an issue. You only need a phone with a clear camera and data connection to complete the transaction. You do not have to go to the physical location of the bank to do this.