Deposit Wherever & Whenever

According to a recent Federal study, the use of paper checks have declined 7.1% since 2006 thanks to a 45% growth in electronic payments; but that doesn’t mean we are done with good old-fashioned paper checks that account for 24.5 billion in annual payments.

Odds are no matter how digital you make your life you’ll still receive a few paper checks each year. With this in mind, we found 9 banks that will let you use your iPhone camera to remotely deposit your check, no matter where you are.

If you haven’t used a remote deposit app, it’s quite simple to do. If you can take a picture with your iPhone, you have all the skills you need to deposit a check with the service.

There are numerous banks that have implemented a mobile deposit solution within their mobile banking application; some of the companies are Chase, PNC, Charles Schwab, U.S Bank. If your bank does not yet have Mobile Deposit, then you’re still in luck because PayPal offers mobile deposit within their app.

Using remote deposit is quite easy. You sign the check and then use your iPhone’s camera to take a picture of the front and back of the check. The banking app will make sure you have a quality snapshot and then send it to the bank. Some banks will give you instant access to the funds while others, like PayPal, will make you wait for a little bit for the funds to clear.

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