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. For an example of the service in action, keep reading.
Banks with iPhone Check Deposit Apps
Chase Bank – The Chase Mobile app allows you to deposit checks with your iPhone or iPod Touch. The app and service are free and the service is available to most Chase customers. There is also a version for Small Business owners.
PNC Bank – In addition to allowing you to manage your money and accounts, the Virtual Wallet by PNC app will let you deposit checks with the iPhone, iPod Touch and iPad 2. If you don’t have a Virtual Wallet Account, use this PNC Mobile banking app instead.
Charles Schwab – If you are a Charles Schwab customer the Schwab Mobile Deposit app will allow you to deposit checks into your brokerage or bank account with two snaps of your iPhone camera. To gain access to the service you need to apply for enrollment.
USAA Bank – USAA Deposit@Home was the first bank to enter the remote check deposit by iPhone arena and delivers a very easy to use service with instant access to funds. Unfortunately you have to be a member of the insurance programs to gain access to remote deposit, which means you need to be a member of the military.
State Farm Bank – If you have a State Farm bank account and insurance account you can use the State Farm Pocket Agent app to make a remote deposit with your iPhone.
Digital Federal Credit Union – The DCU credit union is one a of a growing number of credit unions with iPhone remote deposit apps. The DCU Mobile PC Branch allows you to remotely deposit checks and manage your account.
Randolph Brooks Federal Credit Union – If you are a member of the RBFCU, grab the RBFCU Mobile app for the iPhone to make deposits today. Teh service is free, though there are some limitations on daily and monthly deposits.
WV United FCU – WV United Credit Union members can use the iDeposit app to make a deposit on the go. According to the app makers they want to add more functionality to meet user requests. From the app description, “We’ve had several requests to allow cash deposits via your iPhone. As soon as the technology becomes available, we’ll get right on that one!”
If you don’t bank at one of these banks, get a free PayPal account and link to your bank account. The PayPal iPhone app lets you use your iPhone to deposit checks to the PayPal account and after it is deposited, you can transfer it to your local bank. This may add a week to the time the funds arrive at your local bank, but if it is a small check or if it would take you a few days anyway this is a great option for all iPhone, iPod Touch and iPad 2 owners.
How Does Remote Deposit Work?
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 the funds to clear.
It is important that you hang on to the check until you receive a notification that the check has cleared and funds are available, just in case something is wrong.
How Much Does it Cost to Deposit a Check with a iPhone?
For all of these apps there is no additional charge for remotely depositing your check with the iPhone, iPod Touch or iPad 2. There are some banks which you must apply for the feature, but the application process is free.