Some mobile check deposit drawbacks you should know
The mobile check deposit has been available for five years already. It became one of the popular features of mobile banking. While it is fast and easy, some possible drawbacks are coming to the surface as use of the service grows.
The mobile check deposit or remote deposit capture is offered by the majority of largest banks. It allows customers use a mobile app to snap a photo of checks with their phones and deposit the money in their bank accounts.
As the service becomes more and more popular, the importance for customers to compare the terms of mobile deposit services offered by different banks grows. But it is not easy to compare the terms and disclosures because they vary, they are vague and sometimes incomplete.
For example, some banks do not offer immediate availability of funds deposited by mobile device. The banks try this way to control fraud. Another protection against fraud used by banks when consumers use mobile check deposit is the limitation of the amounts you can deposit. It can be difficult to find such information because it is usually given online and not within the app the consumers use to deposit the checks.
However, fraud can still occur with mobile check deposit. One of the reasons is the consumer retains the original paper check and it can be redeposited either by accident or intentionally. Small banks have computer programs running to detect such activity. And so far banks generally consider such activities and losses manageable.
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