The biggest bank in Tennessee rolls out a friendly feature for its mobile banking iPhone app.
First Tennessee Bank updated its iPhone app with the ability to deposit checks remotely.
With the feature, customers can deposit a check remotely by taking photos of the front and back sides of the endorsed paper check — cutting out the need to visit a teller or ATM to perform a similar transaction.
One reviewer writes in the Apple App Store: “The new feature that allows me to deposit a check is so nice. It is very easy to use. Being able to do this from my phone allows me to check going to the bank off my to-do list faster.”
Each check that is deposited with the mobile deposit feature will incur a $0.99 fee. For a limited period of time, this fee will be waived. First Tennessee customers with Premier Checking or Managed Asset Portfolio accounts will not be charged this fee.
According to a First Tennessee customer service representative, the deposit limits for this feature are $1,000 per transaction and $3,000 in total over a rolling 30-day period. Many banks impose such mobile deposit limits for security reasons. For checks exceeding this limits, customers must visit a First Tennessee Bank branch or ATM.
Banks Expand Mobility
First Tennessee Bank is the largest bank in the state of Tennessee by market share with 180 locations and approximately 471,000 customer relationships.
With under $16 billion in deposits, it is smaller than many other banks, such as Chase, U.S. Bank, and USAA, that offer the same feature on their mobile apps.
However, consumers would commend First Tennessee Bank for being able to offer such a highly demanded feature before financial giants such as Bank of America, Wells Fargo, and Citibank.
The mobile deposit feature is currently only available on the iPhone version of the First Tennessee Bank app. The feature will be arriving on the bank’s Android app in the future.