Technology is certainly making life simpler for a lot of people who can barely keep up with their daily schedules. As a result of many technological successes in the banking industry, there are even more ways to add convenience to your life. One of the trends currently growing in popularity is the ability to deposit checks through mobile phone applications offered by multiple financial institutions. Back in 2009, USAA Bank was the first to introduce this consumer capability and many others have followed.
Credit Unions Have an App for That
With nearly half the population of the country in possession of smartphones, there is a growing demand for mobile check deposit capabilities. While many of the nation’s largest banks offer this service, a growing number of credit unions have also welcomed the feature to its lineup of services.
Here is a list of credit unions on a national basis that are now offering mobile check deposit services for their customers:
Digital Credit Union – Digital Credit Union is the largest credit union in Massachusetts and ranks as the 21st largest in the country.
First Technology Federal Credit Union – First Technology Federal Credit Union is the fifth-largest credit union located in the state of California. It ranks as the 12th largest in the country.
Golden 1 Credit Union – Golden 1 Credit Union is located in California and is the second-largest credit union in that state. It is also ranked as the seventh-largest credit union in the country.
Alliant Credit Union – Alliant Credit Union is based in Chicago, and is the largest credit union in Illinois. It also ranks as the sixth-largest in the country.
Mountain America Credit Union – Mountain America Credit Union is based in West Jordan, Utah, where it stands as the second-largest credit union in the state. It ranks nationally at 36.
Understanding Mobile Check Deposits
The technology that allows users to deposit checks through their phones is rather simple. You endorse the paper check as you normally would with your signature on the back. You must then employ your phone’s camera to take a photo of both the front and the back of the check you would like to deposit. Each credit union or bank will have its own mobile application based on your phone’s operating system that will decipher the clarity of your pictures. You will be able to send the photo through the mobile application on your phone to your credit union.
Each credit union will have different protocols and requirements for mobile check deposits. If you are interested in using this type of service, be sure you have the right technology and a clear understanding of how the service works. Some credit unions will allow the money deposited through mobile applications to be withdrawn immediately, while others may require a waiting period for the check to clear the bank. Be sure to ask about any fees associated with this service. You will also want to know what, if any, limitations are placed on your ability to deposit checks through the mobile application. There are credit unions that only allow a certain number of checks to be processed through your phone app during a month’s time period.
Anyone who uses the mobile check deposit applications is strongly advised to keep the paper check until you have confirmed the money has been added to your account. Things can go wrong with technology, so it is always best to err on the side of caution. If the photograph of your check is not clear enough or there are other issues, you can always deposit the check the traditional way.
The applications used through the smartphone technologies features the same security as credit unions use on their online banking system, but there are still risks involved linking your banking information to your mobile phone. Primarily, losing your phone and allowing others access to your personal information is one of the biggest concerns. However going to the local credit union branch office with paper checks also puts you at risk for loss.
Another issue of concern for users is the reliability of the technology. Each credit union will have a different method for mobile check deposits. If you utilize the technology and the funds are not deposited into your account properly there may be additional delays in the ability to access your money. This risk is also associated with non-mobile banking though, so all account holders should be diligent about monitoring account activity and ensuring each deposit they make is handled correctly.