Daily Dupaco

Thursday, September 25, 2014

Mobile deposit: Quite literally, a snap

When it comes to easy online banking, Dupaco Community Credit Union has an app for that.

But while Dupaco’s Mobile Deposit tool has exploded in popularity, some still might be a little apprehensive about trying out this brave new world of electronic depositing. Todd Link, online and mobile banking

No worries, says Todd Link, vice president of remote services at Dupaco. The process is safe, secure and easy. Using Dupaco’s app, members simply snap a photo of the front and back of a properly endorsed check.

“The big savings is time – it’s the thing we can’t purchase with money,” Link says. “You can literally deposit an item in less than a minute from start to finish.”

More than 75 million U.S. consumers use their smart phones for mobile banking, according to a story in the September issue of Consumer Reports. But only 38 percent have tried depositing checks by cell phone in the past year, the publication stated, citing the most recent Federal Reserve survey.

“We have a core group of very loyal users who love the product,” Link says of the Mobile Deposit tool. “It’s been our experience that once members use the product they continue to use it.”

If you’re new to the snap-and-deposit process, here are three tips to keep in mind:

  • Avoid making a duplicate deposit. Endorse the back of your paper check with your name, and write, in all caps, “FOR MOBILE DEPOSIT.” Once it’s been deposited, date and mark it as deposited so that you or your spouse don’t accidentally deposit the check again. “In the time we’ve had it, accidental duplicate deposits have been very, very rare,” Link says. “Members have done a great job utilizing the service.”
  • Hang onto that check. Once your mobile deposit has been posted to your account, keep the check for 14 days. It gives both financial institutions time to address any issues.
  • Then, destroy it. Once you know the check has cleared and you’ve passed that two-week window, use a cross-cut shredder to destroy the check.

For more information, read these frequently asked questions about Dupaco’s Mobile Deposit.


By Emily Kittle

 

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