Schwab Talk Blog

Money

Welcome to the Future: Depositing Checks from your Smartphone

By Mike Cianfrocca | Jun 24, 2011
 
 

A few days ago, I deposited my first check by taking a picture of it with my iPhone® using the Schwab app for iPhone. I am not always an early adopter of technology – in fact my first iPhone was actually a second generation hand-me-down from my wife, and I was probably one of the last commuters on my bus to still be using a portable CD player. But I have to say that mobile check deposit is a really easy, convenient way to deposit money. It only took a few minutes and saved me a trip to the mailbox.

For all you early (or late) technology adopters out there, I thought I’d pass along a few helpful hints to help make your mobile check deposit experience a smooth one.

1. Put the check on a flat, dark background and make sure the entire check, including all the bank routing numbers along the bottom, is inside the blue box that appears on the screen when you take the photo.

2. Remember to endorse the check before you take the photo of the back of the check.

3. Make sure there are no shadows on the check and it isn’t wrinkled. You can avoid shadows by making sure you have bright, ambient light (steer clear of side lamps or overhead lamps) and by taking the photo at a slight angle to the check rather than directly above it.

4. Make sure you have good cell coverage throughout the process of depositing your check.

Also, since you aren’t actually giving the physical check to Schwab, you might wonder what you should do with the check once you have remotely deposited it. On the top half of the face of the check, clearly write “ELECTRONICALLY PRESENTED” right after you receive confirmation that the check has posted to your account. Make sure to review your deposit transactions online or on the ‘Deposit Status’ tab of your mobile phone so you know when the check has posted to your account. Keep your checks for 14 days after the checks are posted to your account, and then securely destroy them.

Here are some more guidelines and tips on mobile check deposit including helpful videos.

By the way, my portable CD player is officially collecting dust somewhere, and I now commute with an iPhone, iPad®, iPod classic® and Blackberry®. Now I just need an extra hand.


iPhone, iPad and iPod classic are registered trademark of Apple Inc.

Mobile Deposit is subject to limitations and other conditions. Certain criteria apply and approval is not guaranteed. Please note that Schwab Mobile Deposit is not available for initial account funding.

System availability and response times are subject to market conditions and mobile connection limitations.

BlackBerry is the property of Research In Motion Limited and is registered and/or used in the U.S. and countries around the world. Used under license from Research In Motion Limited.

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Please Note: By posting content to the Schwab Talk blog, you acknowledge that you are over the age of 13 and agree to allow The Charles Schwab Corporation to publish, display and/or exhibit all or part of the submitted comment, along with your first name, in connection with this blog or for any other lawful purpose. You also agree to indemnify and hold Charles Schwab harmless against all liabilities, losses, claims and expenses arising from your posting of materials on this blog. Third-party posts do not necessarily reflect the views of The Charles Schwab Corporation, its subsidiaries or its affiliates. The company may, in its sole discretion, reject comments for any reason deemed appropriate.

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