You must endorse your check as follows: 'For Mobile Deposit Only' and your signature. When will the funds be deposited and available within my account? Funds will be deposited into your account within two (2) business days and will follow GSCU's regular funds availability schedule.

1. For Mobile Deposit Only Stamp
2. For Mobile Deposit Only Regulation

While paper checks aren’t as common as they once were, it’s likely you still receive one occasionally, whether it’s a rebate from a product you purchased or a holiday gift from a relative.

However common or rare these instances are for you, PSECU’s free mobile deposit feature makes it easier than ever to deposit checks anytime, anywhere using the PSECU Mobile App.

When you use PSECU’s Mobile App, there’s no need to run to an ATM or branch to deposit a check. You can deposit single checks directly to your checking account in a few simple steps by snapping a photo of the front and back of the check with your device. Access to these funds are subject to our Funds Availability Policy.

Get Started Using Mobile Deposit

1. Deposit your check through the PNC Mobile app 1, at a PNC DepositEasy­ ATM 4 or with a teller. Choose standard funds availability or PNC Express Funds. Acknowledge fee if using PNC Express Funds. Use your money for withdrawals and purchases immediately 5.
2. Write: “For Deposit Only to Account Number XXXXXXXXXX” Sign your name below that, but still within the endorsement area of the check. Some banks will require you to add “Mobile Deposit” to the endorsement when you deposit a check using your phone. Some banks will accept other endorsement styles for mobile deposit.

Ready to get started? Follow the simple steps below:

• Open the PSECU Mobile App and select Deposits from the dashboard, then follow the prompts on the screen.
• The app will automatically populate the To section to have the funds sent to your Checking share. After you’ve made the deposit, you can transfer the funds to a different share.
• In the Front of Check and Back of Check sections, tap on Take Photo and follow the instructions.
• The app will read the check and automatically fill in the Amount section. Verify that the correct information has been populated here.
• When all information on this page has been completed, tap the Confirm Deposit button. You’ll be taken to a confirmation screen that gives you a reference number for the transaction. If your deposit is being held for verification purposes, that information will be displayed here, as well.

Note that you can also access mobile deposit in your Checking share by tapping Mobile Deposit.

Tips for a Successful Mobile Deposit

The first time you use the mobile deposit feature, instructions will pop up after you’ve hit the Take Photo buttons when capturing the front and back of the check. Follow the tips shown here for a successful mobile deposit.

• Front of check
  • Place check on a well-lit, solid-colored surface.
  • Only deposit checks payable to you or PSECU.
  • Verify that the numerical and written amounts match.
  • Make sure the check is signed and dated.
  • Align the check with the sample check shown in the viewfinder.
• Back of check
  • Sign your name in the endorse here section.
  • Print the words “For Mobile Deposit Only” underneath your name.
  • Align the check with the sample check shown in the viewfinder.

Once you’ve reviewed the on-screen instructions, you can choose to have them hidden in the future by selecting Do Not Show This Again, or you can leave this option unselected so that the instructions appear each time you make a deposit.

For both the front and back of the check, a sample image will appear in the viewfinder to help you line up your check so that it can be easily read by the app.

After You’ve Made Your Mobile Deposit

Once your mobile deposit is complete, the confirmation screen will display the deposit reference number. Record this number on the back of your check. This will help identify the transaction if you need to call or chat with one of our agents for support.

After your deposit, retain the check in a secure location for a minimum of 30 days and then shred it. Do not deposit this check using any other deposit method.

Frequently Asked Questions

• Can everyone use mobile deposit?
  • There are some restrictions for mobile deposit usage. To check your eligibility, visit the Mobile Solutions page in online banking.

• Are there limits on the amount or number of mobile deposits I can make?
  • Your deposit limit will display as the “Deposit Amount” after tapping Mobile Deposit.
  • There is no limit on the number of checks a member can deposit per day.

• What if I have a check for more than my deposit limit?
  • You can call us and ask to be transferred to our Mobile Deposit unit for requests to have deposit limits adjusted.

• What should I do with the check once I submit it through mobile deposit?
  • Record the deposit reference number on the back of the check. Retain the check in a secure location for a minimum of 30 days and then shred it. Do not redeposit this check using any other deposit method.

• Why is my mobile deposit being held for review?
  • Deposits could be held for various reasons. Here are some of the most common issues:
    • The endorsement on the back of the check doesn’t include the verbiage “for mobile deposit only.”
    • The endorsement on the back of the check is unable to read the verbiage “for mobile deposit only.”
    • The check image could be blurry or unclear when the deposit image is captured.
    • The MICR line (numbers across the bottom of the check) couldn’t be read.

• What happens if my deposit is held for review?
  • This means the application was unable to process the deposit image automatically, and your deposit will require manual review by our agents. You’ll receive email notification once the deposit has been accepted. If the deposit is rejected, the reason will be included in the email notification.

For more tips on using our digital services, visit our blog.

Updated January 14, 2021

Remote deposit is the ability of a bank customer in the United States and Canada to deposit a cheque into a bank account from a remote location, such as an office or home, without having to physically deliver the cheque to the bank. This is typically accomplished by scanning a digital image of a cheque into a computer, then transmitting that image to the bank. The practice became legal in the United States in 2004 when the Check Clearing for the 21st Century Act (or Check 21 Act) took effect, though not all banks have implemented the system.

This service is typically used by businesses, though a remote deposit application for consumers has been developed and has begun to be implemented by a handful of banks.

Remote deposit should not be confused with:

• Direct deposit, which refers to the practice of posting amounts, such as employees’ weekly earnings, directly to their bank accounts.
• Online deposit, which refers to a retail banking service allowing an authorized customer to record a check via a web application and have it posted, then mail in the physical check, giving the customer access to the funds before the check clears in the usual way. While this type of service does not involve a scanner nor take advantage of the Check 21 Act, it is also sometimes called remote deposit.^{[citation needed]}

History[edit]

Remote deposits became legal in the United States in 2004 when the Check Clearing for the 21st Century Act (or Check 21 Act) went into effect. The Act is intended in part to keep the country's financial services operational in the event of a catastrophe that could make rapid long-distance transportation impossible, like the September 11, 2001, attacks. The Check 21 Act makes the digital image of a check legally acceptable for payment purposes, just like a traditional paper check.

Before 2004, if someone deposited a check in an account with one bank, the banks would have to physically exchange the paper check to the bank on which the check is drawn before the money would be credited to the account in the deposit bank. Under Check 21, the deposit bank can simply send an image of the check to the drawing bank. This reduction of the transportation time from total processing life cycle of a check provides a longer time for the corporation to process the checks. Often, this additional processing time allows the corporation to deposit more items at an earlier cutoff time than they otherwise would. In addition, most banks offering Remote Deposit Capture have extended the cutoff times for deposit-8:00 pm, while the deadline for regular paper deposits is 4:00 pm. The practical effect of the law is that checks can still be deposited and cleared, even if a disaster makes it impossible for banks to exchange the physical paper checks with each other.

Mobile deposit[edit]

On July 4, 2009, Element Federal Credit Union (formerly WV United FCU^[1]) became the first financial institution to deploy a smartphone app for its members. Members were already able to submit checks for deposit by using a scanner and secure web portal. USAA in 2009 became the first bank to enable customers to deposit checks with a smartphone. Mobile Deposit allows smart phone users to snap a picture of the check with the phone's camera. The application automatically processes the picture and sends it to the bank for deposit. The customer does not mail in the original check, instead voiding or discarding it.^[2]

According to an industry study conducted in late 2013, only 10% of U.S. banks and credit unions offered mobile deposit, though many more planned to do so.^[3] Some of the largest U.S. banks offer mobile deposit, including Bank of America, Chase, Citibank and Wells Fargo^[4][5][6][7] and some in Canada, RBC,^[8]TD,^[9]CIBC,^[10]Tangerine^[11] offer mobile deposit to retail banking customers.

Implications for businesses and consumers[edit]

A side effect of the Check 21 Act is that, because the digital image of a check is now considered a legal document, bank customers who get paid with a check can scan an image of the check and deposit it into their account from their home or office if their bank supports doing so.

Advocates of Check 21 claim that remote deposit saves time and money because businesses who use it no longer have to send an employee or a courier to take their checks to the bank. Another potential benefit is that it cuts down on paperwork, and therefore reduces the chances of making mistakes or losing checks in the process of depositing them. Bounced checks also show up faster when processed through remote deposit.

Critics, and some advocates, contend that remote deposit — and by extension, the entire Check 21 Act — is an attempt by the banking industry to eliminate 'float,' the standard one- or two-day waiting period between the time someone writes a check and the time the money is actually taken out of their account. Now that checks can be cashed and cleared electronically, it is theoretically possible for a bank to take the money out of a checking account on the same day a check is used in payment. This would make checks behave much like debit cards, making it impossible, for example, to write a check to pay a bill at the grocery store, then rush to the bank to make a deposit so the check doesn't bounce. So far, all banks in the United States still operate with at least a one-day float period.^{[citation needed]}

Use[edit]

Remote deposit use has grown. A June 2009 survey by group Independent Community Bankers of America found that 62% of banks in the United States offered merchant remote deposit, and 78% had plans to adopt the technology by 2011.

Client adoption of remote deposit capture was projected to reach 1 million by 2010, and over 5 million by 2012.^[12]

The banking industry does not keep an official tally of how many businesses use remote deposit nationwide, but, the number is estimated to be in the tens of thousands. Several independent companies such as ProfitStars,^[13]BankServ, Diebold, RDM Corporation and NetDeposit claim to have signed up a few thousand customers, although several major banks have also developed their own systems and may eventually end up handling most remote deposit traffic.^{[citation needed]}

See also[edit]

For Mobile Deposit Only Stamp

References[edit]

1. ^WV United Federal Credit Union is First with iPhone-based Remote Check Scan & Deposit Finovate Blog, Jim Bruene Posted on July 12, 2009
2. ^Stellin, Susan (2009-08-10). 'Bank Will Allow Customers to Deposit Checks by iPhone'. The New York Times. pp. B4. Retrieved 14 December 2013.
3. ^Camhi, Jonathan (2014-01-06). 'Celent: Banks Looking to Replace RDC Solutions'. Bank Systems & Technology. Retrieved 8 January 2014.
4. ^'Mobile Check Deposit from Bank of America'. Bank of America. Retrieved 1 February 2014.
5. ^'Chase QuickDeposit'. Chase. Retrieved 1 February 2014.
6. ^'Mobile Check Deposit'. Citibank. Retrieved 1 February 2014.
7. ^'Mobile Check Deposit'. Wells Fargo. Retrieved 1 February 2014.
8. ^'Mobile Cheque Deposit – RBC Royal Bank'. www.rbcroyalbank.com. Retrieved 2015-12-02.
9. ^'TD Mobile Deposit - Electronic Banking | TD Canada Trust'. www.tdcanadatrust.com. Retrieved 2015-12-02.
10. ^'CIBC eDeposit – Deposit cheques with your mobile device'. www.cibc.com. Retrieved 2015-12-02.
11. ^'What is Cheque-In™'. Mobile Tangerine.
12. ^Celent's estimates were published on 4 June 2007.
13. ^ProfitStars

For Mobile Deposit Only Regulation

• Remote Deposit Capture Comes with Some Risks - A Short Description of Remote Deposit Capture
• RDC Overview Overview of Remote Deposit Capture

External links[edit]