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Mobile Banking Issues
Old 08-12-2013, 08:40 PM   #1
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Mobile Banking Issues

I recently began depositing paper checks with Bank of America by taking a picture of them using the Iphone App they developed. This technology allows me to deposit a check from the comfort of my home without having to drive to the bank or ATM.

However, once I complete the deposit, I always feel like having the physical check still in my possession just seems a bit awkward. I know I'm supposed to keep it on file for a certain period of time, but trying to keep physical checks on file after they have been deposited requires a good filing system and is ripe for accidental duplicate deposits.

I've been wondering lately as well how banks stop someone from depositing a check via the application to one bank, then depositing it a second time to a completely different bank. A quick google search tells me that the industry has not completely figured this out yet. From what I've read, there has been some fraud, but not a substantial amount. However, this may simply be because mobile check deposits are a fairly new technology, and the industry it setting itself up for fraud.

This article has some very interesting points about the risks of mobile check deposits. Particularly the example at the end about a duplicate check causing someone to have an overdrawn checking account and bouncing an important check.

I'm curious how many others have tried this technology and what your experiences have been.

Here is the article:

Double Cashing With Mobile Banking — Krebs on Security

I have virtually eliminated the use of checks for paying bills, but I still find myself being on the receiving end, so I haven't been able to completely rid them. The sooner the better as far as I'm concerned.
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Old 08-12-2013, 09:18 PM   #2
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I've done plenty of deposits via iPad and Android phone. The main thing I do differently is to write "deposited to" the account name in the signature area after the deposit. That way I know that it has been deposited and where.

It feels safer than mailing a signed check.
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Old 08-12-2013, 09:27 PM   #3
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Originally Posted by Animorph View Post
I've done plenty of deposits via iPad and Android phone. The main thing I do differently is to write "deposited to" the account name in the signature area after the deposit. That way I know that it has been deposited and where.

It feels safer than mailing a signed check.
Exactly what I do, with the date. Stick it in the folder with the bank statements. The deposit shows up on-line immediately, so the only thing I need to watch for is a reversal, which has never happened.

If I deposited the same check to two different accounts, I'm pretty sure the check clearing process would catch that in a short time. And my banks know where I live. I'd be on one of those "Stupid Criminals" shows

-ERD50
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Old 08-12-2013, 10:02 PM   #4
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I deposit 3-4 checks a year at USAA with my scanner. No problems. I just put the account number on the back and after scanning, stick it in a drawer. I guess after a few more decades the pile will get big enough I can shred them.
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