PSA:Mobile check deposits up to $500k

[Alan]

Probably many of you know this already but I was surprised to find that you can now do a mobile paper check deposit with an app of up to $500,000.

Last week my daughter, here in England, received a paper check for well over $100k and asked me for advice on how best to deposit it. (this was the result of a class action lawsuit)

She has a Vanguard account and that allows mobile check deposit up to $500k so I expect other brokerages have similar limits (much greater than her or our US bank account of $10k). She had to change Apple store to the USA (only possible if you have a US credit card) to download the Vanguard app but then it worked great.

 

[braumeister]

For Fidelity, it seems to vary:

Are there restrictions on the amount of money that can be deposited?
For most accounts, there is a maximum amount you can contribute each day. You will be presented with this information as you proceed with your deposit. For retirement accounts, we'll present both prior and current year contribution limits. There are no maximum limits for rollover transactions.

 

[gauss]

In my case, the fidelity app is currently showing a daily limit of $250K for the daily deposit limit.

In the Vanguard app, I can't figure out how to do mobile deposit currently.

-gauss

 

[Alan]

In my case, the fidelity app is currently showing a daily limit of $250K for the daily deposit limit.

In the Vanguard app, I can't figure out how to do mobile deposit currently.

-gauss

On my iPad Vanguard app it is under the Transact icon on the bottom row, then you will a list of options on the left including Deposit

 

[gauss]

Thank you for the confirmation.

Perhaps the fact that I have my individual brokerage account hidden currently via the web site, it is not showing the deposit option.

All my other accounts are either IRAs or legacy MF platform accounts, so I suspect that this may have something to do with it. Glad that we figured it out now, and not when I am under a crunch!

-gauss

 

[Alan]

Thank you for the confirmation.

Perhaps the fact that I have my individual brokerage account hidden currently via the web site, it is not showing the deposit option.

All my other accounts are either IRAs or legacy MF platform accounts, so I suspect that this may have something to do with it. Glad that we figured it out now, and not when I am under a crunch!

-gauss

I also had no idea I could do this until last week. I did a test, writing a check for $100 to my wife and having her do a mobile deposit to her Vanguard account. Knowing that it worked and what the limits were my daughter then downloaded the app and did her deposit.