How does Deposit@home work?

[jazz4cash]

I see that USAA and at least one other bank I cant recall now let you scan a check into the computer and <deposit> it into your account from home. I was wondering if anyone has experience with this feature? I presume they post the deposit and/or maybe read data from the scanned image to collect the funds via ACH or something similar, or do they wait for the check to be mailed in?

I sure hope this technology is perfected and BofA offers it soon. I really like thier ATMs that can read handwritten checks, so they do away with deposit slips and envelops, plus you get an image of the deposited check on your atm receipt.

[militaryman]

I have used this USAA feature for a couple months now and LOVE it!

You have to have the latest JAVA update (free to download on java.com) installed and just follow the step by step instructions. After a couple times it is second nature and the $ posts immediately to your account.

The java program finds your scanner and takes control of it and you just select scan and it scans the front -- then you flip and it scan the back and if the scans look good you hit submit and wait about 20 sec and it is done.

On the back of the checks you are still required to sign and put " For deposit only to USAA FSB ACCOunt number ....) Although one time I forgot the statement and it still deposited no problem.

[Fireup2020]

I LOVE it! Why would I ever switch banks now? I can do everything from home (as far as regular checking, transfers, etc) with USAA! Sometimes the check scans weird - and does not take - just give it a while, then re-log in and start over (not sure where minor problem is, but this has always done the trick) State checks, personal checks, etc - all get deposited immediately. If someone writes you a rubber check, it goes through the same channels as if you deposited it in person - basically a week or so later, there is a deduction and charge listed in your statement. One of the local banks has started this for business checking accounts, but I am curious why mainstream banks are not using this technology. Then again, bank branch offices are opening up EVERYWHERE here in NJ, must have to maintain the foot traffic. I don't understand why people "go" to the bank in this day and age.

[Goonie]

Quote:

Originally Posted by Fireup2025 I don't understand why people "go" to the bank in this day and age.

I do 99% of my banking online. I only "go" to the brick-n-mortar outpost about once a month (if that much) to get "pocket change" .....only because it's just down the block from a couple of eateries I hit once in a while, so it's not a 'special trip'. Besides, as I walk out, I pour a cup of free coffee to take with me!

[jazz4cash]

Thanks militaryman and Fireup.....Im jealous
So....what the heck do ya do after you've scanned the check?
file it?
shred it?
mail it?
recycle bin?

[jazz4cash]

Goonie, I hear they're working on a system so your pocket change and other objects can be transmitted, but it ruins brownies and danish, so you might still need to actually visit your favorite eateries!

[ExtinctBird]

I have been using it at USAA for several months now. I just file the checks after they are deposited. It is generally much easier than filling in the deposit slip and mailing, and the money sure posts to your account alot faster (i.e. immediately). The only real problem I have had is with darker background checks, which tend to error out.

It does feel wierd to just file off those signed checks, but the money seems to end up where it belongs.

[Goonie]

Quote:

Originally Posted by jazz4cash Goonie, I hear they're working on a system so your pocket change and other objects can be transmitted, but it ruins brownies and danish, so you might still need to actually visit your favorite eateries!

That's what I was afraid of.......and I wouldn't know where to put my cup, for when the teller pours my coffee through the internet.

[militaryman]

Quote:

Originally Posted by jazz4cash Thanks militaryman and Fireup.....Im jealous So....what the heck do ya do after you've scanned the check? file it? shred it? mail it? recycle bin?

I usually throw them in a drawer for a few days to make sure I do not get a call from USAA saying there was a problem (my insecurity -- has never happened) and then they are shredded.