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Old 05-11-2013, 11:54 AM
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Colaguy Colaguy is offline
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Anyone doing bank remote capture deposits?

https://www.bankofamerica.com/online-banking/mobile.go

Pretty cool app. Download to your smart phone, take front pic of check, back pic, type in $ amount and it automatically gets deposited into your checking or savings account.

I've asked my local credit union WHEN were they going to start doing this, "oh its coming soon" they say but no idea when. Another CU has "deposIT" samething that BoA has but you have to wait 30 days after opening new acct & then get "approved". Screw that.

I deposited (3) checks last night with BoA. It rejected a few front pics due to sizing limits but it lets me retake the pic again to correct the rejection.

NO MORE holding onto checks until I can get to the CU to deposit. Awesome dude!
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Old 05-11-2013, 12:00 PM
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My wife uses this. Pretty cool.

Between this and a BOA merchant account, we get paid quickly and efficiently
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Old 05-11-2013, 12:23 PM
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I've used it, okay I guess. Not a fan I have a hard time taking the front pics so everything can be read. I just stop by BOA when I'm out and go by one. I can deposit 10 checks at a time in the ATM. I go by at least 1 BOA on any route I run so it's not a problem to stop in and hit the ATM.
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Old 05-11-2013, 12:25 PM
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I use it for personal checks and for my renters' checks, via USAA (zero issues with the app/photos). It's fantastic. Only caution I would have is that some payers can get caught off guard by how quick you can deposit a check now. If they were used to you taking a couple of days to deposit checks, and use that as a bit of a built in float, don't be surprised by an occasional bounce. 2 of my out of state tenants got hit with that curveball the first time around.

Credit unions, while fantastic, kill me with how slow they are to adopt technology. Nature of the beast in how they operate, and the cost savings/great service they tend to offer, but it still blows. Mine just added "SMS Banking" lol. Since they've had a fully-functional mobile web site for 2 years, it's the equivalent of Ford coming out with a coal-fired steam engine option for the new Focus.
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Old 05-11-2013, 12:54 PM
igotdiesel2 igotdiesel2 is offline
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What do you do with the checks after you take their pictures? Do you have to send them into the bank, or do you just keep them in your records? My credit Union has an app for this but I haven't looked into it. -Jason
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Old 05-11-2013, 01:10 PM
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Quote:
Originally Posted by igotdiesel2 View Post
What do you do with the checks after you take their pictures? Do you have to send them into the bank, or do you just keep them in your records?
We keep them for 30 days and then shred the checks. You could also void them and file away.
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Old 05-11-2013, 02:48 PM
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Efficiency Efficiency is online now
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Why do you need paid that quickly? We do A/R, A/P, and banking (night deposit) once weekly. A few hundred checks a week that needs a front and back pic? No thanks
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Old 05-11-2013, 03:08 PM
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Quote:
Originally Posted by Efficiency View Post
Why do you need paid that quickly? We do A/R, A/P, and banking (night deposit) once weekly. A few hundred checks a week that needs a front and back pic? No thanks
Posted via Mobile Device
Yup. Not a chance I would use it for anything more than a few checks. Definitely not for any kind of volume. A dozen tenant checks come in over a 6 day period and I process as they do.
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Old 05-11-2013, 06:25 PM
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Colaguy Colaguy is offline
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Quote:
Originally Posted by igotdiesel2 View Post
What do you do with the checks after you take their pictures? Do you have to send them into the bank, or do you just keep them in your records? My credit Union has an app for this but I haven't looked into it. -Jason

BoA says keep for 14 days and discard. I plan to keep them longer & stored in a file.

Think how much $ this app will save me in time & gas in making deposits.
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