Checks are becoming a thing of the past, but you do get that occasional payment in the form of a check. You have to either mail it in or deposit it with a bank teller or in an ATM machine and within a certain period of time.
Some banks started offering the convenience of cashing a check using your smartphone. You take a picture of the front and the back of the check and transmit the images to your bank. The money is made available almost instantly!
But then, very few banks offer this convenience.
If your bank doesn’t offer eCheck deposit service, you can still cash the check without leaving your home, via PayPal. PayPal offers both an Android and iPhone/iPod touch app that lets you deposit checks remotely. As far as I know, this service is not available through PayPal’s website.
I decided to take this app for a spin! Here’s how it works:
Depositing a check through PayPal
Select Add Money from Checks
Enter the amount on the check
Paypal advices you to hold on to the physical check for about 15 days
Of course, there are some limitations. There is a limit of $1000 a day for a maximum of $3000 a month. With my credit union, I have access to the money instantly. With PayPal you have to wait for about 6 days. Most banks that offer check deposit via a smartphone also offer the same service via their website, for those with a scanner. PayPal doesn’t provide this convenience, yet.
For those who have a smartphone and a PayPal account but don’t have an eCheck deposit service with their bank, this is a clever alternative to physically depositing a check. Minimizes chances of the check getting lost or having to contact the bank for an image of the check!
Sure, it takes a while to get the money to your account (6 days for the money to show up in PayPal and another 3 days to transfer it to your bank), but sure beats going to a teller or mailing in the check! And PayPal offers this as a free service. No fees whatsoever.
Ah the joys of modern technology!