Online Banking: Depositing A Check From Home

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Times have changed!

I remember 10 years back, when I joined a Credit Union that happened to be outside my state, the only way I could deposit a check was to find another credit union’s ATM and make a deposit.

depositing a check from home

Soon they introduced prepaid deposit envelopes. Now a deposit would mean a trip to the nearest mailbox and not to a credit union ATM! Even better, but still there was the possibility that the deposit could be lost in mail and it took about a week for the money to actually appear.

But banks and credit unions have kept up with the times and many are offering e-deposit of your checks! All I need is an iPhone or a scanner!

How does check scanning from home work?

This is an example of how eDeposit of checks works with Alliant Credit Union’s online banking site. But the procedure should be similar with other banks as well.

Select eDepositPlus
Select eDepositPlus
Start
Start
Enter check amount and select deposit account
Enter check amount and select deposit account
Endorse and scan front of check
Endorse and scan front of check
Adjust image
Adjust image
Scan back of check
Scan back of check
Verify
Verify
Receipt
Receipt
Done!
Done!

How soon is the money made available?

Immediately! You can verify the deposit by checking the account balance. This may vary from bank to bank, of course.

Since I frequently cover Alliant, DCU, Ally and IngDirect, as of this posting neither ING Direct nor Ally has this feature (yet). Both DCU and Alliant offer eDeposit at no extra charge.

DCU is one step ahead with check deposits via the camera in your iPhone or iPod Touch through their iPhone app (but DCU’s app doesn’t do anything else!). And conversely, though Alliant recently introduced an iPhone app, you can’t deposit checks with it.

Gotta love the convenience technology offers!

Why exactly do people visit banks again?

6 thoughts on “Online Banking: Depositing A Check From Home

  1. That is really cool. I’ve got to get with the program and find out if my bank allows this. I love anything that ups my personal efficiency. Thanks for some good information!

  2. I have been doing this with USAA for several years now! I love it! It is incredibly easy and convenient. Also, USAA’s new ATMs accept cash and check deposits as well…making life even easier.

  3. @Barb: You really should ‘check’ it out! Instant availability of cash, no lost checks in mail, no running to the atm – what’s not to love!

    @Robert: USAA is one CU I’ve been hearing a lot about!

  4. Cool article. We’ve come a long way. I thought deposits without envelopes at the ATM was cool, but now you don’t even have to go out of your house! Hmmm, will this make us even more of a homebody with so many things available online? :)

  5. MC- I never heard of this before but love it. I always get a little frustrated that I have to pay for stamps and then wait a few days to send people my money! I’m definitley going to see if my credit union offers this

  6. We introduced scanning and e-deposits at work and it reduced our float from two days to the same day credit to our account. I don’t it at home as there is no need for it. But as far as work goes – it is a great invention!

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