1. Remote Online Deposit Meaning
2. How Long Does A Remote Online Deposit Take

With First Citizens Bank Remote Image Deposit service, businesses of all sizes can save time and money by making deposits online using the latest imaging technology. Instead of spending time compiling deposits or rushing to the bank before it closes, remote image deposit is fast and simple, enabling you to transmit check deposits in as few as. If you experience difficulty logging into the Online Check Deposit application, please clear your internet browser cache and cookies. For instructions, click here.

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How can it help you?

Commerce Mobile Deposit with an iPhone^™, iPad^™ or Android^™ Device

Deposit checks from any location, using your smart phone or tablet with the Commerce Bank Mobile Banking App! Commerce Mobile Deposit lets you or your business online banking sub-users: Submit deposits 24/7, view previous and pending deposits, reduce time away from your business with fewer trips to the bank. The Commerce Bank Mobile Banking App also lets you: View account balances and recent transaction history, transfer money between Commerce Bank accounts, search for Commerce ATMs and branch locations

Small Business Remote Deposit with a Desktop Scanner

Deposit checks from your home or office on a free desktop check scanner!¹ Small Business Remote Deposit lets you: Submit deposits 24/7, access historical data to view and print images of deposited checks, generate intuitive deposit reports and ditch the deposit slips, reduce time away from your business with fewer trips to the bank

Which one is right for your business?

Commerce Mobile Deposit with an iPhone^™, iPad^™ or Android^™ Device

Great for depositing less than 20 items per month. Remote online deposit checks from any location using your smart phone or tablet.

Small Business Remote Deposit with a Desktop Scanner

Ideal for depositing more than 20 items per month. Deposit checks from your home or office.

Want to learn more?

Commerce Mobile Deposit with an iPhone^™, iPad^™ or Android^™ Device

Browse our Mobile Banking FAQs for additional information. Learn more about the Mobile Banking App.

Small Business Remote Deposit with a Desktop Scanner

Browse our Remote Deposit FAQs for additional information.

What does it cost?

Commerce Mobile Deposit with an iPhone^™, iPad^™ or Android^™ Device

There is no fee associated with depositing checks with the Commerce Mobile App.

Small Business Remote Deposit with a Desktop Scanner

Small Business Options Checking accounts are charged $15 per month for Small Business Remote Deposit. All other non-analyzed business checking accounts are charged $30 per month for Small Business Remote Deposit. Sign up for Small Business Remote Deposit and get your first two months of service free of charge – that’s up to a $60 savings!

What do you need to use it?

Commerce Mobile Deposit with an iPhone^™, iPad^™ or Android^™ Device

Android, iPhone and iPad devices with the following Operating Systems are supported: Android: 2.1 or later
Apple iOS: iOS 4.3 or later

Small Business Remote Deposit with a Desktop Scanner

Free desktop check scanner¹

How do you get it?

Commerce Mobile Deposit with an iPhone^™, iPad^™ or Android^™ Device

Commerce Mobile Deposit is accessible through our Mobile Banking app. It’s available for iPhone, iPad and Android Devices. (Download from the App Store) (Download from Google Play)

Small Business Remote Deposit with a Desktop Scanner

To request more information on Small Business Remote Deposit, call us at 866-365-9346, contact us, or stop by one of our conveniently located branches to speak with a representative.

Disclosures:

1. The Standard Scanner model with the service is the Digital Check CX30. Additional scanner models are available for a fee.

2. To view or print a PDF file, Adobe^® Reader^® 9.5 or above is recommended. Download the latest version.

Remote deposit is the ability of a bank customer in the United States and Canada to deposit a cheque into a bank account from a remote location, such as an office or home, without having to physically deliver the cheque to the bank. This is typically accomplished by scanning a digital image of a cheque into a computer, then transmitting that image to the bank. The practice became legal in the United States in 2004 when the Check Clearing for the 21st Century Act (or Check 21 Act) took effect, though not all banks have implemented the system.

This service is typically used by businesses, though a remote deposit application for consumers has been developed and has begun to be implemented by a handful of banks.

Remote deposit should not be confused with:

• Direct deposit, which refers to the practice of posting amounts, such as employees’ weekly earnings, directly to their bank accounts.
• Online deposit, which refers to a retail banking service allowing an authorized customer to record a check via a web application and have it posted, then mail in the physical check, giving the customer access to the funds before the check clears in the usual way. While this type of service does not involve a scanner nor take advantage of the Check 21 Act, it is also sometimes called remote deposit.^{[citation needed]}

History[edit]

Remote deposits became legal in the United States in 2004 when the Check Clearing for the 21st Century Act (or Check 21 Act) went into effect. The Act is intended in part to keep the country's financial services operational in the event of a catastrophe that could make rapid long-distance transportation impossible, like the September 11, 2001, attacks. The Check 21 Act makes the digital image of a check legally acceptable for payment purposes, just like a traditional paper check.

Before 2004, if someone deposited a check in an account with one bank, the banks would have to physically exchange the paper check to the bank on which the check is drawn before the money would be credited to the account in the deposit bank. Under Check 21, the deposit bank can simply send an image of the check to the drawing bank. This reduction of the transportation time from total processing life cycle of a check provides a longer time for the corporation to process the checks. Often, this additional processing time allows the corporation to deposit more items at an earlier cutoff time than they otherwise would. In addition, most banks offering Remote Deposit Capture have extended the cutoff times for deposit-8:00 pm, while the deadline for regular paper deposits is 4:00 pm. The practical effect of the law is that checks can still be deposited and cleared, even if a disaster makes it impossible for banks to exchange the physical paper checks with each other.

Remote Online Deposit Meaning

Mobile deposit[edit]

On July 4, 2009, Element Federal Credit Union (formerly WV United FCU^[1]) became the first financial institution to deploy a smartphone app for its members. Members were already able to submit checks for deposit by using a scanner and secure web portal. USAA in 2009 became the first bank to enable customers to deposit checks with a smartphone. Mobile Deposit allows smart phone users to snap a picture of the check with the phone's camera. The application automatically processes the picture and sends it to the bank for deposit. The customer does not mail in the original check, instead voiding or discarding it.^[2]

According to an industry study conducted in late 2013, only 10% of U.S. banks and credit unions offered mobile deposit, though many more planned to do so.^[3] Some of the largest U.S. banks offer mobile deposit, including Bank of America, Chase, Citibank and Wells Fargo^[4][5][6][7] and some in Canada, RBC,^[8]TD,^[9]CIBC,^[10]Tangerine^[11] offer mobile deposit to retail banking customers.

Implications for businesses and consumers[edit]

A side effect of the Check 21 Act is that, because the digital image of a check is now considered a legal document, bank customers who get paid with a check can scan an image of the check and deposit it into their account from their home or office if their bank supports doing so.

Advocates of Check 21 claim that remote deposit saves time and money because businesses who use it no longer have to send an employee or a courier to take their checks to the bank. Another potential benefit is that it cuts down on paperwork, and therefore reduces the chances of making mistakes or losing checks in the process of depositing them. Bounced checks also show up faster when processed through remote deposit.

Critics, and some advocates, contend that remote deposit — and by extension, the entire Check 21 Act — is an attempt by the banking industry to eliminate 'float,' the standard one- or two-day waiting period between the time someone writes a check and the time the money is actually taken out of their account. Now that checks can be cashed and cleared electronically, it is theoretically possible for a bank to take the money out of a checking account on the same day a check is used in payment. This would make checks behave much like debit cards, making it impossible, for example, to write a check to pay a bill at the grocery store, then rush to the bank to make a deposit so the check doesn't bounce. So far, all banks in the United States still operate with at least a one-day float period.^{[citation needed]}

How Long Does A Remote Online Deposit Take

Use[edit]

Remote deposit use has grown. A June 2009 survey by group Independent Community Bankers of America found that 62% of banks in the United States offered merchant remote deposit, and 78% had plans to adopt the technology by 2011.

Client adoption of remote deposit capture was projected to reach 1 million by 2010, and over 5 million by 2012.^[12]

The banking industry does not keep an official tally of how many businesses use remote deposit nationwide, but, the number is estimated to be in the tens of thousands. Several independent companies such as ProfitStars,^[13]BankServ, Diebold, RDM Corporation and NetDeposit claim to have signed up a few thousand customers, although several major banks have also developed their own systems and may eventually end up handling most remote deposit traffic.^{[citation needed]}

See also[edit]

References[edit]

1. ^WV United Federal Credit Union is First with iPhone-based Remote Check Scan & Deposit Finovate Blog, Jim Bruene Posted on July 12, 2009
2. ^Stellin, Susan (2009-08-10). 'Bank Will Allow Customers to Deposit Checks by iPhone'. The New York Times. pp. B4. Retrieved 14 December 2013.
3. ^Camhi, Jonathan (2014-01-06). 'Celent: Banks Looking to Replace RDC Solutions'. Bank Systems & Technology. Retrieved 8 January 2014.
4. ^'Mobile Check Deposit from Bank of America'. Bank of America. Retrieved 1 February 2014.
5. ^'Chase QuickDeposit'. Chase. Retrieved 1 February 2014.
6. ^'Mobile Check Deposit'. Citibank. Retrieved 1 February 2014.
7. ^'Mobile Check Deposit'. Wells Fargo. Retrieved 1 February 2014.
8. ^'Mobile Cheque Deposit – RBC Royal Bank'. www.rbcroyalbank.com. Retrieved 2015-12-02.
9. ^'TD Mobile Deposit - Electronic Banking TD Canada Trust'. www.tdcanadatrust.com. Retrieved 2015-12-02.
10. ^'CIBC eDeposit – Deposit cheques with your mobile device'. www.cibc.com. Retrieved 2015-12-02.
11. ^'What is Cheque-In™'. Mobile Tangerine.
12. ^Celent's estimates were published on 4 June 2007.
13. ^ProfitStars

• Remote Deposit Capture Comes with Some Risks - A Short Description of Remote Deposit Capture
• RDC Overview Overview of Remote Deposit Capture

External links[edit]