As mobile banking apps continue to grow in popularity, more and more people are using them to deposit checks.
While it’s convenient to deposit a check through your mobile app, there are some important factors to consider when deciding how long you should keep the check before cashing it or depositing it into your account. In this article, we will explore some of these factors and provide practical tips for making the most of your mobile check deposits.
Why Mobile Check Deposit Is Becoming Popular?
Mobile check deposit has become increasingly popular in recent years due to its convenience and speed. With mobile check deposit, you can take a picture of a check and submit it for processing directly through your mobile banking app. This eliminates the need to physically visit a bank branch or wait in line to deposit a check. Additionally, mobile check deposit is available 24/7, which means you can deposit checks at any time, day or night.
What Are the Risks of Keeping a Check Deposited for Too Long?
While there are many benefits to using mobile check deposit, there are also some risks to consider. One of the biggest risks is that if you keep a check deposited for too long, it may become lost or stolen. This can be particularly problematic if the check has already been processed and is in the process of being cashed.
Another risk associated with keeping a check deposited for too long is that it may expire. Checks can expire after a certain period of time, typically six months. If you keep a check deposited for too long and it expires, you will not be able to cash it or deposit it into your account.
How Long Should You Keep a Check Deposited?
Given the risks associated with keeping a check deposited for too long, it’s important to have a clear policy in place for how long you should keep checks before cashing them or depositing them into your account. In general, it’s a good idea to deposit checks within 24 hours of receiving them. This will help ensure that the check is processed and cashed in a timely manner, reducing the risk of it becoming lost or stolen or expiring.
Tips for Making the Most of Your Mobile Check Deposits
Here are some tips for making the most of your mobile check deposits:
- Use a high-quality camera: When taking a picture of a check, make sure to use a high-quality camera that can capture clear, sharp images. This will help ensure that the check is processed correctly and avoid any errors or delays.
- Double-check the information on the check: Before submitting a check for processing, double-check all of the information on the check, including the amount, payee name, and date. This will help prevent any mistakes or errors that could cause delays in processing.
- Keep track of your check deposits: It’s a good idea to keep track of all of your check deposits, both through your mobile banking app and in a spreadsheet or other document. This will help you stay organized and ensure that you are not accidentally double-depositing checks or leaving checks unprocessed.
- Use a secure method for storing checks: If you need to keep checks for an extended period of time, make sure to store them in a secure location, such as a safe or locked cabinet. This will help prevent theft or damage to the checks.
