Thursday, 14 January 2010

You can.  It wasn"t so long ago that the only thing you could do with a phone was look up your account balance or call the bank.

Everything"s going electronic these days, including old-fashioned checks.  Paper checks are increasingly processed as images, and banks are making it easier for everybody to use the technology.

Royal Bank America is the latest bank to try mobile phone cameras for remote check deposit.  Instead of taking checks to the bank, you just take a picture and send it online.  Right now they"re looking for small business clients to help with beta testing.

This should make your life easier if you regularly deposit checks.  However, if you write checks it means you have to be more careful.  As everyhting becomes electronic, check processing moves faster.  Check float is getting harder; you have to be sure you have funds in your account when you write a check or be prepared for a bounced check.  Even the smallest of businesses will be able to draft funds from your account quickly.

[via NetBanker]

Further reading:

How Check Float Works Electronic Checks

Deposit Checks With an iPhone? originally appeared on About.com Banking / Loans on Thursday, January 14th, 2010 at 13:52:05.

Permalink | Comment | Email this

 

Go to Source...