A cashless system might be on the way as everything has become so electronic that goods and services can be dristributed for a long time without anyone setting their eyes on currency notes or cheques for that matter. In previous discussions we ascertained you can now deposit cheques in more than just one way. The first one which is our subject matter is depositing cash online using a mobile application and now we focus on how long does it take to deposit a check online.
How long does it take to deposit a check online
This process takes just under 10 minutes to deposit your cheque online, this is how simple and easy the process is to deposit your cheque online today. Despite the scarcity of cheques nowadays, the feature is handy, not only for the busy ones who barely have time to go to the bank, but also anyone who’s time needs saving and this is practically every human being.
A ‘Deposit Cheque’ feature was added to the Mobile Banking app, which happens to be user friendly, secure and time effective. Below are the steps you go through while depositing your cheque.
Process on to a check online
- You scan/take a photo of the cheque whose details will be read by the respective mobile application your bank uses.
- After this you click the proceeding prompt your cheque has been deposited.
- The convenience in this is you can deposit from anywhere and usually by the morning of thenext working day the money will be available. Two emails will be sent to you after you initiate a deposit, one confirming the reception of your deposit and another when it has been accepted it for processing.
- Some banks have a feature within the mobile banking application which gives you a list of banks that are eligible and those that are not. A blogger shared their experience with depositing a cheque on the phone and here are the guidelines to checking the banks that work;
- “You first take a photo of the front of the picture using the app. And once that’s gone through, you take a picture of the back – even if it’s completely blank!
- The phone must be completely flat above the cheque, which must also be flat. You need to get the corners lined up to markers on the phone screen. And even if you nail this, it might not be enough. When I first tried it with Halifax it took about seven attempts to get the front to scan.
- But once I worked out it needed to be on a dark background it took just seconds to snap each side and hit submit. Far quicker than heading out to the bank and queuing up.”
- The money should reflect You in your account by the morning of the the next working day, or day end latest. The condition is that you pay it in before a cut-off time which is entirely dependent on the banks’ set times. Do not make the mistake of disposing a cheque until it clears, lest it is rejected.
Alternatively you can go to an ATM machine to deposit your cheque and money too. New ATM machines have touch screens which you can use for the following;
Withdraw cash– this us the conventional service that everyone has been accustomed to and everytime the term ATM comes up, cash withdrawals are the first thought that comes to mind. Deposit cash- As I mentioned eaelier, you can now deposit cash at an ATM machine, doing away with the hustle of standing in long queues. Up to 50 notes at a time, can be deposited on an ATM machine.
Deposit cheques– It is a full banking service given you do not only now have an easier way of depositing cash, but also cheques. It gets even better as you can even deposit up to 30 cheques at a time
Unblock or change your PIN– in the event of card losses and recoveries, ATM machines now offer a service where you can quickly change your pin when need comes. People usually opt for the mobile and online options for this though.
Check and print balances and mini statements- Yes you can find your way aroud these banking activities at the machine.
Transfer money between accounts– These machines also allow you to transfer money from one of your accounts to the other in the same bank.
Pay bills- You can set people and entities as payees in order for you to settle bills to them at the machine.
Get an email receipt- At these machines you can choose to have a receipt sent to you by email, hence it only takes few hours, this is how long does it take to deposit a check online.