Bank Allows Customers Deposit Checks via iPhone

[rquick]

If they destroy your check and don't keep an image, they lose the authority to draw money from your account without your permission. You have the right to dispute the transaction. I suspect that your use of their system contains an agreement to their terms, which state that they have the right to treat it as an electronic transaction and destroy the check. They should then provide you with an electronic record of the transaction to make it enforceable. Our banking system works because you have the right to dispute any withdrawal from your account and the person making the withdrawal has the burden of proving the transaction.

 

[rquick]

Every time you write a check, you are giving someone a copy of your bank information, your signature, and quite often, most of your personal information. I don't see how making electronic deposits could increase your risk, even a little bit. This type of transaction simply saves money for the bank and hopefully, the customer. They are taking the work of scanning the check from a bank employee and letting the customer do it for free. Pure genius. I suspect that most banks will start doing this if it doesn't increase the rate of fraud. I also suspect that some stupid criminals will try to duplicate and deposit fraudulent checks, but even if you deposit the check in person, the teller just takes your word for it. When was the last time you saw the teller verify a check deposit. Only if you are cashing a check, and you might have noticed that one side of the transaction has to be rooted in the cashing bank so they have some security interest in the transaction.