Last summer I mentioned that ING Direct was about to roll out the ability for customers to deposit checks electronically. Unfortunately, that still hasn’t happened. Yes, their website still says that “depositing check is about to get a whole lot easier, ” but I’m not holding my breath.
Perhaps they ran into technical difficulties, or perhaps the takeover by Capital One has delayed things indefinitely. Who knows? But what I do know is this… Another major player in the online banking space — Ally Bank — has added the ability to deposit checks remotely.
The new feature is called “Ally eCheck Deposit, ” and it involves scanning an uploading your check from the comfort of your home. You can either use their scanning wizard, or you can scan it on your own and upload the image manually. Apparently your deposit will be processed on the next business day, so it’s way faster (and easier) than mailing in a check.
Funds availability is governed by their standard deposit agreement, which states that:
For all other checks drawn on any U.S. financial institution other than Ally Bank, state or local government checks that are payable to you, Cashierâ€™s, Certified, Tellerâ€™s or travelerâ€™s cheques that are payable to you, and Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are payable to you, $100 is available on the first business day after the day of your deposit and the remaining funds on the second business day after the day of your deposit.
Though longer delays may be applicable if, for example, you deposit checks totaling more than $5k in a single day or you have a history of overdrafts.
I haven’t tried this myself, but it looks reasonably efficient. It would be nice if you could just snap a pic with a smartphone and tap the screen to upload, but still… This beats the heck out of mailing a check or driving across town to a brick and mortar bank.