As a followup to last week’s post noting that Vanguard had added remote check deposit, I wanted to point out that Bank of America has also (finally!) added this functionality. In fact, they rolled this out for both iOS and Android a couple of weeks ago and I completely missed it.
I had a few checks lying around so I decided to test it out. The interface is (not surprisingly) pretty similar to that of other banks. Simply endorse your check (you’re supposed to indicate “for deposit only”), snap a couple of pictures (front and back), choose an account, enter the amount, confirm the details, and you’re done.
The app accepted the check the handwritten check that I was uploading on the first try, so that’s a good sign. One thing I didn’t like, though, was that I was directed to save the check for 14 days in case it’s needed for verification. With ING Direct you get an immediate e-mail saying that they’ve received the deposit and another e-mail within a day or so saying that it’s safe to destroy the check.
As for limits and timing of funds availability, I’ve done a bit of digging and haven’t been able to find anything particularly authoritative. The app told me that I have a remote deposit limit of $10k/month but I’m not sure if there’s a per check limit or how long it will take for the funds to be available.
Note: According to this post from the NY Times Bucks Blog, the deposit limit varies from customer to customer but is “generally $5, 000 for most customers.”
I’ll try to keep an eye on my account this week to see how quickly things proceed. If you’ve tested out Bank of America’s mobile deposit service, please share your experiences in the comments section.