What to Do After Making a Mobile Deposit
Gain confidence in mobile banking. This guide outlines essential post-deposit practices for verifying funds and managing your financial records effectively.
Mobile deposits offer a convenient way to manage your finances, allowing you to deposit checks from almost anywhere using your smartphone. This eliminates the need to visit a bank branch or ATM. Once a mobile deposit is made, understanding the subsequent steps ensures funds are processed correctly and securely.
Confirming Your Deposit and Fund Availability
After initiating a mobile deposit, confirm that your transaction was successfully submitted through your banking app. Most banking applications provide an immediate confirmation message indicating that the deposit is processing. You can typically check the status of your deposit within the app’s deposit history, which may show it as “pending” or “completed”. Banks often send automated notifications, such as emails or SMS alerts, to confirm the receipt and status of your deposit.
The availability of funds from a mobile deposit occurs within one to two business days. However, this timeline can vary depending on your bank’s policies and specific factors related to the deposit. For instance, deposits made after a bank’s daily cutoff time are processed on the next business day. Large deposit amounts, new accounts, or unusual transaction patterns may trigger a “hold period” on the funds.
During a hold period, a portion or all of the deposited funds may not be immediately accessible, even if they appear in your account balance. Federal Reserve regulations require banks to make the first $225 of a check available by the next business day, but the remainder for larger checks can be held longer, up to seven business days. Banks notify you if a hold is placed on your deposit, often through the app, email, or a phone call. Review your bank’s specific funds availability policy, detailed in your account agreement or accessible through their website or app.
Managing the Physical Check
Once your mobile deposit is successfully submitted and confirmed, manage the physical check appropriately. Financial institutions advise retaining the paper check for a specific period after the deposit has cleared. Common recommendations for this retention period range from 5 to 14 days, or until you are certain the full amount has been posted to your account. Some sources suggest holding onto the check for up to 30 days, or even until tax returns are filed.
To prevent accidental re-deposit or fraudulent activity, mark the physical check after depositing it. Writing “For Mobile Deposit Only” or “Electronically Deposited” along with the date of deposit on the front or back of the check, below your signature, is a common practice. This endorsement serves as a clear indication that the check has already been processed digitally. This step helps safeguard against the check being deposited again.
After the recommended retention period has passed, the physical check should be safely disposed of. Shredding the check is the most secure method, as it renders the sensitive details unreadable. If a shredder is not available, tearing the check into small, unrecognizable pieces before discarding it helps prevent unauthorized access. Proper disposal ensures that account numbers, routing information, and your signature are not compromised.
Addressing Deposit Issues
A mobile deposit may encounter issues and not process as expected. Common problems include the deposit not appearing in your account, being rejected due to image quality, or a duplicate deposit warning. Issues such as improper endorsement (missing signature or “For Mobile Deposit Only” phrase), unclear images, or exceeding daily deposit limits can lead to rejection. An outdated banking app or issues with the bank’s system can also cause problems.
If you encounter a problem, check the deposit history within your banking app. This section provides details on the status of your deposit, including reasons for rejection. Reviewing the images taken of the check to ensure they are clear and all corners are visible, and verifying the entered amount matches the check, can help identify simple errors. Confirming that the check was properly endorsed with your signature and the required mobile deposit phrase.
If the issue persists or you are unsure about the cause, contact your bank’s customer support. Most banks offer various contact methods, including phone numbers, secure messaging within the app, or online chat services. When contacting them, be prepared to provide relevant information such as the date and time of the deposit, the amount, and any error messages received. Having the physical check on hand during this conversation can also be helpful.