Chase new deposit technology

  • smcc
  • smcc's Avatar Topic Author
  • Offline
  • Finance Leader
  • Finance Leader
  • Posts: 648

Replied by smcc on topic Re: Chase new deposit technology

Does this apply to Bank Certified and Cashier's checks ? What about Money Orders ? Can they be deposited in the same way ?
9 years 2 months ago #1

Please Log in or Create an account to join the conversation.

  • Posts: 534

Replied by Joeyman on topic Re: Chase new deposit technology

You will find that USAA Federal Savings Bank FSB out of Texas has been utilizing this technology since 2009 with great success. You do not send the check in. Holds may be placed on the deposited funds until the bank has received the funds (in accordance with FDIC and Office of the Comptroller's policies). In today's world you don't get your checks back and they are not processed (actual paper) to the Federal Reserve utilizing the 21st Century policies implemented in the last couple of years so this is really and extension of that..


+1
9 years 2 months ago #2

Please Log in or Create an account to join the conversation.

  • Posts: 1265

Replied by Wanderer on topic Re: Chase new deposit technology

Just saw this new Chase commercial. Seems they now have an app for the IPHONE were you can take a picture of a check (front and back) and based on the picture taken, the check is deposited into your account !

based on this new technology, I have to ask the following questions]
[*]Can funds be electronically transferred from Bank A to Chase based on a picture of a check ?
[*]Will the bank wait until the check is physically deposited before asking for the funds from Bank A ?
[*]If the funds can be transferred from Bank A to Chase based on a picture, what if the check is never physically deposited ?
[*]When is your balance updated, when the check is physically deposited or based on the completion of the picture being taken and the app finishes processing the transaction ?
[/LIST]


You will find that USAA Federal Savings Bank FSB out of Texas has been utilizing this technology since 2009 with great success. You do not send the check in. Holds may be placed on the deposited funds until the bank has received the funds (in accordance with FDIC and Office of the Comptroller's policies). In today's world you don't get your checks back and they are not processed (actual paper) to the Federal Reserve utilizing the 21st Century policies implemented in the last couple of years so this is really and extension of that...:relieved: There is another bank (think Bank of America) that will be rolling this option out very soon. This is the way of the modern world for busy people.
9 years 2 months ago #3

Please Log in or Create an account to join the conversation.

  • smcc
  • smcc's Avatar Topic Author
  • Offline
  • Finance Leader
  • Finance Leader
  • Posts: 648

was created by smcc

Just saw this new Chase commercial. Seems they now have an app for the IPHONE were you can take a picture of a check (front and back) and based on the picture taken, the check is deposited into your account !

based on this new technology, I have to ask the following questions:

  • Can funds be electronically transferred from Bank A to Chase based on a picture of a check ?
  • Will the bank wait until the check is physically deposited before asking for the funds from Bank A ?
  • If the funds can be transferred from Bank A to Chase based on a picture, what if the check is never physically deposited ?
  • When is your balance updated, when the check is physically deposited or based on the completion of the picture being taken and the app finishes processing the transaction ?
9 years 2 months ago #4

Please Log in or Create an account to join the conversation.