Bank of America Adds Mobile Check Deposit to iOS App

[Slikrick]

People still use checks?

Yep. Millions and millions of checks are deposited daily. I own a business and, while I don't write as many check as I used to, I still deposit checks, both business and personal.

The only issue I foresee is the $5000 per month limit on deposits.

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The question was meant more towards the average consumer rather than the business. I've written 2 checks in the past 5 years and rarely if ever see people use them.

You must not do a lot of grocery shopping if you don't see people using checks. I always seem to get stuck behind folks who use them, rather than a check card. lol.

 

[KPOM]

Nope. Credit card companies take almost no risk. If there is fraud, it comes out of the merchants' account.

It seems odd that they'd be against chip-and-pin, then.

 

[dontwalkhand]

You must not do a lot of grocery shopping if you don't see people using checks. I always seem to get stuck behind folks who use them, rather than a check card. lol.

I'm at the grocery store all the time and only see people using cards, and on the off occasion cash, but never a check. Cards seem to be the most popular form of payment where I'm at.

 

[Le Big Mac]

It seems odd that they'd be against chip-and-pin, then.

I think the merchants who oppose are the ones less likely to be defrauded. Think of a dry cleaner - how many charge backs for fraud to they get? But they're being asked to pay for a new terminal, that's a larger part of their expenses than a place like Best Buy, which has other methods for controlling fraud.

 

[carlgo]

My property taxes can be paid by CC, but there is like a $40 fee! So I pay by check.

A guy is sharpening my saw blades. Doesn't like credit cards. Or checks. Cash only.

I could see someone living a sort of urban hipster lifestyle not having to use a check, but out in a more complex life there is a need occasionally.

 

[K4LK]

People still use checks?

As a landlord, I receive rent checks that I need to deposit. Way to go BOA

 

[twigman08]

People still use checks?

Umm yes? My apartment complex charges to pay by debit or credit card every month. A lot of places do. So I will only pay by cash or check. Mostly check.

Plus I work at a grocery store and a ton of the customers that shop there pay via check and will only pay via check. Most customers do pay via card now. Hell I get more check payments than cash payments at a grocery store on some days!

I just used the picture deposit my bank has (Chase Bank) two weeks ago to deposit a check I received. Checks aren't going anywhere. I think you'll seeing less cash before you do checks!

 

[dontwalkhand]

I think the merchants who oppose are the ones less likely to be defrauded. Think of a dry cleaner - how many charge backs for fraud to they get? But they're being asked to pay for a new terminal, that's a larger part of their expenses than a place like Best Buy, which has other methods for controlling fraud.

Best Buy, Walmart and the big guys already have Chip & Pin supporting terminals.

Places like Fry's electronics however still have DOS based POS systems (point of sale, not piece of s). These are the places that should be worried. Visa & MasterCard laid out a roadmap, so by 2017, all retailers will be required to accept Chip & PIN.

You will start seeing changes as soon as this October.

The nice part is, no more handing your card to the clerk, as your hand will be on your card at all times. This alone is worth it.

Quick Google search for EMV in the US AND look for articles dated past April or so of 2012, and look for the info on Visa's and MC's websites about their US plans...about time we're getting it though.

 

[donnaw]

I keep a BoA account with a debit card that I use for all my online purchases. That account is not linked electronically to any of my bigger accounts (savings, big checking, brokerage, etc.). I have a pension that is deposited every month so it pays for just about everything.

I set things up like this years ago when online buying and ID theft was really getting going. Figured that even though I could get my money back, if someone got in and cleaned out that account I wouldn't be in a world of hurt until it got straightened out.

The only inconvenience was that if I needed to add funds I had to drive over to the bank and deposit a check. This new feature means I can just write a check, take a couple of pics and deposit. Bingo. May not save me a lot of time and gas but sure makes it easy when I need to do it.

 

[pmz]

Please, good sir, thou must also not delude thyself that what HSBC did was not something quite special. Most banks, while it might be the case that they have and would happily allow money laundering given the chance, are subject to fairly strict oversight since the early 2000s. I've not worked with HSBC but the scale and blatancy of the money laundering it appears they were allowing is unprecedented recently and it's hard to understand how it was possible.

When I say illegal activity, I mean the things they do legally that by any decent standard should be illegal, or used to be illegal before some dirty individual changed the law.

One word: derivatives

 

[SVTVenom]

My mortgage company charges a surcharge to use a CC or Debit Card. Ill continue to use checks as long as they are fre.

Same with mine. And the DMV/Tag office. And my water company. As long as they want to include $1-5 service fees for electronic payment, they'll have to go through the trouble of handling my checks.

 

[scat999999]

Why not use BillPay feature? I use it for my House and Auto Loan payments and CC payments and Utilities.

I only use ATMs for Cash Withdrawals. If they are going to remove 1500 odd of them, what do we do then?

When I need cash, I generally just get cash back at my grocery when checking out. I doubt I use the ATM for withdrawals more than a couple times a year.

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The US really is behind the times (at least by 15 years) most other countries in e-banking matters. I remember living in Denmark in 1994 that I was able to do the (pre-Internet) equivalent of paying e-bills for all my expenses back then. It took B of A until what, 2005 to introduce a similar system???

Not really. I was using a DOS based BofA online bill paying system back in 1989.

 

[nburwell]

Anyone else notice that since the app was updated, the retina display was lost for the app icon?

 

[boydp182]

Cool

What a cool feature. I had no idea this existed. Gotta love technology.

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By the way most posters-Way to go off topic completely that has nothing to do with the article. People bitch and moan about anything.

 

[mono1980]

How long does it take to get the money into my account? because I have used PayPal check deposit and it took almost 10 days before I had the money in my PayPal account.

Paypal is notorious for this. They will milk as much interest off your money as possible. Any delay in bank transfer these days is ridiculous if you ask me.

 

[jent]

Paypal is notorious for this. They will milk as much interest off your money as possible. Any delay in bank transfer these days is ridiculous if you ask me.

Out of curiosity, does PayPal and/or your bank take a cut of the pie if you deposit a check into your PayPal account and then transit that into your bank's checking/savings account?

 

[aristobrat]

Not really. I was using a DOS based BofA online bill paying system back in 1989.

Was that CheckFree? I remember using them back in the late 80s.