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Your Take: Remote Deposit – Online Scanned Check Deposits
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Years ago, I remember learning that USAA Bank offered this fantastic new service where you could scan and deposit a check electronically. No more trips to the bank, waiting in line for the ATM or a teller, and basically cutting out one of those annoying hassles. There was always direct deposit for regular payments like paychecks, but nothing was available for the random checks you get. We have the Check 21 Act to thank for that, because it made it legal for banks to use the image of a check for the purposes of transferring funds.
The net result of this should be a boon for online banks with checking accounts, like Ally Bank and ING Direct. For years, one of the biggest knocks against online banks was with check deposits. You only use an online bank for checking, you almost always had to have a local brick and mortar bank intermediary to process your checks. As remote deposit becomes more widespread (ING Direct is supposed to roll it out soon – like July 4th soon), we can probably expect all the online banks to have it.
Would you use remote deposit and would that push you to close your brick and mortar checking account?
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Unfortunately, ING still doesn’t allow physical checks for use with their checking accounts. If they did, I would probably switch over and make them my primary checking. I do most of my payments online or with credit cards, but still have the occasional need for a paper check (church, irregular services -i.e. plumber or electrician, etc.).
ING now has physical checks with their checking accounts – click on your checking account, then Account Maintenence. You’ll find a place to order paper checks. I’m not sure when this feature started, but I found it about a month ago when looking for my direct deposit info.
They do now…
http://helpcenter.ingdirect.com/ingd/Topic.aspx?category=EO7