Coming soon: Cheque deposits by phone

Recently when I was in the US, I went to a bank and they told me about this feaure that allows you to deposit your cheques using your phone's camera.  I was so excited to hear about this feature as I hate having to go to the bank machine to deposit cheques.   I love convenience and this feature would definately save me alot of time.  I ran across this article that says that we may soon get this technology.  I for one, cannot wait!

October 17, 2012
By Krystal Yee

ING Direct is testing a new feature for their iPhone app called Cheque-In – a remote cheque depositing system.

This service, already extremely popular in the United States, but when launched would be the first of its kind in Canada,  letting customers deposit cheques into their account by using their iPhone cameras. It's as simple as as taking a picture of the cheque and sending it to the bank for immediate deposit.

The testing for Cheque-In is limited to j500 ING Direct customers and is the bank’s response to customer feedback about the obstacles in depositing cheques with an online bank. It also indicates a growing willingness to use a smart phone for banking.

A recent ING Direct survey found that 38 per cent of Canadians are open to doing more traditional banking using their smartphones, and the number jumps to 57 per cent with the 18-34 age category.

Since it is the first time Canadian customers will have the ability to use remote cheque deposit, issues over safety and privacy have come up, as  Charaka Kithulegoda, ING Direct’s Chief Information Officer admits.
 
“Security in banking is a natural concern, particularly when new features and platforms are introduced,” he said. “We’ve implemented several features to ensure our clients’ accounts are secure when it comes to mobile and social banking.”

American banks have allowed banks to exchange images of cheques instead of handling physical documents since 2004. Earlier this year, RBC started offering the service to its customers with U.S. bank accounts.

Canadian law does not allow us the same service. This means during ING’s testing, and until the legislation changes, Cheque-In users will still be required to mail in their cheques within 14 days of making the mobile deposit.

Even if federal legislation stays the same, the Cheque-In feature would at the very least offer the convenience of instantly depositing money without the immediate need to visit a bank or ATM machine.

ING Direct will be using the Cheque-In beta testing as an opportunity to collect feedback from its clients, make improvements to the current functionality, and consider enhancements to the product. However, there is currently no time frame for a full roll out for all ING customers.

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