Depositing cheques by iPhone
Last week, ING Direct finally launched their Cheque-In feature with the existing mobile app, and I am so excited to be able to deposit cheques just by using my iPhone (but you can also use it on an iPad, Android, Blackberry, or Windows tablet).
This is a huge step forward in the way we bank, especially since I still write and receive cheques regularly. In fact, according to a recent poll by ING Direct, over half of Canadians (55%) still deposit at least one cheque per month into their bank account, and they do this by ATM (71%), bringing it into a branch (41%), or mailing it in (1%). Being able to deposit cheques with my phone makes it less likely I’ll ever need to go into a branch again. Plus, I can be putting my money to use almost immediately – earning interest, or paying bills.
All you have to do is take a picture of the front and back of the cheque – and you’re done! Then you just have to wait for an e-mail that confirms your deposit has gone through.
The only complaints I have are:
- When I first used the app, there was a daily deposit limit of $1,500. Apparently since then, it’s been upped to $20,000/day for me.
- They don’t accept U.S. dollar cheques. Which, to be fair, ING never accepted (unless you have a U.S. dollar account). That’s why I’m glad I have my PC Financial account still – they accept U.S. dollar cheques deposited into my Canadian chequing account.
Have you ever deposited a cheque by smartphone before? Does your bank offer this feature?
And speaking of ING Direct, did anyone see this awesome clip of Peter Aceto on The Daily Show a few days ago? It’s pretty hilarious.
Author: Krystal Yee
I’m a personal finance blogger and marketing professional based in Vancouver. I’m a former Toronto Star (Moneyville) columnist, author of The Beginner’s Guide to Saving and Investing, and co-founder of the Canadian Personal Finance Conference. When I’m not working, you can usually find me running, climbing, playing field hockey, or plotting my next adventure.