Give Me Back My Five Bucks

Depositing cheques by iPhone

ING-DirectIn the USA, people have been able to clear cheques electronically since 2004 – but for Canadians, that technology has just become available. Yeah, we’re a little far behind. :)

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:

  1. 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. 
  2. 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.


  1. I have not done this yet but I was so excited to see that it finally rolled out last week! I get a couple cheques each month, usually just for $80-100 each, and I’ll be quite happy to not have to go to a bank anymore to deposit them.


    This makes me want to switch to ING as a bank now.

  3. Cassie says:

    Do you know if they’ll allow US dollar cheque deposits into their US dollar accounts?

    • Krystal Yee says:

      I just asked them via Twitter, and their response was:

      “Our Cheque-In feature is for CAD deposits into your THRiVE Chequing or CAD ISA. Continue to mail or drop off your USD chqs.”

  4. francieidy says:

    This is great. I have Bank of America and I’ve recently started depositing checks using my smartphone. It’s so much easier, especially since I usually didn’t make it to the bank until 2 weeks after receiving my checks so now I deposit them and they are cleared by the next day. Go technology.

  5. monika says:

    very cool!! so happy i dont have to drive down to the bank anymore to deposit my paycheque.

  6. cj says:

    I’ve personally never used it but it’s been available (US). One of my co-workers was showing me the app a couple weeks ago when I rote him a mileage reimbursement check. How cool! And the money was right in his account.

    I have direct deposit and usually end up with more deposit slips than checks. The 20 somethings seem to not even have check books. They pay all their bills on line through the bank or with their check card. I’m 95% there.

  7. munchkin says:

    Probably a stupid question but after you take a picture of the front and back of the cheque…then what? Do you still have to bring it to the bank eventually? Or what?

    • Krystal Yee says:

      No, after you take a picture of the front and back, you just wait until you get a confirmation e-mail from ING saying they’ve accepted your deposit… then you shred the cheque! :)

  8. wongbenson says:

    A very cool feature but to be honest I haven’t had a cheque handed to me in over 5 years. Then again, I’m one of those weird guys with no home phone, cable, or tv.

    • Krystal Yee says:

      You know, I thought by now I’d be done with cheques… but I just ordered more from my bank, and I seem to get them at least a few times per month (freelance cheques, reimbursements from work, sports cheques, etc.)

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