Mobile Deposit Explained: How It Works
Ever wonder why your mobile deposit is accepted but not in account? The check goes through but it takes forever for the funds to actually show up! It’s frustrating, for sure, especially when you’re anxiously awaiting that money to pay bills or make a purchase. Turns out, there are a few reasons your mobile deposit gets accepted quickly but your cash seems to drag its feet. The good news is, now that you understand the holdup, you can plan ahead and potentially speed up the process next time. Read on to find out exactly why your funds experience a delay after mobile deposit and what you can do about it.
Why Your Mobile Deposit Is Accepted but Not In Account
Mobile deposit allows you to deposit checks into your bank account using your phone. Here’s how it works:
You’ll need to download your bank’s mobile app and ensure mobile deposit is set up for your account. Then, simply endorse the back of your check and take clear photos of the front and back using your phone camera within the app.
- Make sure the entire check is visible in the photo, with all four corners and both sides. Any shadows or glares can lead to issues.
- Double check that the written and numeric amounts match and are clearly legible before submitting.
- Carefully enter any additional details like the check number or account information.
- Review and confirm the details before submitting your deposit.
Once submitted, your deposit will go through a review process. Funds are typically available within 1-2 business days, but some checks may take longer depending on factors like the amount or issuer. You’ll receive notifications in your app and can check the status of your deposit at any time.
Using mobile deposit is convenient but does come with risks like fraud or check alterations that could impact your funds. However, when used properly and for eligible checks, it’s a handy way to save a trip to the ATM or bank branch. By understanding the process, you can feel confident depositing checks into your account from anywhere using just your mobile device.
Tips to Avoid Delays in Accessing Mobile Deposit Funds
Why hasn’t that money from your mobile deposit shown up in your account yet? There are a few possible reasons for the delay:
It can take 1-2 business days for the funds to be available after you deposit a check with your mobile app. Banks need time to verify the check is legit and process the deposit. Don’t worry, your money is on the way!
– Did you recently open your account? New accounts typically have longer holds on deposits until you establish a history with the bank. Once you’ve had the account for a few months, holds should be lifted.
– Was it a large check? Big deposits, especially over $5,000, often have longer hold times while the bank confirms there are sufficient funds. Although inconvenient, it’s for your own protection against fraud.
– Are you a loyal customer? Unfortunately, banks may place longer holds on infrequent users or those with lower balances to minimize risk. The more you bank with them, the more they trust you and the shorter your holds will become.
– Did you endorse the back of the check properly? If not, the bank has to manually review the check to ensure it’s negotiable before releasing the funds. Double check your endorsement next time to speed up the process.
While waiting for mobile deposits to clear can be frustrating, try to be patient. Holds are usually only temporary, and the money will be in your account before you know it. If it’s been an unusually long time, don’t hesitate to contact your bank to check on the status of your deposit. They’re there to help get your hard-earned money where it needs to go!
