iPhone App Update: How Safe is Mobile Check Deposit

 

Bank of America is out with an app that can be used to remotely deposit up to $5K in checks per month. The service is available to business and BofA claims that it doesn’t charge customers an extra fee to use the new feature.

 

Is it safe and secure? Is it worth the time and effort?

 

Yes and yes.

 

Access to the funds in your bank account amount to nothing more than an account number, a bank routing number, and a secure log-in. This is true if you are banking online or by smartphone. In theory, hackers could intercept your crucial banking information if you use an unsecure wi-fi or network connection – but in reality this is nothing more than the high-tech version of snatching checks out of mailboxes.

 

Your biggest risk factor might actually be losing your smartphone if your banking information is embedded in e-mails or notes, but even that misfortune can be planned around by utilizing a remote wipe app.

 

Using mobile check deposit can save you money due to the simple fact that your funds hit your account quicker and start working for you. In addition, the time and convenience factor makes the feature worth looking into.

 

Other banks with mobile check deposit:

 

Chase

 

USAA

 

PayPal

 

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