8

Credit unions release the “Deposit Anywhere” app, allows customers to deposit cheques from their iPhone

directcheck
The mobile banking space in Canada continues its mission to abolish paper and save you time. A few Credit Unions (Central 1, Meridian, Affinity Credit Union and Westminster Savings Credit Union) have joined together to offer customers the option of making Canadian cheque deposits from their mobile device. This is a first in Canada and one that the big banks should take notice of.

The Deposit Anywhere app, otherwise known as a “remote deposit capture,” is currently compatible on the iPhone. TYo deposit a cheque you simply open the app, take a picture of the front and back of the cheque, then select the dollar amount and account you wish to deposit it into. You’ll also receive a confirmation number via email that the transaction has been processed. The app promises a deposit “in less than a minute” and that you’ll no longer need to take a cheque to a branch or an ATM.

Westminster Savings Credit Union in B.C. will be the first to have this available on April 17th. Then Meridian, Central 1 and Affinity credit unions plan to go live in May. If your credit union is not one of these, no worries, the Deposit Anywhere app will be “broadly available for credit unions to begin implementation this June.”

Source: Central 1

  • JerryBolton

    This has been in the states for a few years now, hoping that PC Financial gets on this soon!

    • Plazmic Flame

      So…. Who validates the cheque?

    • JerryBolton

      Speaking as someone who uses PC Financial, I can look at scans of all my ATM deposited cheques online, which means that the CIBC ATMs that PC uses just scan it and send the scan into wherever PC does their thing. This is really the same thing just without the ATM. Obviously they run the cheque through to verify its legitimacy and there would be a requirement for the photo to be focused and of decent enough quality, but yeah.

    • awhite2600

      The scan of the cheque is not done by the ATM. The cheques are still sent to a central clearinghouse for scanning. For years, cheques were read by humans in the clearinghouses. Several years ago all Canadian banks moved to a more automated clearing system. This is why the date on a cheque has to be in little boxes with YYMMDD written below. Cheques are scanned and fully processed electronically. Cancelled cheques are no longer returned to the issuer, but images are available.

      A smartphone app would be sending the image to the clearinghouse where the same process would happen as if the cheque was taken to a bank or ATM.

      I’m sure our wonderful Canadian banks will still charge us a fee for the convenience.

  • Haxor99

    Wow! I hope all Canadian banks incorporate this into their apps ASAP

    • Johnny

      They will…along with a $5 fee for every cheque

  • Guest

    Central 1 is not a credit union in the traditional sense, it provides services for credit unions only. So they provide this service to those 3 credit unions. Likewise, this isn’t a separate app, its part of their existing apps.
    Also Meridian has an Android app and if you look at their press releases there is a video of an S3 being used to do the deposit.

  • Nelly

    Hope this app will available with Android phones too.

Trending News

Other Articles