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

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