Good customer service week continues

[nutty_irishman]

Today my bank notified me of a new service called “e-Deposit.” You endorse a check, mark it “for deposit only,” scan it into your computer, and upload it to their Web site. Bam, deposit done, no bank required.

Comments

[bellacrow]

what bank is this? I'm so dubious I still cant tell if you're being cheeky or not

[nutty_irishman]

Haha, true I am sometimes mischievous, but this is for real! It's Addison Avenue Federal Credit Union (Hewlett-Packard's credit union).

“Addison Avenue e-Deposit: The missing link in ultimate banking convenience. Deposit checks anytime, anywhere. Here's how it works. 1. Log in to Online Banking. Click on ‘e-Deposit’ and follow the instructions. 2. Endorse your check and mark it ‘For deposit only.’ 3. Scan both sides of your check and you're done! Your account is credited immediately.”

[bellacrow]

and you never, ever, have to send in the actual check?

*blinks* wow

[nutty_irishman]

Apparently not.

They do say that the service isn't available to everyone, so you probably need to have some combination of balance, account age, etc. so that they'll trust you with this amazing power. :)

[merrickkite]

What about the MICR line? And verifying that it's an actual check? I suppose if your account age is old enough and you've got a fairly good history with the bank they may take the chance to trust you...

Huh. I can see a lot of problems with this.

[nutty_irishman]

I imagine that they verify its validity the same way they do with paper checks. My understanding is that things like the magnetic ink line are for ease of processing, not for security. And on further thought, you aren't doing much differently from ATM deposit processing.

Forgery is a concern, but then that's true with paper too. When you write a check, it's important to verify that the recipient deposits the correct amount, regardless of the instrument.