Fifth Third Bank recently became the latest bank to offer remote check deposit on its mobile banking app. This brings the number of Bank Monitor firms that offer the capability to 12 or roughly 75% of the coverage group. The technology is also becoming more common among investment firms such as Charles Schwab, E*TRADE, Fidelity and Vanguard.
Fifth Third Bank Review
The new feature is readily accessible from its own “Deposit Check” icon within the app’s bottom taskbar. After accessing the feature, clients must complete a three-part process. At the top, users can click on the windows where they can take a picture of the front and back of the check. Below the windows, “Deposit To” and “Amount” options lead to separate input screens.
After providing the relevant information and pictures, clients can submit their deposit. If it is accepted, the Confirmation page provides a review of the transaction by listing the amount and the receiving account. The page also includes a reminder to destroy the check once it has cleared. The pending status of the check is available immediately on the mobile app’s Activity page.
Fifth Third Bank Mobile Check Deposit
The firm’s mobile deposit tool conforms to a straightforward, standard design. Other than review images of the user’s photos, it does not offer any substantial tips and or help screens. To that degree, Fifth Third’s app lacks some of the other bells and whistles that are offered by other firms. Nonetheless, the capability is a useful time-saver for customers, who can begin the deposit process immediately after receiving and properly endorsing a check without venturing to a brick and mortar branch. Now that remote deposit capture has caught on, it will be interesting to see what other options are implemented into smartphone apps as mobile technology receives more focus and funding from banking institutions.