E*TRADE and Citi Introduce Mobile Check Deposit

by on Jan 19, 2012

altThis week, we launched our Mobile Monitor service with the first bi-weekly Mobile Monitor Update of 2012. A full review of E*TRADE’s remote deposit capture tool can be found in the Update.

One of the most interesting storylines we’ve been tracking in mobile finance is the spread of remote deposit capture (RDC). USAA first launched its Deposit@Mobile service in 2009, allowing its far-flung military client base to make check deposits without an ATM. Chase introduced its QuickDeposit RDC tool a year later, followed by U.S. Bank and PNC in 2011. Shortly after, Fidelity and Charles Schwab became the first brokerage firms to offer the feature.

E*TRADE
In our first Mobile Monitor Update, we reported that E*TRADE has joined the growing list of firms that offer RDC. As of a December update for the iPhone app, clients with over $1000 in net assets can enter an amount and destination account, snap pictures of the check front and back, and have that money available in one to two business days.
 

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E*TRADE Remote Deposit Capture
 

Citi
In October, Citi announced a “Mobile Check Deposit” pilot program to a small number of clients, with a wider release planned in the following months. Recently, we gained access to Citi’s new mobile check deposit tool, available through the firm’s iPhone and Android apps. It provides a similar experience to E*TRADE and other firms’ established RDC offerings.
 

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Citi Remote Deposit Capture
 

Final Thoughts
If client demand has anything to do with it, RDC will only continue to gain popularity. More and more bank clients are eagerly awaiting the release of their own RDC tools. For brokerages, which lack an extensive network of branches and ATMs, RDC can be even more of a time-saver. RDC is no longer just an added convenience, but something clients increasingly expect from their financial institution.