Few things feel more like an inconvenience than having to go to the ATM to deposit a check. Depending on where you live or work, an ATM could be well out of your way. Once you get there, you may have to wait in line, not to mention fight traffic.
When faced with this prospect, many people yearn for ways of cashing a check online instantly. The question they face is this: is cashing checks online worth it? Doesn’t online banking come with several risks?
If these are the questions that keep you up at night, then you’re in luck! In this guide, we’ll explore three benefits to cashing a check online that will put your mind at ease.
1. Cashing a Check Online Instantly is Secure
Many people worry that if they were to cash their check online, it would put critical information at risk. While it’s true that online transactions involve some risk, online banking strives to keep transactions secure.
When you deposit a check online, you often use your smartphone for the transaction. In such cases, you give your bank’s app access to your phone camera. From there, you take a picture of the front side of the check and of the backside as well.
Since the bank accesses your camera for this purpose, only your bank should see the check’s information. So long as they use encryption and online security measures, your bank should be able to preserve your information security.
2. Cashing Checks Online Grants Quick Access to Funds
When cashing checks through your smartphone, you won’t receive immediate access to the deposited amount. Banks need time to process transactions to ensure their legitimacy. However, you will have quick access to your money.
Most banks will give you access to your money one day after the transactions. Some may also choose to make a part of the money available immediately, while the rest becomes available on the next business day.
However, please note that a bank can hold your transaction for several reasons. These may include the amount of your check, frequent overdrafts in your account, and other concerns.
3. Manageable Limits on Deposits
When you investigate online banking, make sure you understand what limits the bank places on online transactions. Some, though not all, banks place limits on online deposits. These limits may include:
- Limits on how many transactions you can make
- Daily limits
- Weekly limits
- Monthly limits
Each bank imposes different limits on its mobile deposit functions. They determine these limits by considering factors like the type of account, your deposit history, and how long you’ve held the account.
While these limits may sound intimidating, don’t worry too much about it. Most banks have accessible limits that won’t hinder your needs. These limits also benefit you by increasing transactional security.
Take Control of Your Finances
By cashing a check online instantly, you can more conveniently manage your finances. With the three benefits above, you can ensure transactional security and speed.
While these tips can help you manage your finances better, there’s still much to learn! If you want to gain mastery over your finances, check out our other content today.