SmartMoney Monday: Mobile Deposit

Smart Money Monday: Mobile Deposit

It's SmartMoney Monday, and we're continuing with the topic of payment conveniences. You can check out our previous episodes on our website. Today I'm here with Brannon Naito, Online and Mobile Product Manager at Bank of Hawaii, to talk about new ways of making deposits.

So Brannon, it's obvious that technology has changed the way we do a lot of things in life now—even our finances. What's changed with how we can make deposits?

Well, Steve, mobile devices, for one. Many financial institutions now offer Mobile Deposit as a standard feature. The technology has been out for a few years now, and Mobile Deposit gives customers another way to make a deposit, especially if they can't make it to a branch during the day.

It sounds simple enough. Can you walk us through how it works?

The process is simple. First, you want to make sure that your financial institution offers Mobile Deposit. Then go to their mobile app and find the Mobile Deposit feature. Then, you just:
Endorse the back of the check as your financial institution requires - some of the newer checks even have a box for mobile deposit. Use your mobile device's camera to take a picture of the front and back of the check.The app will make sure you have a quality snapshot and then send it to your financial institution. That's it.

Most people will want to know, when will their funds be available?

You'll get an email confirmation. But funds availability depends on the financial institution and the amount deposited. So customers should check with their financial institution on when their check will clear.

The convenience of this is clear—you could be at home – or anywhere, really, and deposit a check. Any limits on who can use this?

I would again defer to your financial institution, but typically as long as you have an account and your financial institution offers Mobile Deposit, you're able to use it. As you said, it's convenient for a lot of people. Whether you're sick, or can't get away from the office, or own your own business, you can make a deposit whenever the best time for you may be.

Sounds great, Brannon. Any other ways to make a deposit?

Yes—through the ATM.

Although this has been around on the mainland for a while, there have been enhancements. For example, many financial institutions have migrated to new ATMs that don't require deposit slips or envelopes. Depending on the ATM, you just insert a certain number of bills or checks at one time. You can also view and verify your deposit right on the screen and get a printed record of your transaction. Plus, many are now touch-screen based and provide on-screen directions through the entire transaction.

With everyone's busy schedules, these options make doing banking a bit easier. Thanks, Brannon. Next week, we'll have a brand-new topic for SmartMoney Monday—thanks for watching. For Brannon Naito, I'm Steve Uyehara.

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