I have always wanted to try this out as I was curious how it works and also how long it took to process the deposit. I found out about it by using the Schwab iPhone App and it allowed me to apply. I was approved a few days later.
I recently got a check for $50 and decided to try it out. All I had to do was take pictures of the front and back of the check, enter the amount of the check, and submit it over wifi to Schwab. It took seconds! I was very pleased with the process.
I did the mobile deposit on Sunday night. By Tuesday it had cleared and was available for me to use. Overall I am impressed and this can be very valuable to me when traveling. I can make deposits from anywhere in the world that I have WiFi access! What a great tool for a consultant/contractor.
I hope more banks, including ING (my primary) get on board with this soon. Chase pioneered the idea and now everyone seems to be heading that way. No trips to the bank, no wasted gas, time saved, money saved (less labor on the bank's end), and faster available funds. All good in my opinion.
If you have been debating using this service I highly recommend it. It makes life much easier and is done using a very secure connection via the internet. Welcome to the 21st century!
by Frugal Backpacker on Friday, June 17, 2011