Imagine you're talking to someone who's been in a coma for 20 years. They see you pull a device out of your pocket that is more powerful than the biggest, fanciest computers from the last time they were conscious. What's more, it's got a GPS, a digital camera and enough storage capacity to fit the Library of Alexandria on it hundreds of times over. The smartphone has been a technological revolution, and it's slowly becoming the way more and more of us handle most of our affairs.

It's really no surprise, then, that smartphones are the way people do even basic things like depositing checks. Yes, mobile deposit is becoming more common and offered by more financial institutions every day, including ACCU! Thanks to changes in federal regulations over the last few years, a digital image of a check is now a legally binding document, just like the check itself. This change is what opened the door to direct deposit from your pocket.

Here's how the system works at Archer Credit Union. Someone writes you a personal check. You take a picture of the front and back of the check with your smartphone using your ACCU Mobile Banking app. The app on your phone then transmits the images to Archer Credit Union, we then can deposit the check into your account.

Everyone who works with checks can stand to benefit from mobile deposit. Small businesses can take personal checks without as long of a waiting period, enabling them to take more forms of payment from more people. Busy workers can deposit paychecks without having to race the clock to make it to their financial institution before closing time. Consumers can quickly and securely transfer funds to their savings.

Archer Credit Union and other financial institutions also benefit from the efficiencies that are gained by offering mobile deposit. Paper checks have to be scanned and processed by hand, which adds up in labor hours. Mobile deposit takes considerably less time, allowing us to keep costs lower. We then are then able to pass the savings onto our members through better rates and other programs.

Worries about data theft or other hacking can also be put to rest. Cell phone data encryption is the same as the encryption for any other internet service. Check images are no more likely to be stolen from a cell phone than they are from a check clearinghouse after a paper transaction.

Taking reasonable precautions with remotely deposited checks will make life considerably easier. If you choose to take advantage of ACCU’s Mobile Deposit service, we recommend that you clearly mark the check as deposited and keep the check for 30 days after your mobile deposit transaction. This holding period is to ensure the image was of sufficient quality for every institution in the chain and that there are no issues with processing. Once that period passes, shred it.

Mobile deposit isn't just the future of mobile banking, it's already here. And it's an exciting time for it. If you're one of the 45 million people who take advantage of smartphone banking services, you should be excited about ACCU’s Mobile Deposit, too. It won't change your life, but it will make a lot of your transactions easier, faster and safer than ever before.

Click here for more information on our mobile banking and mobile deposit services.

Contact a Member Service Representative and get started today! (308) 946-3070.