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April 16, 2021

Text, talk and deposit with your smartphone

You can order pizza, shop and do your banking right from the convenience of your home computer.

But what about depositing cheques into your bank account with your mobile device?

Well, select credit unions across Canada are launching a new mobile app that lets you do just that.

All you have to do, they say, is tap, snap and send.

Credit union customers will be able to log in to their mobile banking app with their smartphone or mobile device, take a picture of the front and the bank of their cheque, select the account where they would like to deposit the cheque, enter the details and send the information to their credit union. And voila! Your cheque is deposited and a confirmation number will be sent to you.

Central 1 Credit Union is working with Westminster Savings Credit Union in British Columbia, Meridian in Ontario and Affinity in Saskatchewan to launch the new feature, Deposit Anywhere, as part of their mobile banking applications.

Mobile remote deposit capture lets you deposit a cheque anywhere, anytime in less than a minute without ever stepping into a branch.

And believe me, with our Canadian winters there are times when i dread having to venture out for a trip to the bank or anywhere for that matter.

Oscar van der Meer, Chief Technology Officer at Central 1, says, "We are constantly developing new, innovative ways for credit unions to meet the changing needs of their members.

"We help them keep in the lead of the rapidly developing financial services market."

The new feature is expected to launch first in B.C. on April 17th, followed by the credit unions mentioned in Ontario and Saskatchewan in May, with more to follow. 

The free mobile banking app is available from the Apple App Store or iTunes

Technology is definitely making it easier to free up valuable time in our busy lives.

Now I'm just waiting for the day when my cell will be able to make a coffee so I can skip the huge drive-thru line at Tim's in the morning.

By Donna Donaldson, MSN Money

Would you take advantage of depositing cheques into your account by using your mobile device? Why or why not?



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...