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What is mobile deposit? Here’s everything you need to know

If you find yourself reading this guide, you’ve probably asked yourself, “What is mobile deposit?” If you’re like most Americans, you don’t always have time to stop by the bank to deposit a check – but mobile deposit is here for you.

This innovative tool allows you to deposit checks remotely, generally through an app. In this article we’ll walk you through the basics of mobile deposits and even the specifics of how to endorse a check for mobile deposit. We’ll also cover how to deposit cash into your bank account.

What is mobile deposit? 

Put simply, mobile deposit is a resource that allows you to deposit checks to your bank account using a smartphone. It’s a fantastic solution for a fast-paced world that means you can deposit a check anywhere, anytime – provided your device is connected to the internet and you’ve endorsed your check. With mobile deposit, you don’t need to stop by a bank or an ATM – the ability to get funds, fast, is right at your fingertips.

Most banks have their own, separate mobile deposit apps that have their own quirks, requirements, and restrictions. So, if you have accounts at multiple banks, there’s no “one size fits all” solution. 

How does mobile deposit work? 

Mobile deposit works by using your smartphone camera to capture photos of the front and back of a check, and then deposits the money directly into your account.

First, you’ll need to identify that your bank supports mobile deposit capabilities. At First Merchants, mobile deposit is available through the First Merchants Mobile App, a simple and secure tool for managing your bank accounts. Once you’ve downloaded the appropriate app, it’s time to get started!

In the First Merchants Mobile App, you’ll need to login and select “Deposit” in order to make a mobile deposit. 

Then, select the account you want to deposit the check to. Enter the amount the check is made out for and endorse the check for mobile deposit. Then, take pictures of the front and back, select “Submit,” and voila! The funds will appear in your account shortly.

To see just how easy it is to make a mobile deposit, check out our instructional video.

How do I endorse a check for mobile deposit?

Endorsing a check for mobile deposit can be relatively straightforward. At First Merchants, customers can simply sign their name on the back of the check and write “For Deposit Only” along with their account number under their signature.

Other financial institutions may have different requirements, so be sure to double check before you put pen to paper. 

How long does mobile deposit take?

The amount of time it takes for mobile deposits to process can vary based on several factors, including the check value and the time of day. Refer to the First Merchants mobile banking terms and conditions as well as to the First Merchants Funds Availability policy for a detailed explanation of process times.

How can I deposit cash? 

If you need to know how to deposit cash into your account, you’ll have to do so by visiting a banking center or ATM. Mobile deposit apps do not have the ability to process cash transactions. 

Now that you understand what mobile deposit is and how it works, make sure you have the First Merchants Mobile App downloaded to your device.

If you have any additional questions about mobile deposit, visit our mobile deposit page or call 1.800.205.3464 for more information.

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