Advertisement
credit & debt

New Rules for Mobile Deposits

The change is designed to help ensure that mobile banking app users aren't able to deposit a check online and then again at a brick-and-mortar bank.

When you use your bank or credit union's mobile app to deposit checks, you may have to start adding more-detailed wording below your signature to ensure that your check will be accepted. The change is designed to address concerns that customers may deposit a check via mobile app with one bank and later deposit the original check at a second institution. In a rule issued this summer, the Federal Reserve said the first bank can avoid taking a loss if the customer writes "for mobile deposit only" or similar phrasing on the check. The Fed hopes the rule will minimize fraud and accidental double deposits.

If your bank is updating its preferred language for endorsements, it may notify you by e-mail or post an announcement on its website. Or check its app—instructions may pop up as you are making a deposit.

Advertisement - Article continues below

If your endorsement doesn't match the bank's model, it may reject the deposit. But many banks will accept the check and later tell you how to write the endorsement, says Matt Kriegsfeld, of Mitek, a mobile-deposit software developer.

Advertisement

Most Popular

HSAs Get Even Better
Financial Planning

HSAs Get Even Better

Workers have more options with flexible spending accounts, too.
July 2, 2020
Find a Great Place to Retire
happy retirement

Find a Great Place to Retire

Our cities provide plenty of space to spread out without skimping on health care or other amenities.
July 2, 2020
What Are the Income Tax Brackets for 2020 vs. 2019?
tax brackets

What Are the Income Tax Brackets for 2020 vs. 2019?

The IRS unveiled the 2020 tax brackets, and it's never too early to start planning to minimize your future tax bill.
June 20, 2020

Recommended

If You're Using Cash Less Often, You're Part of a Trend
Technology

If You're Using Cash Less Often, You're Part of a Trend

The pandemic is speeding up the use of digital payments.
July 2, 2020
The Best Bank Accounts for You
banking

The Best Bank Accounts for You

Kiplinger's contributing editor Lisa Gerstner joins our Your Money's Worth podcast to unveil the best banks for all kinds of savers. Also, our hosts R…
June 30, 2020
The Best Bank for You, 2020
banking

The Best Bank for You, 2020

We've identified the banks and credit unions that offer the best combination of high rates, low fees and a customer-friendly focus.
June 25, 2020
Banks Canceling Credit Cards, Cutting Limits
credit & debt

Banks Canceling Credit Cards, Cutting Limits

If you haven’t used a card in awhile, make a small purchase with it to keep it open. It’s good for your credit score.
June 4, 2020