Warning For Those Who Use Mobile Check Deposit With Their Bank

December 15, 2016

© Pressureua | Dreamstime

Mobile check depositing is very handy for depositing checks into your bank account. A couple of clicks of the camera and you are done.  But even after you endorse the check and write "deposit under your signature, you can still run the risk of someone stealing that check and cashing it.  It happened to a Phoenix, Arizona woman, who used mobile banking to deposit $1,500 into her checking account.  She didn't give it a second though until a couple of months ago when the bank took $1,500 out of her account.  Baffled she inquired as to what happened and after doing some investigating, she discovered that someone had stolen the $1,500 paper check and although it had already been deposited into her account, the thief chased the check and therefore the bank took the $1,500 out of her account.  The thief even signed under her signature and the word "deposit." It wasn't clear how the paper check was stolen, picked out of the garbage or found lying around.  Although most banks and credit unions tell you to write deposit as you endorse the check, check the terms and conditions of mobile banking and speak with your bank  so that you fully understand mobile banking, how long to hang on to the check and their dispute policy.  You can add a second line of security with mobile banking.  Once the deposit has been accepted, write "deposited" across the front and make sure to destroy checks in the time frame decided by your bank.

SOURCE: 12 News Phoenix

See and hear more from the 98.5 KTK Morning Show with Storm, Janie and Chris