Charles Schwab has been favorited by a lot of people. It is because this company offers everything related to its checking account for free. The checking account of Schwab offers free checks, free checking, free electronic transfers to other institutions and no ATM fees anywhere in the world. As you know that ATM from another company charges you a transaction fee, but in Schwab, they will refund it. In Schwab, you are able to make a deposit by transferring funds into the account through direct deposit or you can do it by mailing a check.
Talk about check, there is a problem about that. If you drop a check in the mail, the check will need several days to be received by Schwab until Schwab team deposits it to your account. For example, there is one of customers of Schwab who have received paycheck from her job. Then, she puts the check in a mailbox on Saturday evening. Then, Schwab receives the check and posts the balance to the customer’s checking account on Tuesday or Wednesday. So, it needs about three to four days. It is not comfortable. But now, Schwab has solution for this problem. Charles Schwab has a free app named Schwab Mobile Deposit app. This app will permit users to deposit checks instantly via their smartphone or tablet. Everyone can do that by taking a photograph of the check. It is available for iPhone users and android. So, how to deposit checks into your Schwab or Schwab Bank account? Follow these steps carefully.
- First, you have to log in to Schwab Mobile and tap “Deposit”. Make sure that you have downloaded the app.
- Second, select account type whether Schwab Brokerage Account or Schwab Bank Account.
- After that, choose or confirm account and enter check amount.
- Now, tap “Take Photo” to photograph front and back side of your endorsed check.
- Then, tap “Review Deposit” and review all information for accuracy.
- Now, tap “Deposit”. You have to make sure that you have strong cellular coverage. You need to know that a progress bar will indicate that your deposit is being transmitted. You have to avoid answering calls or navigating away from the screen until the submission is done.
- In this step, you will receive deposit acknowledgment. The app will produce a reference number and it confirms receipt of your check images and deposit information. When the deposit posts to your account, you will get an email which confirms the deposit.
- Now, you can check deposit status. The check images will be available for 14 days.
Well, by the existence of this app, there are some benefits including easy deposits, instant deposits, instant feedback and there is no risk of loss. You will not need to drive to the nearest mailbox branch, no need to wait and if your check cannot be deposited due to some reasons, you will know automatically. The disadvantage of this app is that taking photograph can be confusing because it depends on the type of phone that you are using. However, this app will be very helpful. Just make sure that you use a good phone to produce a good photograph of your check.