How Long Should You Keep a Check That You Deposited Using a Mobile App?

Patrick Burnett

If you’re someone who relies on mobile banking to deposit your checks, you may have wondered how long you should keep the physical check after it has been successfully deposited. In this article, we’ll explore the answer to this question in detail.

Understanding Mobile Check Deposits

Gone are the days when you had to physically visit a bank or an ATM to deposit a check into your account. With mobile banking apps, all you need is a smartphone and an internet connection to deposit checks from anywhere at any time. Mobile check deposits work by taking a photo of the front and back of the check using your smartphone’s camera and submitting it through the app.

Why You Should Keep a Check After Depositing It Through Mobile App

Once you’ve deposited a check through a mobile app, you might think that it’s okay to get rid of it. However, financial experts suggest that it’s always wise to keep the physical check for some time after depositing it through a mobile app.

How Long Should You Keep The Check?

The general rule is that you should keep the physical copy of the check until the funds have cleared in your account. This means that if there are no issues with your deposit, and the funds show up in your account balance without any problem, then you can dispose of the paper check.

What If There Are Issues With The Deposit?

Sometimes there may be issues with mobile deposits such as insufficient funds, signature mismatch or other errors. In such cases, banks may reverse or reject your deposit which could result in an overdraft fee or other penalties. Keeping hold of the physical check will allow you to verify information if necessary and dispute any errors made by your bank.

How Long Should You Keep The Check If There Are Issues With Your Deposit?

If there are issues with your deposit, it’s important to keep the physical copy of the check until the issue is resolved. In some cases, it may take up to 90 days for a bank to detect an error and reverse a deposit. Therefore, it’s recommended that you keep the check for at least three months after depositing it through a mobile app.

Conclusion

In summary, if you’ve deposited a check through a mobile app, it’s recommended that you keep the physical copy of the check until the funds have cleared in your account. If there are issues with your deposit, then keep hold of the check for at least three months after depositing it. By following these simple steps, you can avoid any unnecessary fees or penalties and ensure that your banking transactions are as smooth as possible.