jfchandler Posted September 21, 2010 Share Posted September 21, 2010 As an American, I can't count the number of times I've received miscellaneous small U.S. bank-based checks here, and had no good way to deposit them. Thai banks usually charge hefty fees for the service, and the wait for the funds to be credited is long. Sometimes I've mailed them back to the U.S. for family members to deposit, sometimes I've just tossed them because it wasn't worth the hassle. But now there's some good news. Pentagon Federal Credit Union, which is one of the larger and better credit unions in the U.S., has launched an online check scanning and deposit service for its account holders. The service, which can be used by any PFCU account holder with a computer and attached scanner thru the PFCU web site, is free and appears to have no major hitches associated with it. The website says PFCU has a $5,000 daily deposit limit and immediate credit for successful remote deposits. It also says the remote deposit feature is only open to account holders who have been PFCU members for at least six months. Checks deposited remotely must be from U.S. financial institutions and be written in U.S. currency. With all the innovation and technology being brought to bear in banking, you'd have thought the banks would have come to this kind of approach sooner. But PFCU is one of the first among the many banks and CU's I'm familiar with to roll it out. I noticed one other California bank I'm familiar with, Bank of the Sierras, began offering it earlier this year, but that was only for their business account customers, and still not for consumer account holders. It kind of makes sense for PFCU to operate such a service, since the credit union is geared toward military and government employee members. But membership in PFCU is also open to the general public via membership in a nonprofit group, the National Military Families Assn., which can be done online as part of the PFCU application process. Another similar entity, USAA Bank, also has similar services already: one called Deposit@Home that appears to involve using a computer scanner similar to the PFCU approach, and then a separate service called Deposit@Mobile, which uses IPhone or Android mobile phone apps as opposed to a general computer scanner. However, the USAA remote deposit services don't appear to be open to all of their banking customers, as there's a list of various qualifying criteria their members must meet to use the service that includes being eligible for USAA property and casualty insurance. And under USAA's policies, only military-related members are eligible for their property and casualty insurance products, not their general public members who have access to their banking services. So that appears to preclude general members from using the USAA remote deposit services, whereas the PFCU service is available to all members of at least six months duration, and anyone can join PFCU via the nonprofit association. Here's a link to the PFCU web page that going into detail about their remote deposit feature. And here's a file attachment in PDF format that shows the technical details of their program, such as that the Chrome browser and Windows 7 64 bit OS are not supposed for some reason... Penfed Deposit Anywhere.pdf If anyone knows of other major U.S. banks or credit unions that have begun offering similar remote deposit features, please do post the info here... Link to comment Share on other sites More sharing options...
PoeDogg Posted September 21, 2010 Share Posted September 21, 2010 This is awesome; thanks for sharing! Link to comment Share on other sites More sharing options...
jfchandler Posted October 13, 2010 Author Share Posted October 13, 2010 Here's another U.S. bank that now has added free online check scanning-deposits as part of its accounts... EverBank... https://www.everbank.com/personal/make-deposits.aspx Link to comment Share on other sites More sharing options...
jfchandler Posted November 12, 2010 Author Share Posted November 12, 2010 fyi, one of the best banking blogs has just published an overview of the different U.S. banks and credit unions that now offer electronic deposit/scanning of checks... Some of the banks/CUs are those mentioned earlier in this thread, but there are several others detailed as well.... The overview of the different institutions now doing online check deposits and their requirements is located here.... Link to comment Share on other sites More sharing options...
jfchandler Posted April 15, 2011 Author Share Posted April 15, 2011 And another major U.S. bank, Ally Bank, says it is joining the remote electronic check deposits club.... http://www.depositaccounts.com/blog/2011/04/ally-bank-starts-roll-out-of-echeck-deposit-for-scanning-checks-at-home.html Link to comment Share on other sites More sharing options...
gregb Posted April 16, 2011 Share Posted April 16, 2011 The "Check 21" act that allows for scanning checks has been in place and in use since 2003. Banks never send physical checks back and forth anymore. Everything today on the banking side is now done by scanning and subsequent electronic transfer. Larger institutions that do significant deposits have also been able to tap directly into this system for the last several years. This, I guess, is just the first time that the service is being made available to the little guys. Useful for sure, but not really novel. Link to comment Share on other sites More sharing options...
jfchandler Posted April 16, 2011 Author Share Posted April 16, 2011 Greg, not sure what you mean by "not really novel." But I do know this: notwithstanding the technology having been around for some time, I'd say with some certainty that the vast majority of Americans, at least, whether living in Thailand or the USA, don't currently have access to scanning and remote deposit of their checks with their existing banks. That's pretty safe to say, because AFAIK, pretty much none of the major, largest U.S. banks (BofA, Chase, Citi, etc) are currently offering this service. It's been a number of much smaller (by comparison) banks and credit unions that have pioneered remote deposits, including Pentagon Federal Credit Union, USAA, EverBank and a few others... and soon to be joined by some bigger players like Ally and ING.... I'd say remote check deposits will be pretty novel for most people when eventually they get an opportunity to try it from one of their banks. Link to comment Share on other sites More sharing options...
longball53098 Posted April 17, 2011 Share Posted April 17, 2011 Actually jf Chase Bank in the US has this service but it is only available for use on a mobile smart phone See here: Quick Deposit Link to comment Share on other sites More sharing options...
Pib Posted April 17, 2011 Share Posted April 17, 2011 I've used the USAA Deposit at Home feature one time early this year and it worked great. Fortunately I'm down to only getting 1 check for sure each year, and normally 1 or 2 unexpected checks. The Deposit at Home was super easy to use, the USAA online banking module completely controlled the scanning, and prevents the snail mail process (to include the chance of the check getting lost in the mail on the way to your bank). Yeap, a nice little feature I appreciate and need to use occasionally...and eliminated another one of those Thailand banking pains. Link to comment Share on other sites More sharing options...
Pib Posted April 17, 2011 Share Posted April 17, 2011 The "Check 21" act that allows for scanning checks has been in place and in use since 2003. Banks never send physical checks back and forth anymore. Everything today on the banking side is now done by scanning and subsequent electronic transfer. Larger institutions that do significant deposits have also been able to tap directly into this system for the last several years. This, I guess, is just the first time that the service is being made available to the little guys. Useful for sure, but not really novel. You are talking about banks sending each other checks after the customer has walked in and cashed it, or a non-bank place where you can cash a check....and of course you may be charged a fee for cashing the check depending on the situation. Thai banks don't use Check21 which is a U.S. only law/program. http://en.wikipedia....ki/Check_21_Act The OP is talking about a person in the comfort of his home anywhere in the world cashing/depositing a check free of charge and real time through his online banking. That's definitely a big plus in Thailand since the banks charge a very healthy fee for check cashing and put the funds on hold for weeks and weeks pending the check making its way back to Farang Land for cashing. Link to comment Share on other sites More sharing options...
jfchandler Posted April 17, 2011 Author Share Posted April 17, 2011 Actually jf Chase Bank in the US has this service but it is only available for use on a mobile smart phone See here: Quick Deposit Thanks much Longball, I wasn't aware of that Chase' offering.... even though it's only available at present to those using Android or IPhones... Do you know if their service works if someone with one of those model phones is using it via a mobile service provider outside the U.S.? From my perspective, I like the scanner/website based formats.... But then again, I have a scanner at home, but no IPhone or Android phone... Link to comment Share on other sites More sharing options...
jfchandler Posted April 17, 2011 Author Share Posted April 17, 2011 I've used the USAA Deposit at Home feature one time early this year and it worked great. Fortunately I'm down to only getting 1 check for sure each year, and normally 1 or 2 unexpected checks. You know Pib, one of the places where I've found it particularly useful is in handling product purchase rebate checks from the U.S. -- typically $10 to $25 per purchase/check for various kinds of U.S. electronics and computer parts purchases made online.... Before remote deposit/scanning came along, those were a real pain to deal with here.... Now, piece of cake... BTW, PFCU's service operates very much the same. The Java-based software that the service uses controls the entire scanning process and interface with the CU's web site. Deposited funds, unlike Chase's offering, immediately available upon completing the deposit online. Link to comment Share on other sites More sharing options...
lopburi3 Posted April 17, 2011 Share Posted April 17, 2011 As an aside have recently seen that Bangkok Bank offers same day free processing of official type checks below $500 so suspect they are using this system from Thailand (can not imagine them giving anyone a free float until courier delivers). But not sure where I read the information as could not find last night when looking for it. Link to comment Share on other sites More sharing options...
jfchandler Posted April 17, 2011 Author Share Posted April 17, 2011 Lop, by "official type," are you meaning government type checks.... SS, military, government pensions??? I'd assume federal.... also state perhaps? Be interested to see/know more about that....as would others, I'd assume. Link to comment Share on other sites More sharing options...
gregb Posted April 17, 2011 Share Posted April 17, 2011 The "Check 21" act that allows for scanning checks has been in place and in use since 2003. Banks never send physical checks back and forth anymore. Everything today on the banking side is now done by scanning and subsequent electronic transfer. Larger institutions that do significant deposits have also been able to tap directly into this system for the last several years. This, I guess, is just the first time that the service is being made available to the little guys. Useful for sure, but not really novel. You are talking about banks sending each other checks after the customer has walked in and cashed it, or a non-bank place where you can cash a check....and of course you may be charged a fee for cashing the check depending on the situation. Thai banks don't use Check21 which is a U.S. only law/program. http://en.wikipedia....ki/Check_21_Act The OP is talking about a person in the comfort of his home anywhere in the world cashing/depositing a check free of charge and real time through his online banking. That's definitely a big plus in Thailand since the banks charge a very healthy fee for check cashing and put the funds on hold for weeks and weeks pending the check making its way back to Farang Land for cashing. If you deposit the check into a Thai institution, they will still put the funds on hold for weeks and weeks. Again, check scanning is already in use at nearly every level. This is simply opening up the last mile to the little guy, but if you were a large business doing thousands of checks per day you already had this capability. There is really no difference here aside from lowering the bar to gain admittance to the system so that someone with only 1 check can do the same thing as the large corporations were already doing. I agree that if you have a US bank account and are willing to deposit the check in that US bank account, then this service allows you to save 300 baht in EMS fees and 4 days. But this will not speed up processing a US check through a Thai bank. They already use this service, you just don't realize it. Checks drawn on US funds are in fact scanned and sent to an intermediate US bank for processing. I understand this is convenient for some people. I am not trying to deny that. I am saying it is not really a novel service, and for the vast majority of us it will have no effect whatsoever. For those who can benefit, it will save them the cost of the EMS transfer to their money will clear in their account a few days faster. An incremental improvement over what is already possible. I guess this just doesn't seem that interesting to me. Link to comment Share on other sites More sharing options...
jfchandler Posted April 17, 2011 Author Share Posted April 17, 2011 I don't follow your comments at all, Greg... First, for the reader here, it really doesn't matter what check processing systems banks or large corporations are using... It matters what you and I and the other TV members here can or can't do as individual consumers. And until very recently, we didn't have direct access to remote check scanning and deposit through most people's U.S. banks and credit unions. Second, you talked about the deposited funds being available in days... When I remote deposit thru PFCU, the deposited funds are available immediately upon completion of the online process. Not days later if I had EMS mailed in a deposit. And not weeks later if I had turned the check over to a Thai bank as in the past. User fee at present for the remote deposit service from PFCU and USAA....None.... User fee for Thai banks to handle U.S. checks... a couple of hundred baht per check. BTW, AFAIK, the current fee for sending a simple letter envelope to the U.S. from Thailand via EMS from Thai Post is 600 baht...not 300 baht. And I don't think anyone here is talking about how the new online remote deposit systems from U.S. banks and credit unions would speed up handling of U.S. checks thru Thai banks... We're talking about cutting out the middleman Thai bank, and being able to deposit directly to our home country bank via the Internet. All of us here, including you I'd presume, are what you call "little guys" in terms of our personal banking arrangements. If you get a U.S. check made out to you an an individual in Thailand, what would you do with it? Link to comment Share on other sites More sharing options...
lopburi3 Posted April 17, 2011 Share Posted April 17, 2011 Lop, by "official type," are you meaning government type checks.... SS, military, government pensions??? I'd assume federal.... also state perhaps? Be interested to see/know more about that....as would others, I'd assume. That was why I was trying to find it last night - it listed a few examples. Am quite sure it was not a dream; but so far have not found it again. It was within the last several weeks that I read it. Link to comment Share on other sites More sharing options...
lopburi3 Posted April 17, 2011 Share Posted April 17, 2011 Found it - it is two-three day service by Bangkok Bank and does cost baht 303 for accepting checks up to $500 (it was better in my dream). Bangkok Bank will accept the following types of foreign cheques or drafts, payable to your name:Marketing and advertising commissions from affiliate business based in the US (e.g. Google AdSense) Payments for products or services to an e-commerce business (except personal cheque) Investment dividends or returns from an insurance company Company tax refunds Student wages for work & travel projects http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Foreign%20Exchange/Pages/ForeignCheques_Drafts_Buying_Service.aspx Link to comment Share on other sites More sharing options...
gregb Posted April 17, 2011 Share Posted April 17, 2011 IWe're talking about cutting out the middleman Thai bank, and being able to deposit directly to our home country bank via the Internet. That's where you are mistaken. You can already do that. Simply mail the check to your home bank. All you are talking about is saving the cost of postage and saving the 4 days that it takes for your check to arrive at a bank in the states. You are not cutting out any middleman, unless the middleman you are referring to is the postal system. Whether you send the check by electrons or via snail mail, it is exactly the same process. One is simply slightly cheaper and slightly faster. This is not an earth shattering thing in my opinion. An incremental improvement, sure. If you can take advantage of this, more power to you. But this seems like a small thing to get so worked up over. Link to comment Share on other sites More sharing options...
jazzbo Posted April 17, 2011 Share Posted April 17, 2011 What is a check? Link to comment Share on other sites More sharing options...
Pib Posted April 17, 2011 Share Posted April 17, 2011 (edited) I've used the USAA Deposit at Home feature one time early this year and it worked great. Fortunately I'm down to only getting 1 check for sure each year, and normally 1 or 2 unexpected checks. You know Pib, one of the places where I've found it particularly useful is in handling product purchase rebate checks from the U.S. -- typically $10 to $25 per purchase/check for various kinds of U.S. electronics and computer parts purchases made online.... Before remote deposit/scanning came along, those were a real pain to deal with here.... Now, piece of cake... BTW, PFCU's service operates very much the same. The Java-based software that the service uses controls the entire scanning process and interface with the CU's web site. Deposited funds, unlike Chase's offering, immediately available upon completing the deposit online. Yeap, it can come in real handy...avoids a Thai bank charge that can be more than the check itself, avoids the snail mail process, and the funds are made immediately available. And it gives me a good feeling that I didn't waste time and money on the Thai bank or mailing process. Heck, I would probably still use it even if living in the States since it's so easy and quick as long as you have a scanner which many people do. I have several bank accounts with various banks such as Schwab, BoA, several small regional banks/credit unions, but to the best of my knowledge USAA is the only one I have an account with that offers this feature. It one of those features a person should take into account when signing up for a new bank account....of course there are more important things to evaluate for a new account like interest rate, fees, etc., but little features/benefits such as Deposit at Home via scanning of a check can act as a tie breaker. Too bad all the banks don't offer this nice feature. Edited April 17, 2011 by Pib Link to comment Share on other sites More sharing options...
Schooner Posted April 17, 2011 Share Posted April 17, 2011 We use the Chase app for the Iphone, works great. Link to comment Share on other sites More sharing options...
jfchandler Posted April 17, 2011 Author Share Posted April 17, 2011 Thanks Lop!! Very interesting.... Particularly that they appear to be actually excluding checks issued by U.S. federal or state government entities... Found it - it is two-three day service by Bangkok Bank and does cost baht 303 for accepting checks up to $500 (it was better in my dream). Bangkok Bank will accept the following types of foreign cheques or drafts, payable to your name:Marketing and advertising commissions from affiliate business based in the US (e.g. Google AdSense) Payments for products or services to an e-commerce business (except personal cheque) Investment dividends or returns from an insurance company Company tax refunds Student wages for work & travel projects http://www.bangkokba...ng_Service.aspx Link to comment Share on other sites More sharing options...
jfchandler Posted April 17, 2011 Author Share Posted April 17, 2011 My last go-round with you on this Greg... You really have a way with words... "Slightly cheaper and slightly faster"??? How about... free using the online scanning method.... vs $20 U.S. (600 baht) for EMS mailing a document from the USA to Thailand, assuming one's bank is receptive to mailed deposits. How about... immediate funds availability vs. 3 or 4 days EMS mailing time plus probably an additional day or more handling time by the U.S. bank. You keep EMS mailing in your checks... I'll happily continue using the remote scan/deposit method and saving $20 every time. IWe're talking about cutting out the middleman Thai bank, and being able to deposit directly to our home country bank via the Internet. That's where you are mistaken. You can already do that. Simply mail the check to your home bank. All you are talking about is saving the cost of postage and saving the 4 days that it takes for your check to arrive at a bank in the states. You are not cutting out any middleman, unless the middleman you are referring to is the postal system. Whether you send the check by electrons or via snail mail, it is exactly the same process. One is simply slightly cheaper and slightly faster. This is not an earth shattering thing in my opinion. An incremental improvement, sure. If you can take advantage of this, more power to you. But this seems like a small thing to get so worked up over. Link to comment Share on other sites More sharing options...
jfchandler Posted April 17, 2011 Author Share Posted April 17, 2011 Schooner, are you saying the Chase Iphone app works here in Thailand via one of the Thai mobile carriers??? In other words, to use this, you don't have to be IN the U.S.? We use the Chase app for the Iphone, works great. Link to comment Share on other sites More sharing options...
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