The limits that banks and credit unions place on size of consumer checks eligible for depositing via mobile RDC are rising steadily. In the past year, the number of financial institutions with standard per-item deposit limits above $5,000 for consumer mobile deposit customers has grown by nearly 50%, according to the latest Poll Central tally by RemoteDepositCapture.com.
RemoteDepositCapture.com conducts polls of members and other visitors on an ongoing basis, and each month features a specific question that visitors are encouraged to vote on. This month the featured question specifically addressed financial institutions, asking “What is your ‘standard’ per-item dollar limit for your consumer mobile deposit customers?”
In all, 105 FIs participated in the featured poll. The largest percentage (48%) indicated per-item limits between $2,001 and $5,000 for consumer mobile deposit, up from 46% in 2017. Yet even larger increases were charted among FIs that set limits in excess of $5,000. Nearly one in five (19%) of FIs responding to the featured poll question have set per-item deposit limits above $5,000, compared to just 13% of those responding to the same poll question last year.
“We’re finally beginning to see the industry loosen the reins on consumer deposits via the mobile channel,” said John Leekley, Founder and CEO of RemoteDepositCapture.com. “While early on many were concerned about risks associated with mobile deposit, particularly the risk of losses due to duplicate deposits, these problems have not materialized.”
In fact, the
2017 mRDC Industry Study, released last month by RemoteDepositCapture.com, revealed that duplicate deposit losses are not a widespread problem. Among those FIs participating in the study survey, 74% reported no losses due to mRDC. The duplicate loss rate was just 0.035%, or 3.5 for every 10,000 mRDC items, based on the study analysis. By way of comparison, the Federal Reserve reports an overall return item rate of 0.4%, or about 40 out of every 10,000 checks deposited.
The lack of massive losses from duplicate deposits bodes well for the future of mobile deposit, and for FIs opening the mobile channel to greater deposit gathering. “We expect FIs will continue to raise per-item limits for mobile deposit to drive more transactions through this low-cost deposit channel,” Leekley said.
Visit Poll Central and Vote
The Poll Central question featured in this article has been reset and can now be taken by interested FIs. Votes will be tallied again next year. In the meantime,
click here to vote on this new Poll Central query for financial institutions:
Are you making any changes to your Remote Deposit Capture Program related to upcoming Reg CC changes?