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More FIs Advising Consumer Mobile Deposit Customers to Destroy Original Checks Sooner

Wednesday, October 31, 2018 (RemoteDepositCapture.com / RemoteDepositCapture.com)

There’s a trend emerging among financial institutions with consumer mobile deposit offerings to shorten recommended timeframes for destroying original paper checks post deposit.
The timeframes financial institutions recommend consumers retain paper checks deposited via mobile RDC are compressing. Among FIs participating in our featured Poll Central query this month, 38% recommend mRDC customers destroy original paper checks within 10 days of depositing items through the mRDC channel. That’s up from 33% just a year ago.

RemoteDepositCapture.com polls members and other visitors on an ongoing basis, and each month encourages visitors to cast votes on a featured question. This month’s featured poll asked: When do you advise your mobile deposit (consumer) customers to destroy the original checks? In all, 136 FIs participated in the poll.

As the accompanying chart illustrates, 13% of those FIs said they advise consumers to destroy original checks once their deposits are accepted, and an equal share tell consumers to destroy the original checks 46-days or more after deposit. Nearly 4 in 10 (38%) recommend consumers destroy their original checks within 10 days of making a mobile deposit.



The results seem to suggest a growing awareness that shorter paper check retention periods reduce the likelihood of duplicate deposits, and make for better customer experiences. “Once a mobile deposit has been accepted by a financial institution there is little reason for consumers to hold onto those paper items. It’s a hassle. Plus, it leaves open the possibility the check could get deposited again, whether by accident or due to outright fraud,” observed John Leekley, Founder and CEO of RemoteDepositCapture.com. “FIs should rethink current retention timeframes as many are holdovers from traditional reconciliation timeframes, and don’t offer any added value to consumers. With online and mobile banking, consumers can easily log into their accounts at any time to view images of their mobile deposits,” Leekley added.

A recent report from Futurion, the 2018 Mobile Deposit Benchmark Report, offers a similar assessment. That report ranks the top 20 FI consumer mRDC offerings based on customer experience factors. (See story here.) “Recommended paper check hold times may be one of the most straightforward ways to move up in our rankings,” the report stated. And the report offered kudos to JPMorgan Chase and Capital One Bank, for recommending consumers retain paper checks for 2 days, “in contrast to other FIs who provide the doubt-inducing recommendation to save the paper for as long as 90 days” the report stated.

Visit Poll Central Today, and Vote
The Poll Central question featured in this article has been reset and can now be taken again. Fresh results will be published next year. In the meantime, click here to vote on the featured Poll Central query for November: For Financial Institutions: How satisfied are you with your current Remote Deposit Vendor?


 


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