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Poll Central: Mobile Deposit Ushers in Shorter Check Destruction Timeframes

Thursday, October 26, 2017 (RemoteDepositCapture.com)

As experience grows with mobile RDC, financial institutions are shortening the timeframes they recommend for customer destruction of original checks.
There is a trend among financial institutions offering remote deposit capture to recommend shorter timeframes for the destruction of checks deposited via mobile RDC than for checks deposited using desktop RDC offerings. Two-thirds (67%) of FIs participating in RemoteDepositCapture.com’s latest featured Poll Central query said they instruct consumers to destroy original items within 30 days of a mobile deposit. As recently as last year when we queried FIs about check destruction timeframes for RDC generally (mobile and desktop) fewer than half (49%) said they tell RDC customers to destroy original checks within 30 days of making a deposit.
 
We believe two factors are contributing to the push for shorter check destruction timeframes. First, FIs have legitimate concerns that the longer a paper check exists after a remote deposit the greater the risk of a duplicate deposit. Second, but of equal importance, the technologies supporting RDC have vastly improved. It is now possible, for example, to ensure necessary image quality while customers are still engaged in the mobile deposit process and to notify them of acceptance if not immediately, shortly after via text or email.
 
RemoteDepositCapture.com polls visitors on an ongoing basis on topics related to RDC. Each month we feature one specific poll query and encourage visitors who have not responded to that query in the past 12 months to cast votes. This month the featured question has been: When do you advise your mobile deposit (consumer) customers to destroy the original checks? A total of 262 banks and credit unions responded.
 
As the accompanying chart illustrates, 1 in 10 FIs responded that they recommend original checks be destroyed as soon as mobile deposits are confirmed. One in 3 recommend items be destroyed within 10 days of mobile deposit; and twice as many recommend destruction within 30 days. As experience continues to grow, we expect even greater numbers of FIs will shorten recommended timeframes for destroying original checks to 10 or fewer days following mobile deposit.
 
 
 
Visit Poll Central and Vote
Poll Central is an ongoing feature of RemoteDepositCapture.com and includes a dozen different polls that visitors are encouraged to participate in once a year. Each month a specific question is featured and visitors who haven’t yet voted are encouraged to participate.
 
The poll featured in this article has been reset and can be taken again; we’ll report findings next fall. In the meantime, click here to vote on the featured poll query for November For Financial Institutions: How satisfied are you with your current Remote Deposit Vendor?”
 
You can also click here to be taken to Poll Central and cast votes on other ongoing poll questions.
 

 
 


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