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Poll Central: Trending Toward Higher, More Customized Deposit Limits for Consumer mRDC

Thursday, September 21, 2017 (RemoteDepositCapture.com / Patti Murphy)

Evolving technology solutions and financial institution experience leading to higher and more flexible per-item limits on consumer mobile deposit activities.
Financial institutions are beginning to increase deposit limits for consumer mobile RDC customers. And a small but notable share are now adopting customized approaches to establishing per-item limits for individuals’ mRDC activities. These are two key takeaways from this month’s highlighted query at Poll Central, a feature of RemoteDepositCapture.com.
 
RemoteDepositCapture.com regularly conducts polls on topics of import to the RDC community, each month featuring a specific question that members and other visitors are encouraged to vote on. This month we asked financial institutions: What is your ‘standard’ per-item dollar limit for your consumer mobile deposit customers?
 
Nearly 100 FIs participated in the poll, and 46% responded that they set per-item limits between $2,001 and $5,000. Fewer than one in four set standard per-item limits at $2,000 or less, while about half as many (12%) set standard per-item limits in excess of $5,000. Meanwhile, 16% of responding FIs said they set limits on a client-by-client basis. (See accompanying chart for detailed breakdown of responses.)
 
“We’re beginning to see FIs gradually increase per-item deposit limits over time as they gain more experience and the underlying technologies evolve to support improved RDC risk management routines,” said John Leekley, Founder and CEO of RemoteDepositCapture.com. Data collected for the yearly mRDC Industry Study collaborates this trend. “The mRDC Industry Study, now in its fourth year, demonstrates how the perceived risks of mRDC have decreased consistently, year over year,” Leekley noted. (A webinar previewing findings of the 2017 Mobile RDC Industry Study will be presented on October 12. Click here for details and to register.)
 
“We’re also seeing that as the underlying technologies and solution sets for mobile deposit mature and improve, customized approaches to limits on customer deposit activities have become more feasible,” Leekley added. “This enables FIs to better fit mRDC to customer requirements while adhering to regulatory guidance on controlling RDC risks.” The Federal Financial Institutions Examination Council’s (FFIEC) guidance on RDC specifically encourages risk controls that are suitable to individual FI’s customers, Leekley noted.

 
 
Various industry polls are available via Poll Central. The poll question featured in this story has been reset and can be taken again: What is your ‘standard’ per-item dollar limit for your consumer mobile deposit customers?”
 
Here’s the new featured question at RemoteDepositCapture.com’s Poll Central: “When do you advise your mobile deposit (consumer) customers to destroy the original checks?

Click and respond now.

 


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