Mobile cheque deposit reaches Canada
29 November 2013, 09:47
Montreal - Canadians can now deposit cheques using their mobile phones, after one of the country's biggest banks announced on Wednesday it was launching the feature that is already popular in other countries.
Clients will be able to skip the trip to the ATM or the branch and make their deposits by simply taking a picture of the cheque, front and back, with a smartphone and sending the information to the bank via a special app.
"Whether you are a small business owner with a handful of customer cheques at the end of day or an employee getting your weekly pay-cheque, you can literally make a deposit within seconds," said David Williamson, vice president of CIBC, the first big bank in Canada to make this service available.
The bank will take several days to process the deposit, after which the customer can void and discard the cheque.
According to the bank, they decided to offer mobile deposits at the request of their customers.
The function is "safe and secure", the statement added. "None of the financial information is stored on your device and all wireless transmissions are securely encrypted."
The smartphone app with mobile deposit will be available for download in Apple and Android devices.