Taking a cheque to a financial institution just got passé. Credit unions are the first financial institutions in Canada to offer remote deposit capture.
The technology provides the ability to use the camera in the member’s own mobile device to snap an image of the cheque they want to deposit and use their mobile banking app to deposit the item electronically.
Deposit AnywhereTM, the new mobile banking feature launched this April, has enabled more than $1 million in deposits by two credit unions: Westminster Savings Credit Union in B.C. and Meridian Credit Union in Ontario.
The in-demand banking feature has had a spillover effect on the adoption of Westminster Savings’ mobile app which saw a 100 percent increase in downloads of the app following the addition of Deposit Anywhere on April 17.
Next up to launch is Saskatchewan’s Affinity Credit Union which will roll out the new feature in the coming weeks. ◊