It’s finally here, ING DIRECT is the first financial institution in Canada to offer remote cheque deposit. Cheque-In allows ING DIRECT customers to remotely deposit cheques, customers can use their mobile devices and ING DIRECT’s mobile app to take a picture of the front and back of the cheque and upload it, the funds will be deposited immediately to the account and can start earning interest. [USA readers see Capital One 360]
Remote cheque deposit has been available in the US since 2004, I’ve been using it with RBC USA for about 2 years now and it’s been great. With mobile banking on the rise it was only a matter of time for Canadian banks to catch up, I’m just surprised it took so long.
“One of our commitments to Canadians is to make banking safe, simple and convenient to fit today’s lifestyles,” said Peter Aceto, president and CEO at ING DIRECT. “With Cheque-In, Canadians can deposit cheques quickly and securely using their smartphones, which are such a central part of our lives. This means we can now deposit a cheque as soon as we receive it, without the hassle of going to a bank branch or ABM, and our money can start earning interest right away. This is a huge step forward for consumers, banks and the payments industry.”
When ING DIRECT first announced that they would be bringing remote deposit to Canada they had indicated that cheques would have to be mailed in within 30 days, however this is no longer needed. You simply take a picture of the front and back of the cheque and enter the amount, when the picture is uploaded and it is scanned to make sure it’s legible. The amount is deposited into your account and cheque is send for “processing” you still need to hold on to it till you receive a notification that it can be destroyed.
Cheque-in is yet another way ING DIRECT set’s itself apart from the other banks in Canada. They offer free banking and better interest rates compared to the big 5 (both in their TFSA accounts and regular savings accounts), their customer service is outstanding, they have an excellent social media team across the country who are always ready to answer questions and share great information with their followers. Now they are the first, and so far only, bank in Canada to offer remote deposit. On top of all of this they give you $25 when you open an account and deposit $100.
How do you sign up?
It’s simple, just copy the orange key below than “flip” it over and click on “sign me up”. Find the right account for your needs and at the end when asked for “Orange Key” just enter this number (42753252S1). Don’t worry about it saying $25, the banner hasn’t been updated yet.
1. Go to ING Direct
2. Find the right account that fits your needs.
3. When asked for ”Orange Key” just enter this number (42753252S1)
Ray is an ex-financial adviser and the founder of Financial Highway. Currently working in the financial industry and working towards completing his Chartered Financial Analyst, CFA, designation.