Article Posted on 01/15/2020
Mobile banking has become the new bank teller for many people. The fast-paced world we live in is requiring finding a way to cut time on daily activities in any way we can. One timesaver we see our clients use daily is mobile banking. It is a very simple process to deposit checks in your bank account via a phone app supported by your bank. Just take a picture of the check in your banking app and like magic the money is deposited within two to three business days in your bank account. However, with this time saving and simplistic feature, new headaches can form. The possibility of depositing a check multiple times has become a new threat. The banks typically will stop this before it happens, but more often we are finding people who fall victim to the dreaded accidental double cashing of a check they wrote to someone. The safest way for employers to avoid this happening with employees is to implement direct deposit for their payroll so the paper checks are avoided.
Always be aware and attentive to your banking activity. You never know when a person or computer might make a mistake!