Would you pay 50 cents for a mobile check deposit fee?

[Gailete]

Absolutely not. If I want off site check deposit, I use my ING now Capitol 360 account where you can deposit for free via your computer (cell phone if you have one). Otherwise when I have other errands I drop them off at the bank through drive thru if I'm having trouble walking that day or inside if I'm feeling better. I always chit chat with the ladies and not to waste their time. I live in a small town and it is just part of the friendliness here - 'Everybody knows your name'!

[debtfreeme]

Deposit fee

No.

Even though I get multiple checks during the month and none of the branch locations are right next to my house I just wait a few days until an errand takes me next to one to make a deposit.

I can also make deposits via mail to my credit union for no fees. Not one has ever gone missing or not deposited.

[shaggy]

Chase has such low limits on mobile deposits that I end up going to the ATM often to make deposits.

So no, I wouldn't pay a fee.

[MonkeyMama]

I can also make deposits via mail to my credit union for no fees. Not one has ever gone missing or not deposited.

Yeah, but you have to pay for a stamp.

[bUU]

And wait for the check to transit to the bank, thereby missing out on a day or two of interest.

These things may be as significant in the long run as a $0.50 fee.

[shaggy]

And wait for the check to transit to the bank, thereby missing out on a day or two of interest.

These things may be as significant in the long run as a $0.50 fee.

A day or two of interest is going to be less than a penny on most deposits.

[bUU]

But not all deposits.

Also: If you're going to be making points about trivial amounts, don't quibble about other trivial amounts.

[Petunia 100]

A day or two of interest is going to be less than a penny on most deposits.

True. However, a postage stamp costs $.46. So at most, one will save $.04 by mailing in their deposit. That is, until the next postage stamp increase.

I don't do remote deposits. For one thing, I don't have a smart phone. For another, I have chosen to do my personal banking with a bank I visit twice per week anyway, as part of my job.

But anytime my bank changes what they are charging me, I evaluate if my account is still the best fit for my needs. If I can save money by banking elsewhere, I will.

[disneysteve]

Chase has such low limits on mobile deposits that I end up going to the ATM often to make deposits.

When BOA first offered the service, the limit was 5K which made it somewhat less than useful for me. After a couple of months, they raised the limit to 10K which took care of the problem. I very very rarely have the need to deposit more than that in a month. I think it has happened once since I started using the service so I just took one large check to the ATM. Otherwise, everything goes through the phone.

[MonkeyMama]

I don't do remote deposits. For one thing, I don't have a smart phone. For another, I have chosen to do my personal banking with a bank I visit twice per week anyway, as part of my job.

You don't need a smart phone to do remote deposits. We used a scanner on our desktop for years before we got smart phones. We've only been doing phone deposits for about one year.

It sounds like in-person deposits are fine for your purposes, but responding more to anyone who thought that you have to have a smart phone to do a remote deposit.

[asmom]

Absolutely not. It's my money, they agreed to be my bank. I shouldn't have to pay them to take it and put it in my account.

[Gailete]

This is one of the reasons that I really like my on line bank account Capitol 360, not only can I deposit checks via computer, I can transfer money easily from my other bank to the account and then they pay my bills and I don't have to pay for stamps. Stamps my not seem like much, but they sure add up during the years, plus the cost of checks as well. For a long time if you wanted a book of checks from this account you had to pay $5, and I decided I didn't need them that bad. Then over the 4th they had a promotion and for three days you could get them for free so I took them up on that deal which will be handy at tax time to write the check directly from the account instead of having to transfer the money to my other checking account. I love the way they allow as many accounts as you want, so it is easy to see what you have put away towards taxes, money towards hubbies latest piano customer, money for investments and money for bills. They pay interest and charge no fees. My town banks charge no fees either. The joys of living in a small town and using local banks, only the biggest statewide bank jumps on the band wagon to charge fees and we don't go there ever!

So 50 cent fees, no way!

[shaggy]

But not all deposits.

Also: If you're going to be making points about trivial amounts, don't quibble about other trivial amounts.

For the record, I didn't quibble about another trivial amount. I said that I can't make many mobile deposits since the limit at Chase is low, so I end up going to the bank anyway.

And the limit on mobile deposits is low enough that you wouldn't see more than a few cents in interest from a mobile deposit, at least at the three banks where I have accounts.

[bUU]

I found a very interesting summary of the foundation underlying bank fees, relevant to this discussion, Aussie in derivation but adapted to be relevant to us:

• Unless you are sinking a large amount of money into an account for the small to medium term, you are not lending the bank a cent, except for accounting purposes. You are storing your money somewhere so you can access it later on.
  
• ATMs and other access mechanisms don't magically materialize on their own. Banks have to pay for implementation and maintenance of these.
  
• Bank accounts with balances close to zero are a major administration drag on resources - they still require all the usual services such as statements, monitoring, the occasional bit of tax compliance etc.
  
• The vast majority of fees that bank customers pay are completely avoidable. Most of them are charged on a user pays basis.
  
• Expecting borrowers to cross-subsidize depositors' (and others') admin fees is completely unreasonable.
  
• Bank shareholders aren't twee altruistic schmucks. They expect banks to be profitable.
  
• I remember when I was young, the best interest rate that you could get on your savings was about 8 percentage points lower than the best interest rate borrowers could get a loan for. Now that gap is as small as 1 percentage point.

- Dikki's Diatribe

[Mesem]

In short, no.