The rise of online and mobile banking has made it easier to perform a wide range of day-to-day banking tasks — including depositing cheques. Most banks now let you deposit cheques into your account using their mobile banking apps and a feature commonly known as mobile cheque deposit.
Keep reading to find out how mobile cheque deposit works and which banks offer this feature.
| Bank | Funds availability | Deposit limit | Example account with mobile deposit | |
|---|---|---|---|---|
Scotiabank | Instantly or up to 5 business days | $500,000 | Preferred Package:Go to site | |
EQ Bank | Up to 5 - 8 business days | $100,000 | Personal Account:Go to site | |
Simplii Financial | Instantly or up to 5 business days | Varies | No Fee Chequing Account:Go to site | |
RBC | Instantly (if deposited before 6PM on business days) or up to 5 business days | $500,000 | Signature No Limit Banking:Go to site | |
BMO | Instantly or up to 5 - 8 business days | Varies | Performance Chequing:Go to site | |
Coast Capital Savings | Instantly or up to 4 business days | Not specified | Free Chequing, Free Debit, and More Account:Go to site | |
TD | Instantly or up to 6 business days | Varies | Unlimited Chequing Account: | |
CIBC | Instantly or up to 4 business days | $250,000 | Smart Account: | |
National Bank | Instantly or up to 4 - 8 business days | $50,000 per month | The Minimalist Chequing Account: | |
Tangerine | Instantly or up to 5 business days | Varies | No-Fee Daily Chequing Account: | |
Motusbank | Instantly or up to 5 - 8 business days | Varies | No-Fee Chequing Account: | |
Alterna Bank | Instantly or up to 5 business days | No Limit | No-Fee eChequing Account: |
Some Canadian banks and financial institutions don’t allow you to deposit cheques through their mobile app. Mobile cheque deposit is not available from:
Mobile deposit is a feature on most mobile banking apps. It allows you to deposit a cheque into your bank account through the app — all you have to do is endorse the cheque and then upload photos of its front and back.
The main benefit of mobile cheque deposit is that it saves you time. Rather than visiting a branch or ATM, you can deposit cheques at home or on the go at any time convenient to you.
Mobile deposit can also be used for more than just cheque deposits. Depending on the bank, you may also be able to use this feature to deposit:
It’s easy to deposit a cheque via mobile banking. While the exact process will vary depending on your bank, here’s a general guide to the steps you need to follow:
Yes, you do need to sign the back of a cheque before you can deposit it via your mobile banking app. Here’s how to endorse a cheque for mobile deposit.
On the back of the cheque, you will need to:
You can then follow the instructions in your mobile banking app to make a cheque deposit.
The time it will take for the funds to clear will depend on your bank’s hold policy. While the amount you deposit may be credited to your account the same day, it may be between 4 to 8 business days before you can access the money.
Your access to funds can also depend on the amount deposited.
For example, by law in Canada the first $100 must be available on the business day after the day of the deposit if you deposit a cheque through a mobile app. If the cheque is worth less than $100, the bank must make the full amount available to you then.
Check your bank’s hold period to find out how much longer you’ll have to wait to access your deposit.
According to the Government of Canada, deliberately depositing a cheque more than once is fraud.
But accidents do happen, so if you’ve mistakenly mobile deposited a cheque twice, contact your bank immediately to let them know.
It’s recommended that once you mobile deposit a cheque, you mark the front of it to indicate that it has already been deposited. You can write “Deposited” on the front of the cheque. This should help you avoid any unfortunate mix-ups in the future.
Yes, you can mobile deposit a certified cheque with some banks. Check with your financial institution to find out whether certified cheques are accepted.
Yes, it’s possible to mobile deposit bank drafts. However, the list of items you can deposit via your mobile banking app varies from one financial institution to another, so you’ll need to check with your bank.
Yes, it’s safe to deposit cheques through your bank’s mobile banking app. Mobile banking apps use encryption to protect your financial and personal information. So if you already perform a wide range of other day-to-day banking tasks via your smartphone, you’ll know what sort of security you can expect for mobile cheque deposits.
You’ll need to make sure that you only ever use your financial institution’s official mobile banking app. You can download legitimate mobile banking apps from Google Play and the Apple App Store.
If you unknowingly mobile deposit a fake cheque into your bank account — if you fall victim to a scam, for example — a few things will likely happen.
Once your bank detects that the cheque is fake, you’ll then typically need to pay back the cheque amount. You might also be hit with a processing fee from your bank, while covering the cost of the bad cheque could cause your account to become overdrawn and see you hit with overdraft fees.
Then there are the flow-on effects to consider. Suspicious account activity can lead to your bank freezing your account, and if the bounced cheque means you have insufficient funds to cover future bills, your credit score could take a hit.
That’s why it’s important to know how to spot a fraudulent cheque. The Canadian Bankers Association recommends looking at the back of the cheque for details of its in-built security features, including watermarks, and making sure you trust the person you’re dealing with when accepting a cheque as payment.
Mobile deposits help make day-to-day banking quicker and easier, but they’re also a target for scams. Here are some common mobile cheque deposit scams to keep an eye out for.
If you’re selling an item online, a scammer might send you a fake cheque for an amount more than the purchase price. They’ll ask you to deposit the cheque into your account and refund them the excess amount, and then disappear with your money before the cheque bounces.
That’s why you should be wary of a buyer that makes an offer that seems too good to be true, and know how to recognize the signs that could indicate a fake cheque.
With this scam, scammers post ads for non-existent work-from-home jobs. Apply for the job and you’ll be asked to deposit business cheques into your personal account, then send some of the funds to the scammer. The cheque later turns out to be fake, but the scammer has long since disappeared with your money.
To avoid this scam, watch out for job offers that sound too good to be true, and don’t accept a mobile deposit from a stranger.
In this scenario, you may be offered a fake loan and tricked into depositing a fake cheque into your bank account. Alternatively, the scammer may request your mobile banking login details so they can mobile deposit the cheque into your account.
Be sure to research any lender thoroughly to make sure they’re legitimate. These days, most lenders can send you your loan funds by e-Transfer or direct deposit.
Scammers create fake profiles on legitimate dating apps and websites to form a relationship with you. Once they’ve established a bond, they’ll then spin some sort of sob story that involves them requiring some sort of financial assistance, and you depositing a fake cheque into your account and sending them some of the funds.
You’ll need to check with your financial institution to find out which cheques are eligible for mobile deposit. However, you’ll typically be able to deposit cheques that are made out to you or someone you share a joint account with, and cheques issued by any level of government in Canada.
If you deposit a cheque at a federally regulated financial institution, there are limits to the hold period for the money you deposit. For mobile cheque deposits, the maximum hold period is:
However, with mobile deposits, federally regulated financial institutions must make the first $100 of the cheque you deposit available for you to access the next business day.
Here are a few positive and negative points to consider about doing a mobile cheque deposit in Canada:
Mobile cheque deposit is a simple and convenient way to deposit cheques into your bank account. It’s a feature that’s widely available from most banks and credit unions, and it saves you the hassle of visiting a branch or ATM. Log in to your mobile banking app to find out how to deposit a cheque using your smartphone.
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