Best Practices for Handling Checks Post-Mobile Deposit- A Comprehensive Guide

What do you do with checks after mobile deposit?

Mobile deposit has revolutionized the way we handle our banking transactions. With just a few taps on your smartphone, you can deposit checks from the comfort of your home or office. However, what do you do with the physical checks after you’ve successfully completed the mobile deposit process? In this article, we’ll explore the best practices for managing your checks after mobile deposit and help you keep your finances organized and secure.

1. Keep the Checks for a Short Period

After making a mobile deposit, it’s essential to keep the physical check for a short period. Most banks recommend holding onto the check for at least seven to ten business days. This time frame allows the bank to process the deposit and ensure that the funds are available in your account. By doing so, you can avoid any potential issues or discrepancies that may arise.

2. Securely Store the Checks

While you’re waiting for the check to clear, it’s crucial to store it securely. Keep the check in a safe place, such as a locked drawer or a secure storage box. This will prevent the check from getting lost or stolen. Additionally, avoid leaving the check in plain sight or exposing it to potential tampering.

3. Shred the Checks After They Clear

Once the check has cleared and the funds are available in your account, it’s time to dispose of the physical check. Shredding the check is the most secure way to destroy it. This ensures that your personal and financial information is not accessible to identity thieves or fraudsters. Use a cross-cut shredder to effectively destroy the check, and then dispose of the shredded pieces in a secure bin.

4. Keep a Record of Deposits

Maintaining a record of your mobile deposits is essential for tracking your finances and ensuring accuracy. Make a note of the date, amount, and payee of each check you deposit. This information will come in handy when reconciling your bank statements and preparing your taxes.

5. Follow Your Bank’s Guidelines

Different banks may have varying policies regarding the handling of checks after mobile deposit. It’s important to familiarize yourself with your bank’s specific guidelines. Some banks may require you to mail the original check back to them, while others may allow you to dispose of it after the deposit clears. Following your bank’s guidelines will help you avoid any potential fees or complications.

6. Consider Switching to Digital Payments

If you frequently use mobile deposit, it may be worth considering switching to digital payments altogether. Many businesses and individuals now accept electronic payments, which can save you time and hassle. By using digital payments, you can eliminate the need for physical checks and simplify your financial management.

In conclusion, what do you do with checks after mobile deposit? Keep the checks for a short period, securely store them, shred them after they clear, keep a record of your deposits, follow your bank’s guidelines, and consider switching to digital payments. By following these best practices, you can maintain a secure and organized financial life.