Mobile cheque deposit is a convenient banking feature that allows users to deposit paper cheques into their bank accounts using their smartphones.
This service eliminates the need for bank or ATM visits, dramatically increasing the convenience of cheque deposits. Most banks offer mobile deposits for free as part of its mobile banking experience.
Below is a discussion of how mobile cheque deposits work, which Canadian banks offer it, and what perks it offers.
Key Takeaways
- Mobile cheque deposit allows users to deposit paper cheques via smartphones, eliminating the need for in-person branch visits.
- Using a smartphone and a bank app, mobile cheque deposit involves capturing clear cheque images, entering details, and submitting your deposit.
- Your funds may be subject to a hold period.
- Most major Canadian banks and credit unions provide mobile cheque deposit services, each with unique policies.
What is a mobile cheque deposit?
A mobile cheque deposit allows you to deposit cheques using a mobile phone and your banking app.
Instead of visiting a branch or ATM in person, you can simply take a photo of the cheque with your phone. It’s fast, safe, convenient, and available 24/7.
How to do a mobile cheque deposit
You’ll need a smartphone, your bank’s mobile app, and a paper cheque that's less than six months old.
The first step is logging into your bank’s mobile app and reading the numbers on the cheque.
- Endorse the cheque: Write "For Deposit Only" and sign the back of the cheque
- Look at the app menu: Navigate to the cheque deposit option
- Capture images: Take clear photos of the cheque's front and back, as prompted
- Verify details: Confirm that the amount detected matches the amount on the cheque
- Submit: Follow the app’s prompts to complete the process
Ensure good lighting, keep the cheque flat, and double-check for errors when manually entering the amount.
How much does a mobile cheque deposit cost?
In most cases, mobile cheque deposit is completely free with Canadian banks.
However, fees may apply for certain accounts or insufficient funds. Check your bank’s specific fee schedule for more information.
How long does a mobile cheque deposit take?
- Using the app: 1 minute
- Access to cash: 1-5 days
The in-app process of depositing a cheque takes just a few minutes to complete.
To access your cash, expect to wait 1-4 business days for the bank to verify your deposit and for the money to appear in your account. This is called a hold period. It can take even longer, depending on the amount of the cheque and the institution's technological abilities.
If you’re depositing an unusually large amount, the hold period may be more than two days. Smaller, local banks may have longer-than-average processing timelines if their technology is not quite as powerful as the Big Banks'.
How long should you keep a cheque after a mobile deposit?
Banks like TD recommend that you keep the cheque for at least 14 days after using mobile deposit to ensure that the deposit clears.
Once the money appears in your account, you may shred the cheque and dispose of it securely to protect your information.
Some banks may recommend that you retain cheques for more than 14 days. Speak with an advisor at your institution if you have questions.
Bank-specific guidelines for mobile cheque deposit
Most banks in Canada offer mobile cheque deposit, including Big Banks and credit unions like Vancity and Coast Capital.
Limits: Each bank has a maximum allowance amount for mobile cheque deposits. There are also daily and rolling limits to be aware of. Different limits may apply for business accounts vs. personal accounts.
Timing: For most banks, deposits made after 8 PM ET will be processed the next business day. For some, it’s 7 PM or 11 PM.
Location: You may be unable to mobile deposit cheques if you’re outside of Canada.
Please remember that policies can change, and details may vary based on your individual account. For the most up-to-date information, contact your bank directly.
Mobile cheque deposit RBC
Max amount: $500,000
Hold period: Up to 5 business days
Currency: CAD and USD
App: Android and iOS
For more about RBC, check out RBC’s step-by-step guide to mobile cheque deposit or view a demo.
Mobile cheque deposit Simplii
Max amount: $999,999.99
Hold period: Up to 5 business days
Currency: CAD only
App: Android and iOS
For more, check out Simplii’s guide to mobile cheque deposit or watch a demo. Simplii is an online-only bank.
Mobile cheque deposit BMO
Max amount: Varies (some sources say $25,000, $100,000 or $24,999,999.99)
Hold period: Up to 8 business days (under $1,500 usually available instantly)
Currency: CAD
App: Android and iOS
Learn more with BMO’s guide to mobile cheque deposit.
Mobile cheque deposit CIBC
Max amount: $250,000
Hold period: Up to 4 days (some available instantly, at the bank’s discretion)
Currency: CAD only
App: Android and iOS
Learn more by watching a demo in CIBC’s guide to mobile cheque deposit.
Mobile cheque deposit KOHO
KOHO does not currently offer mobile cheque deposit, although it is a popular request by users.
If you’re a KOHO user, log into the app and select Feature Requests to voice your request.
Mobile cheque deposit TD
Max amount: Varies
Hold period: Up to 6 days (some available instantly, at the bank’s discretion)
Currency: CAD and USD (for USD account holders)
App: Android and iOS
If you’re a TD customer, you can find out your mobile deposit limit by logging into the TD app. On the "Deposit Cheque" screen, you’ll see your Daily Limit and your 30-Day Limit.
See an example via TD’s step-by-step guide to mobile cheque deposit.
Mobile cheque deposit Scotiabank
Max amount: $500,000 (some sources say $999,999.99)
Hold period: Up to 5 business days (some available instantly, at the bank’s discretion)
Currency: CAD
App: Android and iOS
Find out your specific limits by logging into the Scotiabank app and visiting the Remote Deposit page. The Daily Hold resets at 8 AM ET every day. Holds will be applied if you exceed the deposit limit, but you may be able to change your hold limit by speaking with a branch manager.
You can read Scotiabank’s guide to mobile cheque deposits for further information.
Common mobile cheque deposit scams
Banking scams are becoming more common – and more deceptive, according to the Financial Consumer Agency of Canada. This is true even though online banking is increasingly popular and very safe.
Here are a few of the most common mobile cheque deposit scams in Canada and how to avoid them:
Scam: Fake cheque deposits
This is when a scammer sends a counterfeit cheque for you to deposit, hoping you will unknowingly deposit it and lose the money.
- Verify the cheque source and never deposit cheques from unfamiliar sources.
Scam: Overpayment
A scammer might send a cheque for more than the required amount and then ask for the excess to be returned, often before the cheque clears. You lose money.
- Do not send any money back until the cheque clears completely. Report overpayments to your bank.
Scam: Phishing emails
Phishing is one of the most common online scams. It’s when a scammer sends fake emails, text messages, or phone calls pretending to be from your bank, asking you to provide personal information or log into a fake banking portal. Then, they steal your info (and your money).
- Do not click links in unsolicited emails or text messages. Access your banking app directly.
Scam: Deposit confirmation or cheque rejection
A scammer sends you a fake confirmation notification, claiming your deposit was unsuccessful. They ask for personal details to "resolve" the issue. They may also claim that your deposit was rejected due to an error and ask you to send another cheque or provide additional personal details.
- Never reply to suspicious messages. Check the sender's email address to see if it's legitimate, and only take action directly through your bank’s official app or website.
Scam: Duplicate deposit fraud
A scammer may deposit your cheque through mobile deposit and then try to deposit it again using another method, hoping the system doesn’t catch the duplicate.
- Check your bank account frequently and look for duplicate deposits. Immediately report any discrepancies to your bank. Never deposit the same cheque via mobile app and in-person.
Scam: Altered cheques
A bad actor might modify a legitimate cheque (e.g., changing the payee name or amount) and then attempt to deposit it via a mobile app.
- Always ensure cheques are from trusted sources. Look for signs of alteration before accepting or depositing a cheque.
Scam: App impersonation
Tech-savvy scammers can create fake apps that mimic legitimate banking apps. These apps steal your login information once you enter it.
- Only download banking apps from trusted sources, like the official app stores (Google Play or Apple App Store).
FAQ
What is the RBC mobile cheque deposit limit?
The RBC mobile cheque deposit limit is $500,000. This can vary by account type, and businesses have different limits than personal accounts. You can log into your RBC app to see what your limit is.
How does mobile cheque deposit work?
Mobile cheque deposit allows you to deposit cheques using a smartphone by taking a photo of the cheque and submitting it via your bank’s app. The image is sent for processing and the funds are available once verified.
Is mobile cheque deposit safe?
Yes, mobile cheque deposits are safe. Banks use advanced security measures, such as encryption and authentication algorithms, to protect all sensitive information. It's important to ensure that you’re using your bank's official app and not a fraudulent copy.
What kind of cheques can I deposit using mobile cheque deposit?
Most banks using mobile cheque deposit will accept personal, business, and government cheques. Still, policies may vary between individual banks. For instance, some banks only accept cheques in Canadian dollars, whereas some accept USD cheques too.
Is there a fee for using mobile cheque deposit?
Generally, there is no fee for using mobile cheque deposit with Canadian banks. The Big banks, most credit unions, and most online banks all offer it for free as part of their online banking services.
How long should I keep the cheque after a mobile deposit?
Keep the physical cheque for 14 days, or until all holds on the funds have been lifted. It’s important to have a buffer in case any issues arise, such as discrepancies or processing errors. Then, write "deposited" and shred it.
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