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How Did I NOT Know This??

January 27th, 2012 at 09:23 pm

Tonight I was reading on the YNAB forums, and found out something that I had not known previously. What was this tidbit?

Paypal started offering the ability to take a photo of your checks and deposit them into your account (via an iPhone app) back in 2010!!!!

So my keeping the Compass account, and eventually switching to BofA was really quite unnecessary! I could've been doing the check deposit thing with Paypal all along!

I don't get checks all that often, and cash on even rarer occasions, but when I do (especially where I am now) they linger for weeks (and sometimes months) before I do anything with them. Right now I *still* have the donation check from mid-December, as well as a tutoring check I found in my purse from last July ... both languishing in my purse awaiting my remembering to stop by the BofA ATM the next time I'm in big town. (that will be tomorrow ... the problem is the remembering of course since it is not part of my usual operandi!)I would just do the Paypal thing with them, but I do also have $70 in cash that needs to get deposited before it ends up getting lost (Christmas money.)

Well at any rate, it is getting late and I must be heading off for some zzzz's so I can be rested up for church tomorrow.

This bit of news will be quite helpful in the future though whenever I get the rare check.

7 Responses to “How Did I NOT Know This??”

  1. Amber Says:

    Wow thanks for sharing, I had no clue as well. Are there any fees?

  2. creditcardfree Says:

    Interesting. I did not know this either. But I don't have an iPhone...so I can't use it. We bank online and have no way to deposit cash either. However, I just use the cash for regular expenses instead of our debit card and if appropriate transfer the same amount from checking to savings. That way the money goes where I intend!

  3. snafu Says:

    How long can you hold a cheque? I had the impression they became 'stale dated' after a specific number of months.

  4. Frugaltexan75 Says:

    As far as I know there aren't any fees. The caveat is that they hold the funds for a week or so.

    I try to put everything on credit cards for the rewards, so prefer to not use cash.

    I think it's only a problem if the check has an expiration date on it. I checked with the people who wrote me the check in July a few weeks ago, and they said to go ahead and cash it. ( I wanted to make sure the account was still open.)

  5. MonkeyMama Says:

    I'd presume there would be a fee. You will have to let us know how it turns out when you try it.

  6. frugaltexan75 Says:


    I've done a bit of research and have seen no mention of fees for this service - in fact in the iTunes description of the app, it specifically mentions no fees.

    I tried out the feature this afternoon with the $200 donation check. I couldn't do the tutoring check because it was over six months old. It took me about 15 tries before it could read the pictures - but I think next time I could get it much faster. It'll be 6 - 7 business days before it actually shows up .. so ... around Feb 6 or 7 I think. It certainly isn't the way to go if you need money fast... But it sure is better than nothing! Smile

  7. Amber Says:

    Thanks Smile

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