Keep up with the latest trends in banking to better protect your financial security. To learn more about mobile check deposits, phishing emails, or interest rates on loans, check out the following questions and answers. For additional information on your banking needs, access our series of articles on Bank Support. For specific banking questions, feel free to email Alex, our expert banker, at: alexexpertbanker@gmail.com. Our goal is to help you succeed.
Question: How does mobile check deposit work?
Asked by: Scotty from Fayetteville, North Carolina.
Answer: Mobile check deposit is a feature offered by most financial institutions that have a mobile banking app. Instead of making a trip to the branch or ATM, customers can deposit checks using their smartphone. The process is quite simple and can be done any place that has an adequate cellphone phone or Wi-Fi signal. First, the customer logs into their bank’s mobile app. Second, they endorse the back of the check in accordance with their financial institution’s instructions. Then, they select the checking or savings account they want to use for deposit and enter the dollar amount of the check. Next, they use their smartphone’s camera to take a photo of the front and back of the check. Finally, they review, confirm, and submit the transaction. The cost for this service is typically free. Most mobile banking apps will accept personal checks, business checks, government issued checks, and cashier’s checks. There will generally be a daily, weekly, and/or monthly limit on how much can be deposited using the app. Funds will usually be available the next business day, unless a hold is placed on the item.
Question: I received an email from my bank stating I needed to update my account information. What should I do?
Asked by: Arthur from Tucson, Arizona.
The email you received might be part of a phishing scam. Phishing is when an attacker masquerades as a legitimate institution via email or text message to lure the individual into divulging sensitive personal information. This includes Social Security numbers, bank account and credit card information, user ids, and passwords. With that information, the criminal will either open new accounts or compromise the victim’s existing accounts. If you receive an email form your “bank” requesting information, don’t reply to the email, click on any links, or open any attachments. Instead, contact your financial institution immediately and notify them of the situation. They will be able to confirm the legitimacy of the email. When contacting your bank, make sure to only use telephone numbers, websites, and email address from reliable sources. Assume that any information contained in the email is false until proven otherwise.
Question: Is there a maximum interest rate banks can charge on loans?
Asked by: Lauren from Denver, Colorado.
Answer: In the United States, there are state specific laws, known as usury laws, that limit how much interest a financial institution can charge on lending products. These laws vary from state to state and can be rather complex. Each state determines which type of loan will have a maximum interest rate and what that rate will be. For example, in California loans that are primarily for personal, family or household purposes can’t exceed 10% per year. Usury laws are enforced either by the state where the borrower resides, the state where the lender’s corporate headquarters is located, or the state in which the contract was signed.
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Written by: Alex Sanchez, Branch Manager
Important: For your specific questions about banking, contact your banking expert, Alex, at: alexexpertbanker@gmail.com
Alex has been in banking for almost 20 years. He has worked for such notable banks as Bank of America, US Bank, and Chase. Alex has his bachelor’s degree in Business Economic from the University of California Riverside.
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Source: Smart Strategies for Successful LivingWhat Is Mobile Check Deposit?: CLICK HERE
Source: Forbes AdvisorPhishing Scams: CLICK HERE
Source: American Bankers Association
