Remote deposit option for paper checks

Not interested in direct deposit of your CIRI distributions, but having difficulty getting to the bank to cash your checks? Many banks are now offering a new technology called “remote deposit.” If you have a bank account, a smartphone and an Internet connection, you may be able to take advantage of remote deposit to deposit your checks without having to make a special trip to the bank.

There are many advantages to remote deposit:

  • It’s fast and easy.
  • You won’t have to drive or stand in line.
  • Checks may be deposited anytime of the day or night, and on any day of the week.
  • There is a reduced risk of lost or stolen checks.

Generally, you’ll need to download an app from your bank’s website and also create an account with your bank. To deposit a check, in most cases you’ll: 1) sign into the app; 2) select the deposit option; 3) snap a picture of the front and back of your endorsed check; and 4) click a button to upload the photos and make your deposit. When you’re done, it’s a good idea to make a note on the check so you don’t forget that you’ve already cashed it.

Shareholders who are interested in remote deposit should contact their banks directly to see if the option is available (URLs to remote deposit information at the banks most popular with our shareholders are listed above). Because processing times vary for remotely deposited checks, be sure to confirm with your bank when funds will be available. Your bank can also tell you about the security measures they’ve taken in connection with remote deposit.