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J.C.
Joined: 08 Dec 2013
Posts: 29
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 Posted: Tue Dec 10, 2013 2:27 am Post subject: |
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| JoeKing wrote: |
| J.C. wrote: |
Why would you even waste time and money with the post office?
With the demand draft, your iPhone and your bank's app you can usually do a remote deposit. Your bank's app will instruct you how to endorse the check, position it for photograph of front and back and within ten seconds the money is sitting in your US bank account.
It's called remote deposit or remote capture and all the big banks and credit unions have it now. |
Because it never occurred to me to try it your way, that's why.
But you can bet I will be making a call to my C.U. tonight to see if they offer that service.
Do Android phones have that app as well?
If that can be done, it will be like going from the Wright Brothers to landing on Mars overnight.
Thanks J.C.! |
It depends on your credit union, but those that I am familiar with have an Android app, too. Even if they don't, however, they all offer the ability to do it via a traditional scanner and your home computer.
Even if your credit union doesn't have remote deposit services, all is not lost. You can easily open an account at another credit union (such as Alliant CU) or bank (such as Chase or B of A), utilize their remote deposit feature and then perform a free ACH transfer of the funds to your normal CU. Does that seem like too much hassle? Perhaps. But then I think of how I send money home each month and each darned month I pay those slime balls at BOC about ¥200 and then the correspondent bank (usually Bank of New York Mellon) eats their $17 fee and somehow the "hassle" is worth saving about $50 per month / $600 per year. |
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JoeKing
Joined: 30 Apr 2008
Posts: 519
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| Posted: Tue Dec 10, 2013 2:41 am Post subject: |
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| J.C. wrote: |
| Does that seem like too much hassle? Perhaps. But then I think of how I send money home each month and each darned month I pay those slime balls at BOC about ¥200 and then the correspondent bank (usually Bank of New York Mellon) eats their $17 fee and somehow the "hassle" is worth saving about $50 per month / $600 per year. |
Finally, someone gets what I am talking about!
Anyway, I may very well have to open another account because I have been looking at my C.U.'s web site and even though they are touting all the "mobile services" they offer, including for android, they make no mention of remote deposit or capture. I will call them anyway, just in case they offer the scanner and computer method. |
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mw182006
Joined: 10 Dec 2012
Posts: 310
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| Posted: Tue Dec 10, 2013 4:35 am Post subject: |
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| J.C. wrote: |
| It's called remote deposit or remote capture and all the big banks and credit unions have it now. |
So you've deposited a check drawn from a Chinese bank into a US bank account this way and had no problem? I've used the service before but never from China.
/edit - I just checked one of my banks and you cannot use the mobile deposit service for foreign checks.
/edit #2 - I just chatted online with my other, global bank and they do not accept foreign deposits via the mobile app either. |
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J.C.
Joined: 08 Dec 2013
Posts: 29
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| Posted: Tue Dec 10, 2013 5:56 am Post subject: |
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| mw182006 wrote: |
| J.C. wrote: |
| It's called remote deposit or remote capture and all the big banks and credit unions have it now. |
So you've deposited a check drawn from a Chinese bank into a US bank account this way and had no problem? I've used the service before but never from China.
/edit - I just checked one of my banks and you cannot use the mobile deposit service for foreign checks.
/edit #2 - I just chatted online with my other, global bank and they do not accept foreign deposits via the mobile app either. |
You have been misinformed.
The U.S. dollar demand draft issued by Bank of China or ICBC is not a "foreign" check. It is drawn on Bank of China's US branch which is a fully functional member of the Federal Reserve System. Any US dollar check issued by a member of the Fed is a domestic item and cleared through Fedwire.
I think you have never seen the checks we are talking about here. First of all, virtually every US dollar denominated check intended to deposit into a US bank account must be drawn on an institution that is a member of the Federal Reserve System. If you look at the bottom of any of your US checks you will see a series of MICR encoded numbers. These numbers represent the instrument (i.e. check) number, the account holder's checking account number and the routing number (ACH / Fedwire) of the account holder's bank. No bank can have a Fedwire routing number unless they are a domestic banking institution member of the Federal Reserve System. Ever.
The US dollar demand draft you get from Bank of China here in China is drawn on Bank of China New York, member FDIC and part of the Federal Reserve System. It is not a Chinese check any more than you would be considered Chinese even though you eat rice and 2 kuai noodles three meals per day and bathe only once per week.
And to answer your question, I have deposited US dollar demand drafts issued by ICBC and Bank of China dozens and dozens of times via mobile deposit services of Chase, Bank of America, USAA, Navy Federal Credit Union, Alliant Credit Union, Pentagon Federal Credit Union, Discover Bank and Barclays Bank Delaware. Never an issue. |
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mw182006
Joined: 10 Dec 2012
Posts: 310
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| Posted: Tue Dec 10, 2013 6:14 am Post subject: |
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| Thanks for clearing it up. You didn't mention ICBC or BoC in your previous posts which is why I asked for confirmation. I do not bank with either of those institutions (yet). I wasn't misinformed, both of my banks clearly state that 'foreign' checks are not accepted. |
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J.C.
Joined: 08 Dec 2013
Posts: 29
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| Posted: Tue Dec 10, 2013 6:24 am Post subject: |
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| mw182006 wrote: |
| Thanks for clearing it up. You didn't mention ICBC or BoC in your previous posts which is why I asked for confirmation. I do not bank with either of those institutions (yet). I wasn't misinformed, both of my banks clearly state that 'foreign' checks are not accepted. |
The subject here happened to be those USD checks issued by Chinese banks. The two predominant banks to issue those are ICBC and Bank of China. Most people would automatically assume they are foreign checks, but they are not.
Actually, any USD check or money order payable in the US must be issued by a member of the Fed. If you were to get a demand draft from BOC payable in euros, that would be a different story. But in USD, it's a domestic check in the US. |
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JoeKing
Joined: 30 Apr 2008
Posts: 519
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| Posted: Tue Dec 10, 2013 6:51 am Post subject: |
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| J.C. wrote: |
Even if your credit union doesn't have remote deposit services, all is not lost. You can easily open an account at another credit union (such as Alliant CU) or bank (such as Chase or B of A), utilize their remote deposit feature and then perform a free ACH transfer of the funds to your normal CU. |
Thanks J.C. You are a veritable fountain of information. But at the risk of sounding dumb, is it possible to open an account at a U.S. Bank or C.U. online? I assumed that was still one thing that had to be done in person. |
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J.C.
Joined: 08 Dec 2013
Posts: 29
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| Posted: Tue Dec 10, 2013 8:04 am Post subject: |
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| JoeKing wrote: |
| J.C. wrote: |
Even if your credit union doesn't have remote deposit services, all is not lost. You can easily open an account at another credit union (such as Alliant CU) or bank (such as Chase or B of A), utilize their remote deposit feature and then perform a free ACH transfer of the funds to your normal CU. |
Thanks J.C. You are a veritable fountain of information. But at the risk of sounding dumb, is it possible to open an account at a U.S. Bank or C.U. online? I assumed that was still one thing that had to be done in person. |
It's really common and not at all difficult to open an account up online with any number of banks or credit unions. In fact, the only bank that I mentioned before that I opened an account at in person was Bank of America.
Before we begin, I'd recommend opening an account at a bank where you already have a credit card. But if that's not viable, no problem. I'd also recommend a checking account instead of only a savings account. The reason for that is that nowadays savings accounts have transaction limitations -- you are generally limited to 6 transactions per month and after that they hit you with a fee.
If you have a military affiliation, the hands-down best choice would be USAA. They actually invented the remote deposit concept and their implementation of it is far, far superior to any other bank. If, however, you have no military affiliation, I'd go for Chase or Alliant Credit Union. One disadvantage with Chase, however, is there are minimum balance requirements.
Alliant Credit Union is great. Anybody can join as their field of membership encompasses any member of any PTA organization. You can join the PTA online for $5. Anyhow, you go to Alliant's homepage (www.alliantcreditunion.org) and open an account. They will perform a credit check and they will check a system that shows if you have burned any banks in the past or wrote checks that bounced, but after that you are IN!!! Worst case scenario is they will ask you to fax them copies of your ID and proof of US address.
There are, I am sure, other banks and credit unions that are great, but I have experience with Alliant and have never been disappointed. They have remote capture deposit and their funds availability policy is actually better than a lot of other banks.
One thing to keep in mind is a bank's funds availability policy. Once you scan-deposit your check you want access to your money quickly. as a new account holder, I think they hold all non-cash deposits for two weeks before the funds are actually available for withdrawal. After 90 days they will give you the first $200 available immediately and then an additional $300 the following day. The total amount of your check is available three business days after deposit. I have been with them a while now and I get immediate availability of any check deposited up to something like $5,000 per day.
Wen I say availability, the money is in your account and earning interest immediately upon scanning your check, but they withhold the ability to actually withdraw the funds until they are sure the check clears. Every bank does that to one extent or another.
Another bank that is pretty cool is Discover Bank. Right now they only have savings accounts, though, unless you are one of the fortunate few who is in their experimental checking account program.
Seriously, buddy, paying the Chinese banks to send your money to the USA is like peeing away your money. While to some it may not be a lot of money, after a few years you've wasted $2,000. You'll have felt much better wasting $2,000 on girls / guys / booze / food / a car / computer games / traveling / did I mention girls??? than wasting it at Bank of Freaking China. |
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choudoufu
Joined: 25 May 2010
Posts: 3325
Location: Mao-berry, PRC
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| Posted: Tue Dec 10, 2013 8:08 am Post subject: |
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but do i have to waste $1000 on an i-phone?
or can i do this with scanner and email? |
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J.C.
Joined: 08 Dec 2013
Posts: 29
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| Posted: Tue Dec 10, 2013 8:33 am Post subject: |
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| choudoufu wrote: |
but do i have to waste $1000 on an i-phone?
or can i do this with scanner and email? |
Scanner and desktop is fine. Most banks also have an Android app, too.
The function is built into your bank's online banking platform so whatever method you can use to connect can usually work.
But they don't generally allow via e-mail. |
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choudoufu
Joined: 25 May 2010
Posts: 3325
Location: Mao-berry, PRC
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| Posted: Tue Dec 10, 2013 8:58 am Post subject: |
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| J.C. wrote: |
Scanner and desktop is fine. Most banks also have an Android app, too.
The function is built into your bank's online banking platform so whatever method you can use to connect can usually work.
But they don't generally allow via e-mail. |
cool beans! just checked my brokerage and they do have remote deposit.
under FAQ's, they don't accept checks drawn on foreign banks. i'll have
to online chat to confirm BofC new york is not considered foreign.
they also have ipad and iphone and itouch and android and windows phone
applications.
i would much prefer to find a way to transmit the images from my laptop.
one of my goals in life is to never say "i've got an app for that." |
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J.C.
Joined: 08 Dec 2013
Posts: 29
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| Posted: Tue Dec 10, 2013 9:10 am Post subject: |
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| choudoufu wrote: |
| J.C. wrote: |
Scanner and desktop is fine. Most banks also have an Android app, too.
The function is built into your bank's online banking platform so whatever method you can use to connect can usually work.
But they don't generally allow via e-mail. |
cool beans! just checked my brokerage and they do have remote deposit.
under FAQ's, they don't accept checks drawn on foreign banks. i'll have
to online chat to confirm BofC new york is not considered foreign.
they also have ipad and iphone and itouch and android and windows phone
applications.
i would much prefer to find a way to transmit the images from my laptop.
one of my goals in life is to never say "i've got an app for that." |
Personally, I wouldn't even confuse them by trying to explain Bank of China demand drafts drawn on BOC NY. The fact is that no matter what they tell you it is a domestic check (actually, the correct term is "local" check).
It's highly unlikely their system will allow you to save the images to your hard drive and then transmit it to them. With the exception of USAA and a small handful of extremely large banks, they outsource this remote deposit to another company. Part of the process they use is direct scan of the check details and comparison with other checks in their database. That way they will catch it if you try to deposit the same item at several different banks. |
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JoeKing
Joined: 30 Apr 2008
Posts: 519
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| Posted: Tue Dec 10, 2013 9:48 am Post subject: |
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| J.C. wrote: |
Seriously, buddy, paying the Chinese banks to send your money to the USA is like peeing away your money. While to some it may not be a lot of money, after a few years you've wasted $2,000. You'll have felt much better wasting $2,000 on girls / guys / booze / food / a car / computer games / traveling / did I mention girls??? than wasting it at Bank of Freaking China. |
You're preaching to the choir , J.C., or, as my brother says, you're telling Noah about the flood...... |
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J.C.
Joined: 08 Dec 2013
Posts: 29
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| Posted: Tue Dec 10, 2013 10:05 am Post subject: |
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| JoeKing wrote: |
| J.C. wrote: |
Seriously, buddy, paying the Chinese banks to send your money to the USA is like peeing away your money. While to some it may not be a lot of money, after a few years you've wasted $2,000. You'll have felt much better wasting $2,000 on girls / guys / booze / food / a car / computer games / traveling / did I mention girls??? than wasting it at Bank of Freaking China. |
You're preaching to the choir , J.C., or, as my brother says, you're telling Noah about the flood...... |
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choudoufu
Joined: 25 May 2010
Posts: 3325
Location: Mao-berry, PRC
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| Posted: Mon Dec 30, 2013 4:04 pm Post subject: |
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i got this here new product email from capital one where i gots one of
my credit cards:
https://home.capitalone360.com/online-checking-account
it's an online bank dealie with no minimum deposit, no fees,
and even pays a tiny bit of interest.
remote deposit is accepted from your computer.
no smart/i-phone needed. |
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