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Depositing Checks made easy

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Wallvestor
8/13/2019 07:42 EST

I use a major U.S. brokerage company to hold my coin. I also use a U.S. Mail scanning company to scan and email my mail. For over 3 years now, I have been depositing checks via the U.S. brokerage company's "Mobile deposit" feature that allows me to deposit my check by taking a picture of it with my cell phone. It makes life so much easier. But, the big attraction that I just re-lived again today is: Depositing a check that was scanned and then printed. It's not the original check, but it works like a charm. I just print it out and cut off the excess paper down to what the size of a check is and snap a pic front and back and voila'. Deposit made.

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dancebert
8/13/2019 15:13 EST

D'oh! That makes sense, I'll have to try it. I'd bet no human sees the photo unless the image scanning OCR can't read it.

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wilsonworld
8/14/2019 03:51 EST

That's what I've been doing. Works great, never had an issue.

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ColtStBerlin
8/14/2019 09:48 EST

Thanks for the tip! We’re moving over next month and I’ve been wondering how to deposit checks to our US accounts.
So the mail scanning service sends you a scan of both sides of the check?
I currently do this with Wells Fargo but it does require photos of both sides and there’s a 1 or 2 thousand dollar limit on mobile deposits. Does yours allow bigger amounts?
Care to share which brokerage and scanning service you use?
Thanks.

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Wallvestor
8/14/2019 11:49 EST

Yeah, it's sweet. For the mail forwarding/scanning (yes both sides of checks are scanned, even the envelope), BTW, I only print out the face of the check. I've had no problem not using their back side of the check. I just endorse the blank backside.

After much due diligence, we chose www.scanmailboxes.com and have been with em for 3 yrs. Boils down to about $180 a year, I think.

A look at my FAQs for deposit limits indicates that it is on a case by case basis.. but, I know I can deposit much more than 2 thousand.

Here's another good tip: www.worldfirst.com for transferring your money over. I just checked to see what $10,000 would be, there and at www.transferwise.com.

Worldfirst would give you 8,951 euro
Transferwise would give you 8,914 euro

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dancebert
8/14/2019 11:58 EST

So far, my mail service scanned both sides of anything that had a second side which wasn't blank. I've been using them since 2010.

https://www.sbimailservice.com/

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realspear
8/14/2019 12:47 EST

My Wells app says it will take up to $10,000. However, when I tried to deposit a check for about $9000, the app wouldn't take it and said my limit was $2500. It turned out that Activo would allow me to deposit the check here, it just took a week.

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Bemadam
8/15/2019 06:26 EST

Who in their right mind is using cheques in 2019? They are cumbersome, costly to process and slow to clear, not to mention the higher risk of loss or theft in the post. The last time I wrote a cheque was in the middle of the last decade, around 15 years ago. I now use bank transfers for everything, they're always free if you do them yourself online, and the recipient gets the money quickly. I've even returned cheques sent to me and told the payer to do it by bank transfer instead.

Despite this, some people insist on living back in the 1860s. How about trading in your car for a state of the art horse-drawn carriage?

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snoble
8/15/2019 07:00 EST

Hi Bemadam,

I'm not sure what you were trying to achieve by inserting a very judgemental posting about the use of cheques in 2019? There remain a good many reasons why cheques continue to get issued, though admittedly the number is shrinking. In some instances havin a paper trail is important for legal and safety reasons. For example, just recently I ended a job and asked for my company pension lump sum to be transferred from my pension to my RRSP (Canada) and the money was transferred by one of the leading banks - by cheque. When I first started a job, my initial pays were in cheque form until the paperwork was processed. I'm a freelancer so some clients do prefer to pay by cheque. I live in a small town and locals like either cash or cheque and don't trust debit or credit cards. I suspect some of the mistrust also exists in Portugal, notably in some of the smaller towns and villages. And I could go on. So, until you understand the circumstances of the poster, can you just leave the judgement out of the discussion and offer suggestions and advice instead? After all, I do believe that is the purpose of this forum. I will be posting questions myself in the coming months because we are planning our own move to Portugal - and sometimes my questions might seem simple or silly - but they're being asked for a reason. So, I'd like to be - just like the earlier poster - treated with respect and maturity.

Thanks,
Steven

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dancebert
8/15/2019 07:28 EST

>Who in their right mind is using cheques in 2019?

Those who take advantage of the float.

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missymess
8/15/2019 10:55 EST

Bemadam:. Why be insulting? Until my water company finally got online payment I had to write a check or take them cash. And they only got it last year. It happens.

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realspear
8/15/2019 13:18 EST

@ Bemadam

I received a check from an insurance company earlier this year after the death of a relative. The company was old school and would not pay directly. I had no choice.

But it's good to know that you think all of us can magically transform any company that pays by check into a company that pays by bank transfer. Let us know what the secret recipe is.

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Bemadam
8/18/2019 11:12 EST

**disclaimer** judgmental comment coming up!!

@ realspear. It's called insistence and shaming them for living in the 1860s!! I don't want to do business with anyone that has a 'cheque' mentaity, because it shows they are not adapted to the modern world or committed to efficiency or secure means of payment transfer.

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dancebert
8/18/2019 11:58 EST

@Bemadam

I see you haven't educated yourself on how checks and float relate.

Imagine you're explaining to a large company's CEO, CFO, CIO, and the Marketing Director why they have to convert to electronic payments. CFO says it will both cut down on our revenue and be a substantial one time cost. CIO says our payment system has been bug free for decades. Electronic payments would expose our payment system to security risks of the Internet. The Marketing head says nobody ever asks about payment modes when choosing a provider. The CEO, after listening to all this, finally speaks. Addressing you, he says 'What part of that didn't you understand before this meeting?

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realspear
8/18/2019 12:16 EST

The next time a relative dies, I will explain that I don't want the check because of your statement. That will show them!

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