Here's How to Speed Up Mobile Check Deposits

Sure, they're relics, but paper checks are sticking around, at least for now. Banks, on the other hand, have definitely evolved to deal with them. If you've ever deposited a check using your bank's mobile app, you probably started doing so for the convenience. Your bank may have changed the game recently, and with it, your access to your own money.

The Federal Reserve has approved a measure meant to battle bank fraud by preventing customers from depositing a check via mobile and then double-dipping by bringing it to a bank or an ATM. These banks, which include PNC Bank and Capitol One, are now asking consumers to write "For Mobile Deposit Only" beneath their signature. If you recently received (and ignored) a notice from your bank about mobile deposits, dig it up again: Your bank may request a specific phrase, such as "For Mobile Deposit Only at (Bank Name)" or "For (Bank Name) Mobile Deposit Only."

Depending on your bank's policy, it's possible that leaving out these words could delay your deposit. If you get a notice saying that your "deposit was rejected due to restrictive endorsement," that's why. Don't panic — just try again, though if you're worried about triggering a fraud alert, it's not a bad idea to call up your bank or go to a local branch in person before you do so. Mobile banking is growing fast, according to internal numbers at Bank of America. This could be the most common option for deposits sooner than you think.