Earlier, I posted about Wells Fargo's new remote deposit feature which allows you to take a photo of your check and deposit it remotely.
Since its a new month, I used the remote deposit feature of our first two rental checks received in April. I found the feature easy to use and saved me the 10 minutes of running to the bank to deposit the check at the ATM (times two, saved me 20 minutes).
My only complaint is that I'm limited to $1000.00 remote deposit per day. However, I'm not clear if that limitation is per account (we have different accounts set up for our rental properties). So, for the first two rental checks, just under $1000.00 each, I received the checks on separate days and was able to remotely deposit both. But, the third rental checks is $1500.00 and it was rejected when I tried to deposit it using the remote deposit feature. I'm going to call Wells Fargo and see if I can get my daily balance bumped up to $1500.00 per day.
Interesting. I have no limit on the dollar amount of check or number of deposits. I deposit through Merrill Lynch and I make quite a few deposits each month. I responded to your earlier related post and I think I incorrectly said I electronically deposited through Bank of America. Although they are related (which actually seems to be an unhappy marriage), they are not linked in most financial transactions. We have a B of A checking which we use mostly for international wire transfers but it comes in handy for other transactions from time to time. I try to not leave a balance in the B of A checking because of the low interest and, instead, transfer funds from B of A to a ML investment account which takes just an email to our ML financial advisor. ML provides a checking account as well which is where I make our electronic deposits. Once the checking reaches a certain dollar threshold, I transfer to an investment account. I am glad to read this post because I supposed all electronic deposits were similar so this is interesting to know that the ML electronic deposit is a good product. Also, I am giving you this banking info since there might be some readers who might like to read about alternative banking methods in this day and age of incredibly low bank interest rates. I am not a ML employee and not promoting them at all and I am sure other investment /bank arrangements provide similar products.
ReplyDeleteUSAA has no limit on amount.
ReplyDeleteThey have just started directly withdrawing and depositing within customers who have USAA. That limit is 250 a day. Works well when we need to pay back out daughter...or she needs to pay us back.