cheque online

2 Ways to Deposit a Cheque Online

Did you know that you don’t actually have to go to the bank to deposit a cheque? In the last decade, online banking has come a long way. And in recent years, banks have added a new option that allows you to deposit your cheque directly online – you don’t even have to leave the comfort of your own home.

How Can You Deposit A Cheque Online?

There are two different ways that you can deposit a cheque online –  through your online banking or your mobile app. In this piece, we’ll give you a quick guide on how to do each.

  1. Online Banking

If you don’t have a mobile phone or prefer to do your banking using your computer, you can use your online banking account to deposit a cheque.

Unfortunately, not all banks offer this feature, but most National Banks or larger banking institutions do. In some cases, you may have to pass a credit check in order to use this feature, though this is rare. 

In order to deposit your cheque via online banking, you will need to scan an endorsed cheque onto your computer or laptop. To endorse your cheque, simply sign the line on the back of the cheque. Endorsement simply verifies to the bank that it is, in fact, you who has cashed the cheque. 

Next, go to your online banking account and search for the “deposit a cheque option”. We can’t give you exact instructions on how to do this, because it varies from bank to bank. With that being said, most banking institutions make this option easy to find. 

From there, select the account you wish to deposit the money into, type in how much you are depositing, and upload a scan of your cheque (front and back). Once you submit your form, you should receive a confirmation email to validate that your cheque has been deposited. 

  1. Mobile App

If you have a mobile phone, you can also use your banking app to deposit your cheque online. The process to do this is much like the process for online banking, except you don’t actually have to scan your cheque. Rather, you can take pictures of your cheque directly from your phone.

To use your cell phone to cash a cheque, download your Bank’s mobile app and login to your account. Once in, search for the cheque cashing option and follow the instructions.

Just like online banking, you will be asked to endorse the cheque before uploading your photo. You will also be asked how much you wish to deposit, as well as which account you would like to make your deposit in.

We have a great page with step-by-step instructions on how to cash your cheque either online or through a mobile app.

What should I do with my cheque after it’s been cashed?

Once you have deposited your cheque online, you should hold onto it in a safe place for 1-2 months just in case there are any problems or concerns that arise. Once that time frame is up you can safely dispose of your cheque by voiding it.

To do so, write “void” and then destroy the cheque either in a fire or with a paper shredder. You can also take your cheque directly to the bank to have them dispose of it. 

Check out this website for some other methods of destroying cheques once you are finished with them. You can learn more here.

Is it safe to deposit a cheque online?

When depositing a cheque online, it’s important to understand that your deposit is only as safe as the mobile app that you are using. When you use an app from your financial institution, all of the information within that app is securely encrypted.

This means that your personal information is turned into a code that is only readable by the bank itself. For this reason, when you use an official banking app or online banking, you can rest assured that your cheque and your information are safe and secure.

With that being said, it’s always important that you ensure that you are using your bank’s official app. There are a lot of apps out there that mimic financial institutions and use these apps to scam unsuspecting users. 

Do not do any direct deposits or online banking unless you are 100% certain that you were using an authentic app. 

You should also do all of your online banking from home if possible. Public Wi-Fi connections can be unsecured and can leave your banking information at risk if it falls into the wrong hands. For this reason, you should always avoid using free or public connections to do your banking.

See some of these tips from CIBC to help you stay safe when banking online.

That’s it – online banking is that simple! If you don’t have time to go to the bank, you can deposit your cheques directly online or through your mobile banking app!

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