what to do with checks after mobile deposits

What to Do with Checks After Mobile Deposits

While it may not be one of the most used forms of payment anymore, accepting checks at your business is a smart move. Checks have lower fees than credit card transactions, and they allow people to buy your products and services if they don’t have a credit card or cash on hand.

Technology today even allows you to deposit the checks without going to the bank. You can do this through mobile deposits. If you use this service, you may wonder what to do with the checks after depositing them. Learning the right way to handle these checks after depositing them is vital for your business.

Continue reading to find out what to do with checks after mobile deposits.

Keep the Checks for 30 Days After Making the Deposits

Even though you can instantly deposit a check through your bank’s mobile app, it may not be deposited into your account for days or weeks. 

The mobile deposited check will still need time for the check to clear, and some banks place holds on checks for a few days or weeks. 

It’s a good idea to hold on to the check for at least 30 days or until you’re sure that the check has cleared and the funds have been posted to your account.

While you wait for the check to clear, place the checks somewhere secure like your safe to protect them while you wait. Write “DEPOSITED” in big letters on the front of the check to avoid redepositing them or in case the check falls into the wrong hands. 

Keeping them longer than needed increases the risk of them falling into the wrong hands and puts your customers at risk for identity fraud or being out more money.

How to Safely Get Rid of Deposited Checks

After the checks have posted to your bank account, what should you do with these deposited checks? As with any banking document or anything with personal information, it should be securely destroyed.

Offsite shredding services provide a way to get rid of deposited checks safely. This service also helps to destroy other documents that contain sensitive, personal details.

A company that offers this service collects your documents and shreds them offsite with other documents making it impossible for anyone to put back together. 

What to Do With Checks After Mobile Deposits

Now that you know what to do with checks after mobile deposits, contact us to set up offsite shredding services of your mobile deposited checks and other confidential documents. 

Check out our website or give us a call to learn more about the services we offer.