Clients using smartphones to deposit cheques

More than one million people have deposited cheques using CIBC’s eDeposit feature, which is available on the bank’s mobile app.

The app allows personal and small business clients to deposit cheques to their accounts by simply taking a photo of the cheque with their mobile device.

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“Clients who receive paycheques or run their own business really benefit from the ability to deposit cheques with their smartphone, and we’re finding that once these clients try the service they use it often,” says Aayaz Pira, vice-president, Digital Channels, CIBC.

The bank adds business clients who receive a larger volume of cheques can use a desktop scanner to securely scan and upload images of cheques for deposit.

Read: TD launches mobile payment app

Tangerine Bank and Canadian credit unions also offer mobile cheque deposit.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.