Question

Give two modern instruments business owners can use to make deposits when their source of payments are checks and they cannot physically go to their banks during their hours of operation.

Answer 1

Due to change in technology and modernization in the banking and payment industry, there are plenty of instruments which are evolved overtime. These instruments can be used for the purpose of depositing checks into the bank account directly by sitting at home or workplace easily. The two modern instruments include:

• Mobile application: Under this, the customer can login into mobile application of the bank, then take the picture of check and sign the same digitally. This will be then send to the bank, which will be deposited in the bank account after due course. The instrument needed for this method of depositing check is a mobile phone only.
• Bank Website: This is yet another way through which checks can be deposited into bank account. The customer will have to log in through their ID and Password. The check then needs to be scanned and necessary information is provided to the bank, once verified, the amount will be credited in bank account. Most of the national banks offers such kind of services to its customers. The instrument needed for this method is just a computer and scanner.