December 12, 2009
I can't help but feeling ING is "jumping the gun" here, requiring the cheque to be mailed in within two weeks so that it can be cleared through the drawer's account, due to federal legislation. ING gives most people a "cash back limit" or "access to deposited funds limit" (take your pick on the verbage!) when depositing cheques at an Exchange or ING ATM and, even if they don't, funds should be available within five business days and the first $100 within 24 hours. Using this "cheque-in" app, all they're doing is giving you 'advance credit' to your account, but likely holding funds until they receive the cheque at least. It'd be faster just to go to an ATM. Isn't this a bit of the cart before the figurative horse!?
Sorry...but I'd rather see them work on lobbying the federal government on enacting legislative and regulatory changes and for working with the Canadian Payments Association on the respective rule changes.
My $0.0175 cents, adjusted downward for inflation ($0.02 just ain't worth as much as it used to be).
I'm on the fence on this one.. I want the feature.. I know it's been around in the US for years and probably longer worldwide.. I know banking regulations are tough and protecting against cheque fraud is important but would this really make it easier? I just hope we get the feature with as minimal impact as possible.. Everything seems to tick along nicely with our banks.. Although some no-fee competition would be nice.. The system will probably work the same way as a standard exchange deposit.. Where they front the cash.. I don't want to have to spend money on a stamp/envelope to do the job.. Maybe can snap picture and deposit later to the exchange atms but I can see becoming problem matching/clearing unless they do it by cheque # etc..
December 12, 2009
Yeah, I definitely don't see being able to deposit the cheque later via The Exchange ATM Network being possible.
It's a great feature, cheque depositing via mobile phone or scanner, but I really think ING should wait until the banking regulations and cheque processing framework (i.e., Canadian Payments Association) are updated so that cheques deposited using those methods don't need to go through the usual cheque clearing system and are instead processed as "pre-authorized payments" out of the drawer's bank account and a "direct deposit" to the account of the person depositing the cheque via mobile phone/scanner - that's how I see it ultimately working. We're a few years away from that, though. So, ING, please hold your horses on this one!