Ad ID: 7413
Added: August 10, 2023
The Bank of America Remote Deposit Capture Agreement: Understanding the Fine Print
In today`s fast-paced digital world, convenience is key. That`s why more individuals and businesses are turning to remote deposit capture services offered by major financial institutions like Bank of America. With this service, you no longer have to physically go to the bank to deposit checks. Instead, you can simply snap a photo of the check and upload it to the bank`s mobile app or website from the comfort of your own home or office.
However, like with any financial product or service, it`s important to understand the terms and conditions outlined in the Bank of America Remote Deposit Capture Agreement. This agreement sets out the rules and regulations you must follow when using the remote deposit capture service.
Let`s take a closer look at some key provisions you should be aware of:
1. Eligibility: To use the remote deposit capture service, you must be a Bank of America customer with an eligible account.
2. Requirements: You`ll need a smartphone or tablet with the Bank of America mobile app installed, or access to a computer with internet connectivity and a scanner. You`ll also need to enroll in the remote deposit capture service through the Bank of America website or by contacting a customer service representative.
3. Limitations: There are daily and monthly limits on the dollar amount of checks you can deposit using the remote deposit capture service. These limits may vary depending on your account type and other factors.
4. Endorsement: You must endorse the back of the check with your signature and include the words “For Deposit Only” followed by your account number. Failure to do so may result in the check being rejected.
5. Retention: You must retain the original check for at least 14 days after depositing it using the remote deposit capture service. This is to allow time for the check to clear and to resolve any disputes or discrepancies that may arise.
6. Liability: Bank of America is not responsible for any errors or issues that may occur during the remote deposit capture process. This includes issues with the image quality, transmission, or processing of the check. You may be liable for any losses or damages arising from the use of the remote deposit capture service.
7. Termination: Bank of America may terminate your access to the remote deposit capture service at any time, without notice, for any reason.
As with any legal agreement, it`s important to read the Bank of America Remote Deposit Capture Agreement thoroughly and ask questions if you don`t understand any of the terms. By understanding the rights and responsibilities of both you and the bank, you can ensure a smooth and successful remote deposit capture experience.