One of the great conveniences of the 21st Century is not having to go to the bank to deposit a check. If you have a smart phone, you can deposit your checks using your bank’s app. But what do you do with a check after you’ve deposited it? And if you decide to hold on to your deposited checks, how do you keep track of which checks you’ve already deposited and which still need to be deposited?
I took a look at several bank websites, and they generally advise that you keep your mobile deposited checks for at least 5 days. TD Bank, where I have my accounts, recommends destroying them after 14 days.
I’ve seen my clients implement a variety of strategies with mobile deposited checks. One client says that if she has endorsed the back of the check, that means she has deposited it. Another client said that if she tried to deposit a check she has already deposited, her bank website will tell her that. A third client writes on the check the date of the deposit and the date it can be tossed.
Here’s my method. After I make a mobile deposit, I put a sticky note on the check stating the date I deposited it and whether it went into my business account or my personal account. Then I put the check in a specific cubbyhole on my desk. When I get my monthly bank statement, I pull out the checks to make sure they are reflected on the statement. Then I shred the checks.
I’ve only had one instance in which the deposit didn’t show up on the account. I redeposited the check and it was fine after that. I still don’t know why it didn’t go through the first time, especially since the TD Bank app told me that the deposit was successful.
Mobile deposit is a great convenience, but like so many modern conveniences, it requires developing new strategies. If you don’t already have a way of managing your deposited checks, I recommend that you figure out what would be easiest for you. Otherwise, you are creating a paper clutter issue and also risking losing out on money that you never deposited.