FinAi News

No products in the cart.

Subscribe
  • News
  • AI News Tool
  • Data
  • Transactions
  • Events
    • FinAi Banking Summit
    • FinAi Lending Summit
  • Podcast
  • WEBINARS
    • Webinar Library
Log In
No Result
View All Result
  • Banking
  • Lending
  • Payments
  • Risk & Security
  • Strategy
FinAi News
  • News
  • AI News Tool
  • Data
  • Transactions
  • Events
    • FinAi Banking Summit
    • FinAi Lending Summit
  • Podcast
  • WEBINARS
    • Webinar Library
BAN PLUS
Log In
No Result
View All Result
FinAi News
No Result
View All Result

PayPal Pulls Mobile Check Deposit

Philip RyanbyPhilip Ryan
June 17, 2014
in Banking, Payments, Risk & Security
Reading Time: 2 mins read
0
Share on Facebook

© Can Stock Photo Inc. / 4774344seanStuck with a check that needs to be loaded into your online account? Well, don’t look to PayPal to bridge the gap.

As of June 15, the San Jose-based eBay subsidiary has removed the ability to deposit checks via its mobile app, Consumerist reported yesterday.

Mobile check deposit has had a long run as the “it” feature of mobile banking. Major banks are still adding the feature — RBS Citizens just launched the feature for U.S. customers this month — and earlier this year, Novarica wrote that mobile check deposit, also known as remote deposit capture or RDC, is increasingly a “must-have.”

Well, PayPal clearly disagrees. The company said in an email to users of the remote deposit capture service:

On June 15, 2014, the PayPal Mobile Check Capture service will no longer be available. But don’t worry, you’ll still have access to your transaction history of the checks you had captured through PayPal and can go back to review them at any time. We’re sorry if this is an inconvenience.

The company later provided Consumerist with some of the thinking behind this shift:

Checks have become a less common way to pay for things and many of our customers have either fully moved away from checks or have other ways to pay. In doing this, it allows us to focus on our primary mission, creating a truly digital economy — whether shopping online, paying a friend, or using a mobile device to pay.

There’s no doubt check use is plummeting, and a number of “checking” accounts today don’t offer checks, or offer them only for a fee. Some of the newer banks are wary of remote deposit capture as well — witness GoBank‘s infamous 10-day hold on personal checks deposited via mobile.

But is removing RDC entirely a bridge too far? Anxiety about fraud losses related to remote deposit capture remains high, as a recent American Banker article shows. (Without mentioning this in the title, the article focuses on check-cashing businesses and payday loans, where fraud is more common than in traditional checking accounts.) Yet, 80% of financial institutions have experienced no fraud related to RDC, according to research from RemoteDepositCapture.com.

Check deposit may be a bridge technology on the way to the mobile-only utopia that lies ahead, but however digital we aspire to be, a paper check or two is going to come our way. PayPal has decided that customers should go to another institution to get those funds online. It seems like an odd choice for the company that built its reputation on accepting risk others wouldn’t.

Tags: KofaxMitekMobile bankingmobile check depositPayPalRDC
Previous Post

VIDEO: Citibank Ad Uses Moody Teenagers to Showcase Its App

Next Post

Wearable Payments Come of Age with 3 Launches

Related Posts

Photo credit Mike Mozart: https://www.flickr.com/photos/39160147@N03/14742853276/
Banking

Charles Schwab launches 2 AI tools in Q2

July 21, 2026
data streams being bottlenecked
Risk & Security

Implementing AI can relieve bottlenecks amid growing AML complexity

July 20, 2026
A flag displaying Capital One's logo
Risk & Security

Capital One’s Evan Baker to speak at FinAi Lending Summit

July 20, 2026
Next Post

Wearable Payments Come of Age with 3 Launches

Please login to join discussion

EMERGING FINTECH DIRECTORY

Emerging Fintech Directory

The Buzz Podcast

SPONSORED

Build an Antifragile Strategy to Outperform the Market

July 14, 2026

How AI and Product Experts Turn Fuzzy Requirements Into Focused Dev-ready Roadmaps

April 19, 2026

Is Your Technology Supplier There for You?

April 1, 2026

  • About Us
  • Help Center
  • Contact Us
  • Privacy Terms
  • ADA Compliance
  • Advertise

 [wt_cli_manage_consent]

Connect

twitter linkedin podcast podcast podcast
© 2026 Royal Media
No Result
View All Result
  • NEWS
    • All News
    • Banking
    • Lending
    • Payments
    • Risk & Security
    • Strategy
  • AI News Tool [Beta]
  • DATA
  • TRANSACTIONS
  • EVENTS
    • FinAi Banking Summit
    • FinAi Lending Summit
  • PODCAST
  • WEBINARS
    • Webinar Library
  • SUBSCRIBE
  • Log In / Account

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Unlock This Article

Create your free FinAi News account to access this article and stay informed on how AI is transforming financial services including banking, lending, payments, and risk.

Yes, I'd like to receive FinAi News updates, breaking news, and exclusive AI insights for financial services leaders.

Continue Reading with FinAi News Premium - Less than $2/Day

Upgrade to FinAi News Premium for unlimited access to news, insights, trends, and intelligence on how AI is transforming financial services including banking, lending, payments, and risk.
Upgrade to FinAi News Premium Subscription
No Result
View All Result
  • NEWS
    • All News
    • Banking
    • Lending
    • Payments
    • Risk & Security
    • Strategy
  • AI News Tool [Beta]
  • DATA
  • TRANSACTIONS
  • EVENTS
    • FinAi Banking Summit
    • FinAi Lending Summit
  • PODCAST
  • WEBINARS
    • Webinar Library
  • SUBSCRIBE
  • Log In / Account