Best Banks for Fast Mobile Check Deposits & Funds Availability (2024)

These banks offer access to your money fast—with less waiting and no headaches.

4 minute read

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Key Takeaways:

• Many popular banks such as Ally Bank, Axos, SoFi and PNC offer instant mobile deposit availability.
• The fastest way to deposit a check is usually via your bank’s mobile app, with funds being available the same day or a couple days later—it depends on the bank.
• Check if there are fast-funding fees or if the bank makes only a small portion of your funds available first and releases the rest later.

Before the days of mobile deposit, it could take up to seven days for a check deposit to clear. But as banking technology has advanced, the time frame for depositing a standard check has gotten much shorter.

In fact, some banks will now make your funds available as soon as the same business day. That said, there are some important caveats that could impact the time frame in which your funds are available, such as the type of check you’re depositing and the bank's daily cutoff time for deposits.We've rounded up some of the best banks to consider if you're looking for fast mobile deposits as soon as the same day.

Best Banks for Fast Mobile Deposits

Here are some of the best banks with fast mobile check deposit times so you can access your money quickly.

Methodology

When making our selections for the best banks for fast mobile deposit, we reviewed many brick-and-mortar banks, along with online banks and credit unions. Our criteria for inclusion on this list includes:

• Quick deposit time frame: We looked for banks that make funds available the same day they are deposited—or the next business day.
• Ease of depositing: Our picks offer simple ways to deposit funds, like making a mobile deposit online or through a user-friendly banking app.
• Lack of fees: The accounts on our list either don’t charge extra fees to get express access to at least a portion of deposited funds, or the fees are relatively low.
• Helpful account benefits: We also considered other features these accounts offer, such as early direct deposit, low or no minimum balance requirements, great mobile banking tools and good customer reputation.

Chase

Tracing its roots back to 1799, JP Morgan Chase is one of the largest banks in the United States, and it offers a range of products for customers, including multiple checking accounts. Its Chase Total Checking® account is a popular option offering perks like the option to waive monthly fees, access to a large fee-free ATM network, and relatively quick mobile deposit turnarounds via Chase QuickDeposit℠.

• Mobile deposit availability: Chase checking account customers using the bank’s mobile app for paper check deposits can usually access funds within one business day, though the time frame could be shorter or longer depending on the type of check deposited.
• Fees: No fees for Chase QuickDeposit℠

Chase Total Checking® Account

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at Chase

• Our Rating4/5How our ratings workRead the review
• APYN/A
• Minimum
  Deposit RequiredN/A
• Intro Bonus$300Expires July 24, 2024More Info

  New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities

Chase Total Checking® is among the best entry-level accounts. It typically offers new customers a sign-up bonus, and it’s fairly simple to waive the $12 monthly fee. However, it's worth noting that it doesn’t offer many valuable features or benefits and it’s not an interest-bearing checking account.

Overview

Chase Total Checking® is a basic checking account that doesn’t offer many premium features. However, if you can easily meet the qualifications required for the new account bonus (and to waive its monthly fee), it’s a good option for those who want an entry-level account.

Read the review

Pros

• No minimum opening balance
• Multiple ways to waive monthly fee
• Access to nationwide Chase branches and ATM network

Cons

• Monthly maintenance fee
• Account does not earn interest

SoFi

SoFi is an online bank offering a full suite of products, including loans, investment accounts, insurance products and deposit accounts. Among them is the SoFi checking account, which earns interest and comes with other perks like early direct deposit, no fees and no minimum balance requirements. In addition to these perks, checking customers can access fast and convenient mobile deposits via the SoFi app.

• Mobile deposit availability: A portion of your funds (up to $5,000 deposited) is generally available the next business day.
• Fees: No fees apply

SoFi Checking and Savings

See Also

How Do I Enable Instant Deposit On Cash App?

Open Account

at SoFi

• Our Rating5/5How our ratings workRead the review
• APY0.50% - 4.60%More Info

  Customers earn 4.60% APY on savings balances when they set up recurring monthly direct deposit of their paycheck or benefits provider via ACH deposit. Alternatively, deposit at least $5,000 each month to earn 4.60% APY on your savings balance. Checking balances earn 0.50% APY

• Minimum
  Deposit RequiredN/A
• Intro Bonus$50-$300Expires June 30, 2024More Info

  New customers can earn a $300 bonus for opening a new SoFi Checking and Savings account and receiving a total of $5,000+ in qualifying direct deposits within the specified evaluation period; receive $1,000 - $4,999 in qualifying direct deposits to earn a $50 bonus.

SoFi Checking and Savings boasts an impressive 4.60% APY on savings balances for customers who set up direct deposit, or who deposit at least $5,000 each month. This account also offers 0.50% APY on checking balances. There are no monthly maintenance fees, and new customers can even earn a generous signup bonus worth up to $300. If you don’t care about physical bank locations, this is a great option.

Overview

SoFi Checking and Savings features remarkably strong interest rates for customers who receive recurring monthly direct deposit, or who deposit $5,000+ every 30 days. This account also doesn’t have any maintenance fees, overdraft fees or non-sufficient funds fees. To top it off, new customers can earn a signup bonus worth up to $300.

Read the review

Pros

• Accounts with monthly direct deposit earn interest
• No minimum opening balance or minimum monthly balance
• No maintenance fees, non-sufficient fund fees or overdraft fees
• Access to Allpoint’s worldwide ATM network
• Get paid up to two days early

Cons

• No physical branch locations

Axos

Axos is an online bank that was established in 2000. It first offered a basic checking account, but today, it has several deposit accounts, loans, and investment options for consumers and businesses. Those seeking a new checking account can choose from five different options.

Axos checking customers benefit from no monthly maintenance fees or minimum balance requirements, and you can earn interest with certain Axos checking accounts.

• Mobile deposit availability: Axos mobile banking customers can access their deposited funds as soon as the same day through the bank’s MyDeposit feature if made before 3 p.m. PST.
• Fees: No fees to access and use MyDeposit

Ally

While Ally is a relatively new bank established in 2010, this bank’s earliest predecessor was established in 1919. Today, Ally offers a full range of financial products, including loans, investment accounts, credit cards and deposit accounts.

As an Ally checking account holder, you’ll pay no monthly maintenance or overdraft fees, and you’ll receive monthly ATM fee reimbursem*nts and early direct deposit access. You can also deposit checks via the Ally mobile app, and funds are available relatively quickly.

• Mobile deposit availability: Deposits up to $300 are available next business day. Additional funds take longer to process.
• Fees: No fees for mobile deposits

PNC

Established in Pennsylvania, PNC Bank traces its roots back to 1852. Today, it serves customers in 28 U.S. states and Washington DC, offering a range of products and services for consumers and businesses.

PNC checking account customers can access the bank’s mobile app to check their balances and make deposits on the go. The bank also has an exclusive feature that provides faster-than-usual access to funds you deposit, though a nominal charge applies.

• Mobile deposit availability: PNC offers one of the fastest turnarounds for mobile check deposits among all the banks on our list. PNC customers who use its Express Funds feature can access their money as soon as the same day a deposit is made. Its standard deposit time is one business day.
• Fees: $2 fee for $25-$100 checks or 2% fee for checks over $100 if you use PNC Express Funds. No fee is charged for the standard funds availability.

How Do Banks Verify Mobile Deposits?

Banks and credit unions look at several data points to help verify mobile check deposits. They’ll generally consider your account history, and whether your account is in good standing. If you’ve overdrawn your account frequently in the past, your check deposits may take longer to clear. If the check is for a significant sum, it may also take longer for the funds to appear in your account.

Your bank’s fraud team will also look at the check itself to verify its validity. They’ll consider who issued it, account numbers, whether all the necessary information is included on the check, and if it’s properly endorsed. If a check is suspect or missing information, it may not clear, or you might need to wait several days for it to be processed.

The Bottom Line

Gone are the days of waiting a week for check deposits to clear. As banking technology has improved, so too have deposit time frames. It commonly takes one business day to access funds from a newly deposited check, which is much faster than in the past. Some banks may even provide access to deposited funds within minutes, depending on how you make your deposit and the type of check.

That said, deposit time frames vary by bank, so if you’re wondering how fast your funds will be available, it’s best to contact your bank directly or review your deposit account agreement. This will offer some insight into what you can expect.

Frequently Asked Questions

• Funds are often available more quickly if you use your bank’s mobile app or visit a branch, though this varies by bank. Also, certain types of checks may clear more quickly than others. For instance, government checks, those issued by the same banking institution, cashier’s checks and certified checks may clear sooner than other check types. Typically, international checks take longer to clear.

• Whether your funds will be available sooner via ATM or mobile deposit depends on your banking institution. Many banks and credit unions will make funds available the same or the next business day, though time frames can vary depending on how you deposit your check, what time the deposit is made, and the check type.

• Certain banks may allow you to deposit someone else’s check into your account, but requirements vary. Typically, the person issuing the check must write "pay to the order of (your name)" in the endorsem*nt box on the back of the check to approve the deposit.

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