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Bank of America Denies Rumors of Mobile Check Deposit Delays and Fees

Bank of America says reports that circulated this morning saying the bank has delayed its launch of a mobile check deposit app to the second half of 2012 are half true. The launch is scheduled for sometime after June 30. However, bank spokesperson Tara Burke says this has always been its timeline (although she later acknowledged that she doesn't remember launch dates the bank may have provided in the past).

"We're not about being first to market, we're about being right to market," Burke says.

Burke also denies the earlier reports' speculation that the bank plans to charge fees for the service. "There will be no fees," Burke says.

Bank of America has nine million mobile banking users, many of whom have been eagerly waiting for their bank to let them deposit checks by snapping photos of them with their smartphone, a feature it began talking about over a year ago. Among the bank's big New York City competitors, Chase began offering mobile check deposit in July 2010. Citi has been piloting the feature and says it will offer it broadly later this year.

At Bank of America, "Our initial tests for remote deposit were very successful," Burke says. "We continue to pilot and we continue to take learnings from those pilots.

The bank has offered remote check deposit using a small desktop scanner to small businesses since November 2010. It provides the scanners for free.


(2) Comments



Comments (2)
Ideally, you'd want to stay on schedule with launches. However, in apps such as these, which handle potentially sensitive information, getting things ironed-out prior to launch will be more important. They are right when it is better to be "right to market".

- Ernest
Posted by JMango | Wednesday, February 15 2012 at 3:13AM ET
Just to be clear -- our original story, quoting Ms. Burke, was published on March 7, 2011.
If the expected launch date mentioned in that story was wrong, she's had nearly a year to say so.
More importantly, our reporter emailed her yesterday. He asked, specifically, if BofA would meet its deadline.
Here's what he wrote:
"Last year, you shared with me that Bank of America aimed to release the mobile deposit feature on the most popular smartphone platforms in Q2 2012. I wanted to follow up as Q2 is coming up. Is Bank of America still on track for a Q2 2012 launch?"
So if the expected launch date has always been for the second half, she should have said so then.

Paul Conley
Editorial Director
Posted by Paul C | Friday, February 10 2012 at 4:02PM ET
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