Mobile banking is becoming ever more popular among users. Many of you have already downloaded our free Peoples State Bank App, on either iPhone or Android, and taken advantage of the Mobile Deposit feature. The Mobile Deposit feature has allowed you to take a picture of the front and back of your check, enter the check amount, and deposit the check right into your account.
Beginning July 1st, an update to a federal regulation will go into effect for all financial institutions to help prevent fraud. This will affect consumer accounts and small business accounts that use the Mobile Banking App with Peoples.
What This Means for You
- You will be required to now put a special endorsement on the back of any check you deposit through our Peoples Mobile Banking App.
- The special endorsement will require in addition to signing your name on the “Endorse Here” line on the back of the check, including: “For Mobile Deposit Only Peoples State Bank.”
- Without the special endorsement on the back, your deposit could be delayed or declined.
- Putting the new special endorsement on your check will ensure your deposit goes through as quickly as possible to your account.
A Friendly Reminder
Remember it is recommended that when you have done a mobile deposit securely store the check for 30 days after the check has been accepted by Peoples. After the 30 days you should properly destroy the check.
All customers will be able to read the new terms and conditions agreement for mobile banking through their web browser starting June 15th and they will go into effect July 16th. If you have any questions or concerns on these mobile deposit changes, please call 888.929.9902 or go in to your nearest Peoples State Bank to speak with a customer service representative.