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TD Bank expands mobile initiatives via direct deposit

TD Bank has updated its mobile application with direct deposit to keep up with consumers who increasingly are taking to mobile as the first and primary way to bank.

The new feature is being rolled out across TD Bank’s iPhone and Android app. Mobile deposit has become a must-have for financial institutions and continues to be one of the most popular app features for banks.

“Early results have exceeded our expectations,” said Spencer Jones, head of U.S. online and mobile channel for TD Bank, Cherry Hill, NJ.

“Customers are thrilled with mobile deposit, and the feedback we’ve received reflects their excitement about it being available to them,” he said.

“For many of our customers, online and mobile banking is an everyday experience, and they value the convenience of being able to deposit checks at any time, from anywhere.”

How it works
Consumers with the TD Bank app downloaded will now see a label under the main menu and accounts section.

After choosing to make a deposit, consumers can either snap a picture of the check or view a list of mobile deposit receipts.

A deposit is then made by typing in the amount of the check and confirming the picture of the check.

Mobile deposit is available for TD Bank clients that have opened an account more than 90 days ago.

If the deposit is made before 8 p.m. Eastern Time, the funds will typically be available the next business day.

TD Bank’s app also lets consumers check their balances, transfer money and pay bills while on the go. The app also includes a section that gives consumers answers to quick questions and a feature that finds nearby ATMs.

Consumers can also report a lost or stolen card via the app.

Bank on mobile
Mobile deposit has become a basic requirement for financial institutions to include in mobile apps.

As consumers move to mobile to manage their finances, banks are embracing mobile because of the added convenience for the consumer.

Banks are also experimenting with the idea of charging consumers for deposits to make money off mobile deposits because of the feature’s popularity (see story).

Besides mobile deposit, banks should also be looking to add more advanced features that create compelling experiences to bring consumers back to app time repeatedly.

“Our customers should continue to see investments in all our digital properties, including improved money movement and payment capabilities, expanding mobile offering for our small business customers and extending our convenience proposition to other devices such as tablets,” Mr. Jones said.

Final Take
Lauren Johnson is associate reporter on Mobile Commerce Daily, New York