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Well, I'm relieved you're right. I visited the US Federal Comptroller site which says that it's never necessary to possess a copy of a check in a dispute. So t
by NoZebra120vClip 3y ago
Well, I'm relieved you're right. I visited the US Federal Comptroller site which says that it's never necessary to possess a copy of a check in a dispute.
So then, why is my bank telling us that we need to retain the original check for 90+ days after a mobile deposit?
- gregjor 3y agoI suppose if the payor disputed the payment the bank could ask you to show proof to support their investigation. Otherwise the bank is left trying to determine what happened with no evidence. Even if you have a paper check the other party could deny writing it or signing it. Banks have procedures for resolving disputes like that -- those happen much more often with credit cards than with paper checks. Mobile deposit probably feels strange and risky to a lot of people older than 40 or 50, so telling them to hang onto that paper check gives some comfort. Back in the '70s and '80s banks would mail your canceled checks to you with your statement, people my age got used to that. Then banks stopped doing that, and they stopped needing the paper at all. I suppose some people my age or older find that disorienting having grown up with paper checks filed in shoeboxes.