Westpac customers can now deposit cheques via mobile
Westpac launches Australian-first feature allowing customers to scan and deposit cheques via the Westpac Live app.
In an Australian first Westpac has launched Westpac Mobile Cheque Deposit, a feature enabling customers to scan and submit cheques via mobile banking. Customers can take a photo of their physical cheque and deposit it with the bank through the Westpac Live mobile banking app, without the need to visit a branch or ATM.
If you, like me, haven't used a cheque for the better part of a decade this new feature might seem a bit odd. However, Westpac still receives more than 30,000 physical cheques from customers each and every day highlighting the need for the new digital feature. Plus according to Westpac research 41% of Australians still use cheques as a payment method.
Customers can scan the front and back of their cheque and upload it within the Westpac Mobile Cheque Deposit feature of the mobile banking app. Just like going into a branch or depositing a cheque with a smart ATM, the digital cheque will take up to three business days to clear before the funds are deposited to, or debited from, the customer's account.
There is a limit as to how much you can deposit using Westpac Mobile Cheque Deposit. Customers can deposit up to $1,000 within a seven day period, and will need to visit a branch for anything greater than this. Using this new digital tool offers the same high level of security as the Westpac Live app, effectively making the process just as safe as depositing the cheque at a branch.
The new cheque deposit solution is the latest in a string of new payment solutions offered by the bank. Last month Westpac launched voice assistant banking with Apple's virtual assistant Siri, and in January launched a partnership with Amazon's voice assistant Alexa.
Following a successful pilot testing period, the new feature is available now to both iPhone and Android users. Customers will still be able to deposit cheques the traditional way at a Westpac branch or at a smart ATM.