Check deposit facility is a common feature of many of the leading virtual mailbox services.
It is easy to see why. If you’re based abroad and a check is mailed to your virtual US address, you will need means of having that check deposited into your bank account.
Essentially, a virtual mailbox service will do this (should you request it), on your behalf.
Normally there will be a small fee over your service plan to do this. You should also be aware of the fact not all mailbox locations will provide check deposits.
Anyway, let’s dive in to see how they work.
How do check deposit facilities work?
While signing up for a virtual mailbox service, you will choose a virtual address that meets your needs.
You will then use this address as a location point for your mail while you are situated abroad, (or if you are a business because you need an address in a different location from where you are situated).
When mail arrives at that US address, your virtual mailbox service will be able to manage it on your behalf.
In the case of checks, you can ask the service to scan the contents so that you know how much it is and whom it is from, and then you can request what action you want to be taken.
If you want the check to be deposited, the following steps apply.
- Add the details of your bank to your profile and use your mailbox web or mobile app to request the check be deposited.
- Most services will send the check for depositing within the same day, (if the request is made during operating hours).
- A good service will send you an alert to notify you that the check has been sent to your bank.
- The bank receives and processes the deposit with times varying depending on the source of the check and your bank’s procedure.
- Once the check has been cleared, the money appears in your account (5-7 working days on average).
As we have mentioned, check depositing is a cost not included in your monthly fee. It does vary between providers, however, around $5 admin fee per check (plus posting), is what you should expect to pay.
Some services such as Anytime Mailbox that have hundreds of virtual addresses will not offer check deposits at every location. This means it is important to check the small print before you signup.