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Deposit Anywhere

You’re in the car on your way out of town for the weekend and you realize that you forgot to deposit a cheque! You’re kilometers away from the branch or the nearest Exchange® network ATM, so now what? Well you’re not stuck waiting to deposit that cheque until Monday because lucky for you, Parama Credit Union is pleased to offer the latest innovation in mobile banking – Deposit Anywhere™!

 

INTRODUCING DEPOSIT ANYWHERE™

Deposit Anywhere™ is a new feature on our Parama mobile app which allows you to quickly and securely deposit cheques using your Android™ or Apple smart phone or tablet. This feature allows you to remotely deposit a cheque into your Parama account from anywhere at any time!

 

EASY, FREE, FAST & SECURE

The whole process is quick, simple, free and just as secure as depositing a cheque at the branch. By following a few simple steps and taking a picture of the front and back of the cheque, your funds will immediately appear in your account. Be reminded that the normal hold period still applies.

 

GET THE APP THAT MAKES DEPOSITING CHEQUES A SNAP.

Simply download the Parama app to your smart phone or tablet to get started.

 

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FAQ

What is Deposit Anywhere™?

Deposit Anywhere™ is a new feature we are offering through our banking app which allows you to deposit cheques from anywhere at any time, simply by taking a photo through the Parama App.

How do I get Deposit Anywhere™?

Deposit Anywhere™ is available in the Parama App. Download the iPhone or Android app now to access this feature.

 

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How does it work?

Open up our mobile banking app, tap the “deposit” button, select the account you would like the funds deposited to, enter the amount, take a photo of the front and back of the cheque, confirm the details and tap “submit”. The funds will then be deposited securely into your account however will not be available for immediate use until the cheque has cleared.

How much does it cost?

There are no fees to use this service!

What types of cheques can I deposit?

You can deposit cheques payable in Canadian Dollars and drawn at any Canadian financial institution. They must be payable and endorsed by you, the account holder.

Will I be notified if there is an issue with the deposit?

After you have made your deposit you will receive a confirmation. Should there be an issue with the deposit or clearing of the cheque we will contact you.

What do I do with the cheque after I’ve made my deposit?

There is no need to mail or bring the cheque into the branch after you have made your deposit, however it might be useful to mark the cheque with the phrase “deposited via mobile” (without obscuring any material information on the cheque) to confirm you’ve already deposited it. You should keep the cheque in a safe place for a few weeks to ensure that it has cleared properly, after which it should be destroyed.

What happens if I enter the amount in incorrectly?

During the clearing process everything is double checked to ensure the right amount is deposited correctly and securely into your account. If you have any questions about the process please call us during our business hours at 416-207-9239 and we will be happy to help you.

I can see the money in my account, but is it available for use right away?

Similar to deposits made at an Exchange® Network ATM or in branch, standard holds on items apply as the funds require time to clear.

Is depositing cheques with a mobile phone safe?

Yes. As a feature of our mobile banking app, Deposit Anywhere™ meets the same high standards as our mobile and online banking services.