Filenews 12 August 2022 - by Theano Thiopoulou
Depositing cheques via mobile (BoC Mobile App) is the new free service offered by the Bank of Cyprus for its customers, without having to go to the branch or at an ATM to do the deed and the next day has the money. According to the Bank of Cyprus, it is the only one that offers this service and from the first days there seemed to be interest.
Bank sources told "F" that every day the checks deposited through a mobile App are increasing and it is expected that there will be an increasing trend and great interest and this is what the data so far show. The aim, as pointed out by bank sources, is to facilitate the customer, who will not have to go to a branch or ATM to deposit his check, but can do it from his mobile phone from anywhere, at any time he wants and free of charge. The new service offered via mobile phone is part of the digital transformation of the Bank of Cyprus, while other actions are expected to be promoted to facilitate customers.
As the Bank of Cyprus notes on its website, "through the "cheque deposit" service in the BoC Mobile App, deposit your cheques in your account securely, at no cost. All you need is to download the App to your mobile phone." The cost is zero, as there is no charge and as noted, the amount will be available in the customer's account the next working day and not in 2 working days as is the case through the bank's cashiers.
The Bank of Cyprus provides information on how the cheque deposit will be made through the App. First step is to log in to the App and select "deposit a check" via the "transfers" screen. The second step is to select the account to be credited and the amount indicated on the check and optionally a description should be entered. The third step is to photograph the front and back of the check, then confirm the correct amount between the initial registration and scan, and once the deposit is completed, the customer must keep the cheque in his possession for a period of 6 months. If the recognition score is satisfactory, then the procedure is completed. In case of failure to deposit the cheque, the depositor is informed by a message (SMS) to carry out his deposit through an ATM or a branch.
Only for 1bank subscribers the new service
As the Bank of Cyprus explains on its website "at this stage, the service is addressed only to the private customers of the Bank of Cyprus, subscribers of 1bank. The deposit of the cheque can be made in the account of the beneficiary of the cheque, including joint or in a linked account of another person who is the beneficiary of the cheque where the subscriber can make the deposit on his behalf. A cheque cannot be deposited in a card account, in a timely deposit and in a loan account." It is worth noting that the Bank of Cyprus encourages its customers to use the new alternative methods of processing their transactions, without the need to physically visit a branch and at a significantly lower or no charge for the services offered, emphasizing on digital service with the use of technology.
INTERVENTION
The mobile has now become a bank
Once upon a time, customers queued up at the banks' coffers to deposit the cheque, and its liquidation might take five days or maybe more. Then came the deposit of the cheques through the ATMs and the customer gets a receipt with the details of the deposit and a photocopy of the check. And evolution is moving forward. Now the Bank of Cyprus introduces the deposit of cheques via mobile (BoC Mobile App). The daily life of small and large businesses in relation to banks has changed. They do not need to devote energy, staff and man-hours to depositing a check, which 10 years ago resulted in chaos in the bank branches.
