Philippine Savings Bank (PSBank), the thrift-banking arm of the Metrobank Group, has announced the unveiling of its Mobile Check Deposit service to the public, which is one of the new offerings available in its upgraded mobile app.
The Mobile Check Deposit facility (service) allows PSBank Mobile Banking clients to deposit eligible local peso checks by simply taking a photo through its mobile app, now at its 4th upgraded version.
This service is free-of-charge and is part of a series of digital initiatives of the Bank, consistent with its commitment to make banking easy, simple, reliable, and secure.
Existing clients who maintain a total deposit relationship balance of at least P50,000 will be eligible to use the Mobile Check Deposit service. Customers will have to access their account via the App, and select “Deposit Check.” Users will be then presented with the Terms and Conditions, which they will need to agree with prior to using the service. Customers shall indicate the valid target account where the check will be deposited to, after which they will be prompted to take and submit a photo of the front and back of the check.
After successful clearing by the Drawee Bank, the funds will be made available for use.
Guidelines and reminders are also provided in-app to guide first-time users.
PSBank’s cut-off times will apply checks received prior to 3:00 pm will be processed on the same banking day; while those received after, and during weekends or holidays will be processed on the next banking day.
In a press statement, Emmanuel Tuazon, Senior Vice President and Marketing Group Head of PS Bank, said, “We’re truly very happy to offer this innovation to our customers, as we firmly believe that it affirms their evolving mobile banking needs. With the Mobile Check Deposit service, along with our other products and services, our ever-growing client base will now have the time to focus on the moments that matter.”