Vanguard Adds Mobile Check Investment

Vanguard Adds Mobile Check Investment

Interesting. I was just messing around with my iPhone when I noticed that Vanguard updated their app with “Mobile Check Investment.” In other words, you can now snap a picture of a check and invest it in an eligible account.

This is similar to the remote deposit functionality introduced by a number of banks. The checks in question can either be checks that others have written to you or a check that you have written and made payable to Vanguard.

This service is available on both iOS and Android devices. Deposits can be made into individual accounts, traditional, Roth, and rollover IRAs, and joint, custodial, or trust accounts.

They won’t accept checks over $10k (and no more than $10k total per trade date), foreign checks, post-dated checks, stale-dated checks, and a few other less common categories of checks.

If they receive your check(s) by 4pm on a business day, your trade date will be that same day. If they’re received after the close of business or on a non-business day then your trade date will be the next business day. Funds will be available for withdrawal after seven days.

You can see here for additional details.

5 Responses to “Vanguard Adds Mobile Check Investment”

  1. Anonymous

    Nice idea, but it doesn’t really work well. tried 5 different checks, only 1 worked. Had to deposit the rest in my chase account (using their app). Looks like the same app, guess vanguard just has some higher safeguards

  2. Anonymous

    I have seen these capabilities with a few of businesses. What I have a hard time understanding is how you manage this stuff. I have a hard enough time managing my passwords in a secure encrypted app on my laptop. How would you do something similar on a smartphone and could you trust your passwords would be secure?

    Happy trails, Mike

  3. Anonymous

    I have the vanguard mobile app for checking balances but this is an awesome feature. I just mailed in my wife’s 401k rollover checks (she’s now stay at home mom) and I would’ve loved to test this out!

    Here’s how I’ll use this: When people give me a random check for payment or reimbursement of some type, instead of mobile depositing it to the bank, I’ll send it to Vanguard. I am a huge Vanguard fanboy so I love it when they make it easier to invest.

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