Virtual Post Mail Check Deposit Service (CDS) deposits your checks by using your bank’s mail-in deposit service. The following is an overview of the process:
- You receive new mail, have it opened and scanned, and discover that there’s a check inside.
- You submit a check deposit request to us over email.
- Your deposit is mailed out to your bank.
- Your bank receives and processes your deposit.
- You get the money in your bank account.
Requirements
To use Virtual Post Mail CDS:
- You must have a Virtual Post Mailbox in good standing.
- The mail containing the check must be opened and scanned first.
- Your bank must support mail-in deposit.
- The name on the check must match the name of the bank account.
Step by Step Instructions
1. Have your mail opened and scanned
You need to have the mail piece opened and scanned before a deposit can be done. This step is required to confirm that there is a check inside the mail and also act as an authorization for us to access the contents of your mail.
2. Send check deposit request through email
Write down the mail item number (long string of numbers usually next or below the mail image) and the check amount. Then send an email to us at deposit (at) virtualpostmail.com. The email must contain the following information for us to process your request as fast as possible.
- Mailbox Number – For verification purposes.
- Items and check amounts – The mail item number containing the check and the check amount. To deposit more than one check, please include item number and check amount for each check.
- Total amount to deposit – Add all the check amounts to be deposited.
- Bank Account Info – Provide the bank name, bank account number to deposit into, and the owner name on the account.
- Mail-in address – The mailing address to send the deposit to. If the bank is one of the supported banks listed below, you don’t need to include the address. But by including the address, your deposit request will get processed faster.
For your convenience, a sample email template has been included that you can copy and paste when submitting a request to us. Just fill in the appropriate information.
Dear VPM, Please deposit the following checks on my behalf. Mailbox Number: Bank: Account Number: Name on Account: Item Number: Check amount: Item Number: Check amount: Item Number: Check amount: Total Check Amount: Thank you! Love your awesome great service! :)
Ok, the last line is optional, but it makes us feel good.
3. Add Additional Services (Optional)
- Delivery Method – Each deposit includes free mail delivery using USPS First Class Mail. If you wish to use other delivery options (ie. Priority Mail, Certified Mail, Delivery Confirmation), include them in your request. Additional charges will apply.
- Foreign Checks – Many banks will allow you to deposit foreign checks. If you get these, make sure to specify the currency in the request. We will also make a special note on the deposit slip for you.
How Your Request Gets Processed
Once your request is received, we will perform the following:
- We will fill out a custom deposit slip with the bank information you gave us.
- Each check will be endorsed “For Deposit Only” with your bank account number written below it.
- Deposit slip and checks will be placed in a secure envelope and mailed out to the proper location.
Supported Banks
Virtual Post Mail actively maintains a list of mailing addresses for banks that we have made deposits to in the past. Below is a partial list of banks we support. It is not comprehensive.
- Bank of America
- Chase
- Citibank
- HSBC
- Wells Fargo
We can mail in the deposit to any bank as long as that bank supports mail-in deposit. Many online banks and online brokerage firms accept deposits by mail. If you’re not sure, call to find out first.
{ 7 comments… read them below or add one }
So, the Check Deposit Service is a great idea, I will use this frequently, as I am using this virtual address to manage rent collection from my tenants. However, why not just allow me to setup a bank for deposits, and then have a simple button I can click on next to scanned checks to let you know to go ahead and make the deposits?
That would be much easier then trying to manually input each scan document number into an email (very prone to error), and providing you with full bank deposit instructions each time.
Let me know what you think!
–Ken
Here at VPM, we are big fans of the Lean Production and Lean Startup philosophy. When we launched the check deposit service, we wanted to gauge the demand of this service first before we put more resources into developing an integrated system into our online application. It also allows us to refine our check deposit processing flow before automating it. By reducing waste (one of the core values of lean production), we’re able to put our resources into what matters most for our customers.
If you’re interested, you can learn more about the Lean Management theory here at http://www.startuplessonslearned.com
Ken’s suggestion is of course ideal, but all I’m asking for is this: a way to submit the text request for check deposit via an SSL form on your website. Doing such would ensure security that e-mail cannot provide, and the lack of this is preventing me from using my box for business name. Building a simple SSL form for this would probably cost you 1-2 hours in developer time. The fully-integrated approach in your application could come later; security first.
We’re looking at this and going to do something similar to what you’re saying. Integrated Check Deposit service is actually a high priority for us.
Meanwhile, just to let you know, our email service supports secure email delivery through the use of Secure SMTP and TLS. So if your email server actually support sending email using Secure SMTP, communication between your email server and ours will be secure and encrypted by SSL protocol.
But as you all pointed out, this is not the end solution. We will make this simple and secure.
Is there an update on the progress of this initiative? Seems like a huge benefit, and I can’t wait to utilize it in a more streamlined fashion.
Thanks!
Jeff
Also curious to hear about where you guys are with this… Seems like an email deposit request is still required? As an expat who gets checks in the US, I’d sign up and be glad to pay if you guys could get the check deposit part dialed in. Thanks for any info!
@nathan I’m not sure what you mean by dialed in. If you are referring to integrating the check deposit into our user interface, then yes, we’ll be doing that very soon.