Buenos Aires, September 22, 2018. Today the BCRA laid down a rule that authorizes online check deposits, the submission of the physical check at a cashier's desk or through an ATM becoming redundant.
As from next November 1, 2016, banks may offer their customers the chance to deposit checks through mobile phone applications, online banking or any other mechanism for sending the image of both sides of a check electronically.
Checks so deposited will contain the legend "submitted online for collection" on both sides.
The rationale behind this regulation is in line with technological trends implemented by financial systems worldwide and seeks to reduce administrative costs and make their management more flexible, while keeping high security standards. In the United States this mechanism has been in place since 2004 and at present, a third of their checks are deposited online.
Under this rule, which is applicable to both regular and deferred payment checks, customers must keep every check in paper for a 60-day period following an online deposit in case banks demand their submission. Once this period has elapsed, customers may destroy the check. In addition, banks will have the power to decide on the customers to whom this service will be offered.
Thus, the BCRA consolidates its objective of developing a modern and productive financial system that derives benefit from advanced technology and, in turn, reduces costs.
