In general, yes it is safe to make deposits to your bank account by mail. All of the top 5 major banks in Canada accept deposits by mail, and rarely charge a fee. Of course, there are some smaller banks that do charge a minimal fee, which is why one should consult with their bank’s local branch to get the exact details and terms of the conditions surrounding their Deposit by Mail program.
However, when making a bank deposit to your account by mail, one should perform extra due diligence and abide by the following rules to ensure that every deposit is received and processed in a timely manner.
1) DO NOT SEND CASH!!!
Overall, banks do not accept cash deposits by mail. They will accept personal, business, official and certified checks, along with Money Orders from another bank, the Canadian Postal Service, or from a recognized Financial services institution. Sending cash by mail only opens doors to theft, as cash itself doesn’t have an account number, nor is it specific to the person who it is intended for, all while being visible enough to be seen through the transparent standard envelope paper by whoever is handling that piece of mail. On top of that, Canada Post does not have a fully bonded and insured policy with every client they handle mail for – local GTA courier companies like Speedy Delivery do; offering guaranteed handling and security of your mail for as low as 5 bucks a day.
2) DO NOT ACCEPT CHECKS OR MONEY ORDERS FROM SOMEONE YOU DON’T KNOW.
One of the biggest scams happening around the world right now is that bogus cheques and money orders are being mailed to unsuspecting customers. For example, a person may be receiving a letter saying that they won the lottery or some other large and expensive prize – this letter is often accompanied by a cheque or money order form that needs to be filled out and returned – Why? Processing fees! (Yeah right) These cheques are 100% of the time counterfeit, and you will be held responsible for your bank’s loss. It is not unlikely that the bank will also contact the police and have you arrested for attempting to defraud the bank. So, always make sure to only deposit a cheque or money order from someone who you are directly familiar with, or an institution you recognize.
3) MARK YOUR CHEQUES WITH THE APPROPRIATE SIGNATURES AND NOTICES – When sending a cheque or money order by mail, there are 3 things you must make sure to write on the back of the cheque in BLACK INK ONLY.
1 – On the first line, put your Signature.
2 – On the second line put your Checking or Savings account number.
3 – On the third line, put the words “FOR DEPOSIT ONLY” (Without the Quotes) which will protect you from having someone from stealing your cheques and depositing them into their own accounts.
4) ENSURE THE RECIPIENT’S ADDRESS IS CORRECT
Before you mail off the cheques to your bank make sure that you have the correct mailing address. Most banks will either provide you with a pre-paid/pre-printed envelope or you can find the address on the bank’s website either in the Contact Us section or in a section that is only accessible after logging into your online account. Regardless of where the address is located, it is important to remember to have the exact, accurate address written on the outgoing envelope you are using. Also, prefer to write it in black ink so as to avoid the chance of it being altered.
If you are doing your own bank deposits by mail, these are all vital steps you should be taking to ensure your finances stay protected. Of course, there is a way to avoid having to remember all of these, by simply hiring a local courier company like Speedy Delivery, bonded and insured for 20 years, serving over 400 clients in the GTA. The way Speedy Delivery works, is that a Speedy courier will come to your business, pick up your deposits, and then take them directly to your bank. All banking transactions and correspondence is returned back to your office immediately, or on the next business day (depending on your preference).
Speedy Delivery services, which can be utilized on a daily, weekly or monthly basis, will give you the chance to spend more time running your business and less time running to your bank, or sending salaried employees to do it for you.
Try it FREE for 5 days! Call: 905.301.2002
By Basia R.