The Act is intended in part to keep the country's financial services operational in the event of a catastrophe that could make rapid long-distance transportation impossible, like the September 11, 2001, attacks.
These businesses were also often required to pay monthly fees or maintain a minimum account balance to reduce the risk of fraud.
[2] On July 4, 2009, Element Federal Credit Union (formerly WV United FCU)[3]) became the first financial institution to deploy a smartphone app for mobile check deposit.
[7][8] In 2020 Wells Fargo bank was ordered to pay $102.8 million in damages to USAA for infringing on mobile check deposit patents developed in 2008.
A June 2009 survey by the Independent Community Bankers of America found that 62% of banks in the United States offered merchant remote deposit, and 78% had plans to adopt the technology by 2011.
[12] By 2015 Celent estimated 87 million customers were using mobile check deposits, accelerating the decline of foot traffic to bank branches.