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Plastyc Adds Instant Access Fee to Mobile Check Deposit

Thumbnail image for Plastyc2.jpgPionneering alternatives to traditional banking sine 2006, Plastyc is unveiling a new option that provides quicker access to checks deposited into their prepaid Visa accounts.

Customers using mobile remote deposit will be offered the option of immediate access to the deposited funds for a 1% fee for government or printed payroll checks, or 4% for personal checks. Customers who opt for delayed access, typically five business days, pay no additional charge.
Additionally, Plastyc has increased the maximum deposit amount for checks to $2,500, which the company says is more than that allowed by other mobile deposit systems.
The service is being tested with the company’s mobile app users before being rolled out to the entire card base. The service is powered by Chexar Networks.
Plastyc is one of a handful of Finovate alumni who are participating in the Consumer Financial Protection Bureau’s Project Catalyst, which we featured late last year.
To learn more about Plastyc in action, click here to see their demo from FinovateFall 2011.