This is a preview of Wave Money's latest feature Check Deposit. This feature will be released to all Active Wave Money users soon!
Need an easy way to deposit checks into your Wave Money account? Wave Money Check Deposit allows you to take a quick snap of your check and have the funds deposited into your Wave Money Account in 5 to 8 Business Days!
How to use Check Deposit
1.Open your Wave Money App. From the Dashboard, select Deposit. Once selected, this will open your device's camera application to begin the process!
You may need to allow Wave Money permission to use your devices camera here.
2.With your camera open, position the check in a well lit area, free of glare and align your camera border with the check. Once the front of the check is within the border, you will see a green check mark!
3.Complete the same process for the back of the check. Once this is within the same border, you will receive confirmation.
4.Now it's time to enter the details for your check. Complete the following fields including; *Amount, *Payor, Memo/Description, and select Continue.
5.Confirm all of these details are correct and once you're happy with them, select Deposit Now.
6.Congratulations! You can now return to your Wave Money Dashboard or Deposit another Check!
But what happens after?
1.You can check how much you have in pending transactions from your Dashboard. Tap your Available Balance option at the top of the app to see this.
2.Your pending check transactions will also appear in your Transactions list in your Wave Money app! If you do see a pending check transaction in your transactions list, select the transaction to get an estimate of when your funds will be ready to spend on your Wave Money Visa Business Debit Card.
3.Once your check has cleared, you will be able to see a confirmation of this on the Transaction detail page!
This can be found by tapping on your check transaction.
Your funds will then be added to your available balance! The transactions will automatically be synced to your transactions list in your Accounting, which can be confirmed by the Synced to Accounting label.
What are my deposit limits?
Each Wave Money user has the following Deposit Limits with Wave Money;
- $5000 deposit limit/check
- $20000 deposit limit/month
These limits can also be found in your Wave Money app!
Can I change my deposit limits?
At present these limits can not be changed. As we continue to build the product out and make Wave Money available to more users, this could change.
Do I need to sign or endorse the check?
Whilst it is not mandatory, we do encourage you to endorse the check by signing your name on the back, and writing out something like italics"For Mobile Deposit Only to Account #XXXXXXXX"
How long does it take for the funds to be available after depositing a check
Funds will be available 5-8 business days after successfully capturing the check. You can also track this in-app
What happens if my check deposit fails?
If the pending deposit unfortunately fails, you should receive an email. The email will advise you why the check failed.
I have more questions, where can I ask them?
You can start a live chat with our chatbot Mave by selecting the help button in the bottom right hand corner of your Wave account (desktop) or selecting the question option in-app.
Wave Money is currently in limited release but you can learn about all the features, find out if your business is eligible and sign up to the Wave Money waitlist here!