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Financial Definition of RDC
What It Is
The term remote deposit capture (RDC) refers to a technology that uses a smartphone to make online deposits to a user's bank account without having to physically visit a branch location.
How It Works
RDC is a service that allows users to scan checks and transmit the scanned images to a bank for posting and clearing. In the case of mobile banking, a customer takes pictures of both sides of a check and forwards the photos to the bank, which then deposits the funds in the same way as if the deposit was made through a teller.
Why It Matters
RDC capability means customers have faster access to their money, while automating yet another deposit feature. As smartphones are becoming more commonplace among consumers, banks are stepping up to the advances in technology by creating applications that make it easier to perform increasingly advanced banking transactions.
Consumers should also be aware that mobile banking poses certain identity theft concerns. While the transmission of data is encrypted across a secure network, hackers are always on the lookout for ways of accessing this information. Due diligence should be employed when relying on mobile banking, including close monitoring of your bank accounts along with ensuring proper protection in the event that your mobile phone is lost or stolen.
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