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In 2012, 91 percent of the unbanked and underbanked had customers would pay for expedited funds availability, but
mobile phones (compared with 87 percent of the general "the number is much higher than that," Melville said.
population) and 57 percent had smartphones, according to
the Fed. Regions limits its losses using various risk management
tools and evaluates the potential for deposit fraud
These consumers are accustomed to paying to cash checks differently, depending on how quickly customers want
at check-cashing outlets – and now even at banks. Regions access to the funds. Checks that consumers want to access
Bank in Birmingham, Ala., claims to be the first bank in immediately get authorized through Ingo Money, a check-
the United States to roll out a mobile RDC product with cashing and guarantee network (previously known as
variable pricing and make it available to noncustomers. Chexar) that's built around RDC technologies.

Consumers who use Regions Now, a reloadable prepaid Visa Inc. said it would help promote Ingo. It is expected
debit card, can use their smartphones to cash checks and to start mailing out small-dollar checks to millions of
have the funds applied to those cards. Cardholders can consumers with Visa-branded prepaid cards, encouraging
get immediate availability on the checks for $5 and up. them to use their mobile devices to deposit the checks to
If they're willing to wait until the next morning to access the cards.
the funds, the fee is $3. Making a mobile deposit is free
to those willing to wait out a typical bank-imposed check
hold period. The same fees apply to mobile check deposits Patti Murphy is Senior Editor of The Green Sheet and President of
by accountholders. ProScribes Inc. She is also the founder of InsideMicrofinance.com.
Email her at patti@greensheet.com.
"Customers are willing to pay for this," said Greg Melville,
a Regions Vice President who addressed the RDC Summit.
Regions expected 20 percent of its mobile banking