NEW YORK, April 1, 2015 /PRNewswire/ – Citibank today announced an innovation in online banking: customers may now deposit cash via smartphone.
“We are thrilled with this new feature of Citi’s world class online banking,” said Maria Ciudad, Executive Vice President of Retail Banking. “Our internal marketing surveys have shown that customers are demanding solutions that allow them to have greater flexibility in their on-the-go lifestyles, and Citi is proud to be the first major financial institution to offer this solution to our customers.”
The new program, known as Citi CashStash®, offers customers the ability to deposit cash by taking a photo of each bill being deposited and sending the photo to Citi via mobile app. Citi’s proprietary technology matches the bill’s serial number with a database from the Federal Reserve. Customers can then give the actual bill to a Citi retail branch at a later time, when it is most convenient for the customer—even if it is weeks later.
“If you can’t bring in the money today, no problem!” said Ciudad. “You can bring it in tomorrow, next week, or even next month. The Citi is always open!”
Customers may also mail in the money in special Citi-provided envelopes. The envelopes have large dollar signs on them and warnings saying “CASH INSIDE – NO TAMPERING” to provide extra security for customer deposits.
Citi CashStash® will be rolled out in select markets this month and nationwide in June.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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“We are thrilled with this new feature of Citi’s world class online banking,” said Maria Ciudad, Executive Vice President of Retail Banking. “Our internal marketing surveys have shown that customers are demanding solutions that allow them to have greater flexibility in their on-the-go lifestyles, and Citi is proud to be the first major financial institution to offer this solution to our customers.”
The new program, known as Citi CashStash®, offers customers the ability to deposit cash by taking a photo of each bill being deposited and sending the photo to Citi via mobile app. Citi’s proprietary technology matches the bill’s serial number with a database from the Federal Reserve. Customers can then give the actual bill to a Citi retail branch at a later time, when it is most convenient for the customer—even if it is weeks later.
“If you can’t bring in the money today, no problem!” said Ciudad. “You can bring it in tomorrow, next week, or even next month. The Citi is always open!”
Customers may also mail in the money in special Citi-provided envelopes. The envelopes have large dollar signs on them and warnings saying “CASH INSIDE – NO TAMPERING” to provide extra security for customer deposits.
Citi CashStash® will be rolled out in select markets this month and nationwide in June.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
The post Citibank introduces mobile cash deposits appeared first on Personal Finance Digest.
Continue reading...