When you deposit a check using a mobile banking app, for how long should you typically keep the physical check before destroying it?

• A. Until the end of the fiscal year
• B. At least 14 days after the deposit is confirmed
• C. For 5 years as part of your permanent records
• D. Immediately after depositing it

Answer: (B)

Verified step by step guidance

1. Understand the purpose of keeping the physical check: It serves as a backup in case there are issues with the deposit, such as errors or disputes.
2. Review the typical recommendation for holding a physical check: Most banks suggest keeping it for a minimum period after the deposit is confirmed to ensure the transaction is fully processed.
3. Identify the correct timeframe: The standard recommendation is to keep the check for at least 14 days after the deposit is confirmed. This allows time for the deposit to clear and for any potential issues to be resolved.
4. Avoid keeping the check indefinitely: Keeping it for 5 years or until the end of the fiscal year is unnecessary unless explicitly required for specific legal or business purposes.
5. Destroy the check securely after the recommended period: Use a shredder or another secure method to prevent unauthorized access to sensitive information.