Fidelity Investments today announced a new iPad App that allows investors to make a mobile deposit directly into their Fidelity IRA accounts. Investors can take a picture of a check with their iPad camera and immediately send it to Fidelity for deposit into a traditional or Roth IRA.
The launch of this new app comes just in time for the April 17 deadline to make 2011 individual retirement account contributions. Fidelity said that about 45 percent of annual IRA contributions come with 28 days of the April tax deadline.
With this app, Fidelity said it is the first major online brokerage firm to offer mobile check deposit through iPad. The other firms with whom Fidelity is comparing itself include Schwab, TD Ameritrade, E*Trade and Scottrade. Fidelity has been offering similar mobile check deposit for non-retirement accounts since May 2011, and said it has noticed use of the app increase steadily.
If you plan to use the app, there’s a daily maximum deposit amount of $10,000, and to have it posted on the same business day the deposit must be completed before 4 p.m. EST. So if you’re going to make that April 17 deadline, keep those restrictions in mind.
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