Bank mobile app - to use or not? (practice mgmt topic, off topic for tax)

[Rapid Robert]

My business bank (checking account for my small tax practice) has enticed me with a $25 reward for using their mobile banking app to deposit a promo paper check they sent me by paper mail. 95% of my tax client payments are made online, so I only deposit fewer than ten paper checks per tax season, using the local branch ATM (which I take a long walk to). I don't use my mobile device much and would rather not link it to a bank account if I don't have to. (I have an iPad device, but the app won't load, says the device is too old). Would you take the reward offer in exchange for running the bank mobile app on your smartphone? Note that it is also reportable as income for tax purposes, per my bank. Would this include SE tax on the $25 reward?

I don't understand why more software developers don't provide Microsoft Store apps for Windows. I would have no problem with depositing a business paper check using an app on my Windows notebook (business use) using the camera.

[Lion]

I deposit all my checks using the app on my iPhone from my friendly, local bank. But my bank is more than a long walk away, more like a 20 minute (one way) drive. So the time/gas saved is worth it. I have a company ID, user name, and password, plus I have to receive and enter a code for each use. A few more clients paid online this year, but most still pay via check. Hubby had been using the personal version of the app for our joint bank account for a long time before the business version was available, and he had no issues. He also uses the app from his iPad with no issues.

[Anarchrist]

Would this include SE tax on the $25 reward?

The bank will report this on a 1099-INT. Bank interest is not usually se income, though I'm guessing that doesn't settle the question for you.

[ATSMAN]

Depending on your bank the mobile app to deposit a check may be as good as depositing at the ATM. For those of us with shaky hands, get the picture taking gizmo that lets you rest your camera phone on top of the check and take a clear picture. It is worth it because often time if I don't use that I get a slightly blurred picture that gets rejected.

[Lion]

Atsman: what is the gizmo. These old, shaky hands could use that, too!

[ATSMAN]

Atsman: what is the gizmo. These old, shaky hands could use that, too!

https://www.etsy.com/market/phone_scanner_stand


This is what it looks like. You can buy them at Staples, Amazon, Wamart etc.

[Lion]

Thanx, Atsman!

[ATSMAN]

Thanx, Atsman!

You are welcome. That gizmo is a frustration saver because many bank apps are very sensitive to the quality of the picture.

[Lion]

Agree. I'm ordering one this week.

[terryats]

I also use my local banks app, works great, and saves me a 20 minute drive. ATSMAN thanks for the info on phone holder, as I often have to do takeovers on my pictures.

[Rapid Robert]

The bank will report this on a 1099-INT. Bank interest is not usually se income, though I'm guessing that doesn't settle the question for you.

I wonder if they should use 1099-INT? The $25 does not relate to any particular dollar amount I have on deposit with them. It is more like, "take our survey and we'll enter you in a sweepstakes for $25". Or, "bring in a friend who opens a new account with minimum balance $xK, we'll give you a $25 gift". I think it should be reported on 1099-MISC Box 3, but of course $25 is far below the $600 minimum reporting requirement. If I paid them any account maintenance fees, I'd just consider it a rebate, but I have a free checking account for maintaining a minimum balance.

Would it be unethical to download the app, grab the $25, and then delete the app? I don't want to perform secure financial transactions on my mobile phone device if I don't have to.

[Lion]

If the only reason you'd do it is for $25, then do NOT do it. You can make $25 by spending that time getting a new client or providing billable advice to an existing client or...