Final answer:
Mobile banking apps allow customers to deposit checks electronically, enhancing the utility of both checking and savings accounts by giving easy access to deposit funds.
Step-by-step explanation:
Banks have evolved to offer more convenience to their customers, including the option to deposit checks using a mobile app. Typically associated with checking accounts, a mobile check deposit is a feature where you can take a picture of the check you want to deposit and submit it through the bank's app.
The concept of a demand deposit checkable deposit in banks is that it's available by making a cash withdrawal or writing a check. However, with the advent of mobile banking, even savings accounts that did not typically allow direct check writing now provide methods to access funds electronically.
Depository institutions accept money deposits and offer various ways to access those funds, whether via an automatic teller machine (ATM), electronic transfers, or now, mobile apps. Furthermore, banking products have diversified, offering options such as interest-bearing checking accounts or limited check writing capabilities.