Bank To Allow Deposit of Checks by iPhone

August 10th, 2009 by Mayank Agarwal

The New York Times reports today that a small bank is now planning to allow its customers to deposit checks by iPhone. USAA (more info), a bank with 7.2 million customers and only one branch in San Antonio is upgrading it iPhone app so that customers can send the photograph of both sides of the check to the bank. USAA’s executive vice president says

“We’re essentially taking an image of the check, and once you hit the send button, that image is going into our deposit-taking system as any other check would”

USAA already allows customers to scan and deposit checks.

USAA has around 1 million customers who use mobile to access their bank account. According to comScore (more info) around 15 million people in the United States use mobile banking each month of which the majority use an iPhone or an iPod Touch. Though this will remove a lot of paper work but recent surveys indicate that people are not very comfortable with mobile-banking because of security reasons. Will big banks follow the suite? I doubt. But paper work procrastinators like me will love this idea and embrace it with not so insecure mind. Check out the demo video of USAA’s app.

Follow-Up

VentureBeat : iPhone breaks another barrier: Lets you deposit checks with its camera by Matt Marshall

Silicon Alley Insider : iPhone Check Depositing On The Way by Dan Frommer

Boing Boing Gadgets : USAA to allow check deposit with iPhone photos by Rob Beschizza

Gizmodo : Bank Lets Customers Deposit Checks With iPhone Photos by Danny Allen

apple, bank, check deposit, iphone, USAA

4 Responses to “Bank To Allow Deposit of Checks by iPhone”

Evan

7 months ago

USAA is a pretty big company, actually, with the banking being just one part of it. They started as an insurance company (auto insurance is where it started, I think) for those in the military, and have since branched out into all types of insurance, banking, investments, and more. You still have to be in the U.S. military, or related to someone in the military, to be a member. I have USAA for my auto and homeowners insurance, but something like this app would get me to contemplate using them for banking, too.

Mayank Agarwal
(Twitter: @ mayank25may )

7 months ago

Thanks for the info Evan! Let us know if write some thing about your personal experience with USAA and their new APP. We would sure love to share it with our readers at TechDusts.

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