USAA allows customers to deposit checks via iPhone

[Don Vito Corleone]

I am a loyal USAA customer, and have been for 11 years - they are a stellar company in every way.

Fortunately I am also an iPhone user, so I care about this news from the NY Times:

The Internet has taken a lot of the paperwork out of banking, but there is no avoiding paper when someone gives you a check. Now one bank wants to let customers deposit checks immediately ? through their phones.

USAA, a privately held bank and insurance company, plans to update its iPhone application this week to introduce the check deposit feature, which requires a customer to photograph both sides of the check with the phone?s camera.

?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,? said Wayne Peacock, a USAA executive vice president.

Customers will not have to mail the check to the bank later; the deposit will be handled entirely electronically, and the bank suggests voiding the check and filing or discarding it. But to reduce the potential for fraud, only customers who are eligible for credit and have some type of insurance through USAA will be permitted to use the deposit feature. Mr. Peacock said that about 60 percent of the bank?s customers qualify.

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This is pretty cool stuff. I downloaded the USAA app earlier today - it works great - but haven't actually tried the check depositing feature yet. Pretty darn cool stuff in any case . . .

 

[silverpig]

10 August 2009

Pay to the order of: Don Vito Corleone $0.01
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Memo: Kicking up... slow week silverpig

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Try that one.