USAA Bank Will Be Accepting Checks By iPhone Soon
Although I love the services that banks offer, one thing that bothers me is the waiting time and standing in lines to deposit checks. It seems like the act of depositing checks should be made easier. Ah-ha! USAA, a private bank and insurance company plans to update their iPhone application to support check deposits.
To use this feature, USAA will require their patrons to take a picture of the front and the back 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,” stated USAA EVP Wayne Peacock.
Just because you took a picture of the check, it does mean the whole process is complete. USAA customers will have to mail in the check to the bank later on. The deposit will be handled completely electronically. Only customers that are eligible for credit and have insurance through USAA can use the feature. About 60% of USAA’s customers qualify to use this feature.
USAA has just one branch in San Antonio. The bank has branches all over the world. USAA has about 7.2 million customers total and about one million use mobile phones.
[via NYT]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry