With smartphones becoming more and more popular these days, they are beginning to allow users to handle more and more tasks; some that we may not have thought of before. The latest development is coming in the form of mobile banking and it will soon mean that users will be able to deposit a check from anywhere using nothing other than a smartphone.
In this case, the bank in question is USAA, and they have announced plans to release an updated iPhone application that is going to allow customers to deposit their checks. The user will just have to take a picture of both sides of the check and then the deposit will be made electronically.
“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.
Additionally, after that image is sent, the customer will be done. In other words, they will not have to do anything else such as later bringing or mailing the actual check to the bank. Of course, USAA did suggest that customers void, discard and/or shred that check to avoid future confusion or mishandling.
Unfortunately, this option will not be available for every USAA customer. According to reports, the customers will need to be eligible for credit and also have insurance though USAA. That is said to be an effort to help reduce any possibility of fraud and according to the bank about 60 percent of their current customers will qualify.
All-in-all, this is a pretty limited option, USAA today has its rules of requirement, not to mention this option will be delivered by way of an iPhone app. Yes, it seems there is an app for just about everything (except Google Voice). In addition, USAA is currently not one of the largest banks in the US, they were noted as sitting “just below the top 20 banks in the United States.”
Of course, even without an iPhone app there could be room to open this up in the future – maybe something as simple as taking a picture with any mobile phone (smartphone or standard feature phone) and being able to send the image by way of a confirmed telephone number (MMS) or by confirmed email address.
Read [NY Times]