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Depositing checks via iPhone: Last link in paperless revolution
This could be one of the last links in a completely paperless existence: depositing a paper check with your iPhone. Stepping up to do its part in the paperless revolution is the USAA bank, rolling out an iPhone app this week that lets you snap a pic of each side of a check and e-send it into the bank for deposit.
After that, you can just tear up and toss that check if you're as paper-averse as we are, or you might just want to scribble "void" on it and stow it away for your records. Either way, this looks like a great digital way to eliminate that last link that requires you to use the currently floundering U. S. Postal Service.
There is a slight catch: the USAA Bank is only open to active-duty military personnel, but we're hoping this is an idea that might catch on industry-wide. Then, maybe we can all finally go paperless, with paper check supplanted by e-transactions such as direct deposit and PayPal, getting rid of paper altogether. The future is bits, people.
Via New York Times
By Lugoves at 2:37 PM ON 08/10/09
USAA "Deposit@Home" has been round for several years. It works pretty good. I'm really looking forward to this, will have to check to see if it's an Update to the already smooth USAA Banking app or whether it's separate. Note if you can get a Membership [Extended family of service men & women also count] Its worth it for more reason's than I can fit in this box.
By Kash at 3:22 PM ON 08/10/09
This is a very neat feature. If Chase of Bank of America adopts this, I would jump on this feature in a heartbeat. it sure beats having to go to the bank every other week or when you get checks from friends, etc. http://ziggytek.com/
By Aiden at 3:54 PM ON 08/10/09
My credit union (PSECU) also has the UPost@home feature on it's site. We enter all the info (at which point the funds are immediately available) then mail the check in for processing.
This new app would be nice (on Windows Mobile, Android, etc), except it is still not paperless. Yes, they remove the need for an envelope, but it is still a paper check.
For person-to-person, PayPal is still better (they have a mobile site, as well).
By Hobbes at 4:18 PM ON 08/10/09
How will this help with the "paperless" revolution if you're still scanning a PAPER check?
By jose at 4:43 PM ON 08/10/09
This just seems ripe for fraud.
By rtkane at 6:40 PM ON 08/10/09
No need to wait.. the updated app is now available to download
By mabroox at 2:48 AM ON 08/11/09
USAA is awesome. This is just another indication of an organization that continually looks to identify trends that will provide more customer service. Deposit@Home was one of the first but this iPhone app will take banking to a whole new level. I'm only afraid that it was be so convenient as to prolong the death of the check.
By cryogenx at 8:05 AM ON 08/11/09
USAA Rocks and this app works great... used it for the first time yesterday... and i thought Deposit@Home was great!!!
By IntelKnight at 1:41 PM ON 08/11/09
Is there something to prevent a person from depositing a check into a second account that they have at another bank?
Something that won't take 3 days, which is plenty time to deposit a single check into 100's of accounts and leave the country.
By Maj at 4:03 PM ON 08/17/09
"Hello? Yes, I iPhoned my check I was wondering where my funds are?"
"Well we got the check but it wasn't readable so we'll need you to send it again."
"But I already wrote VOID all over it and tore it up!"
"Sorry sir we didn't get a readable check."
"But... iPhone! Jesus! And, and Steve Jobs!"
"Sorry sir."
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