The New York Times is reporting that banking and insurance company USAA will allow qualified customers to deposit checks via its iPhone application.
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.
I'm a customer of USAA Bank and they have been accepting scanned checks via e-mail for years. So this is no great surprise. This is a great service which will be probably coming to a bank near you. Now if USAA would create an app for the Blackberry...