Bank to Offer Check Deposits Through iPhone App

Hondamaker

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May 14, 2007
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#1
The New York Times has reported that banking and insurance company USAA will allow qualified customers to deposit checks via its iPhone application.

USAA executive Wayne Pea**** stated, "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."

Customers who take advantage of this new check deposit method will not need to do anything else with the check to process the deposit, and it is recommended that customers destroy deposited checks or simply store them in a safe place. In order to qualify to use this feature, customers must have one of the company's insurance products and be eligible for credit with USAA.

A video demonstrating the upcoming iPhone check deposit feature has been posted to YouTube and is embedded below. The video highlights the guidance provided within the app to ensure a check is photographed correctly for processing and shows how quickly a check deposit can be done through an iPhone.

USAA's iPhone app currently allows customers to check account balances, find ATMs and rental car locations, and includes a loan calculator and more. According to the New York Times, the update to the app that will allow check deposits should be available this week.

 
Aug 2, 2007
1,745
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Long Island N.Y.
#2
That is a really cool idea, looking forward to trying this when I can... think of all the gas it will save, no more running to the bank or ATM.
 

KNK

New Member
Jul 22, 2007
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#4
I will believe it when i see it. I think it would be nice. I bank at Wellsfargo so hope they get it too. I will ask mybrother-in-law he is a bank manager for wellsfargo.

Anyone can PM me for my account number and you can send me your checks.

Gotta luv the Tech :eek:k:eek:k
 
Jul 16, 2008
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#6
Yeah that happens often. I really wish the search function here at EIC was more efficient.
 

danipoak

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Dec 13, 2007
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#7
I bank with USAA and have the app. I'll be trying it out this Thursday when I get my paycheck :)
 

Kuntry

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Mar 26, 2009
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#8
USAA executive Wayne Pea**** stated, "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."
Censorship FAIL.
 

danipoak

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Dec 13, 2007
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#9
So I just deposited my first check from my iPhone. Pretty much the coolest thing ever. Took me all of 2 minutes and the money was available immediately upon completion! Best bank ever!
 

KNK

New Member
Jul 22, 2007
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#10
So I just deposited my first check from my iPhone. Pretty much the coolest thing ever. Took me all of 2 minutes and the money was available immediately upon completion! Best bank ever!
What if you want to deposit cash?

What if you want change for a $20?

Can I get cash?
 

danipoak

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Dec 13, 2007
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#11
I've never had a need to deposit cash before. As far as change for a 20...how would you get it normally? Go to an ATM, get your 20 and take it to a store?
 

KNK

New Member
Jul 22, 2007
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#12
I've never had a need to deposit cash before. As far as change for a 20...how would you get it normally? Go to an ATM, get your 20 and take it to a store?
It only happens in New York, I know the banks there can break a $20 into any kind of change you can think of.

Do you fear that someone could steal the wifi image of the transfer to the bank? Will the bank protect you if that happens?
 

danipoak

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Dec 13, 2007
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#13
It only happens in New York, I know the banks there can break a $20 into any kind of change you can think of.

Do you fear that someone could steal the wifi image of the transfer to the bank? Will the bank protect you if that happens?

I haven't really ever worried about that. Before they offered the deposit on iPhone they did a thing called deposit@home where you scan the check and send it in that way and I have never had problems with that and have been doing it for years. I wouldn't think the risk here would be any higher. I haven't looked into if they protect or not if it is. I do always save the checks until it 100% clears, usually the next day.
 

dturner

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Dec 15, 2007
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#15
I know everyone doesn't have the option, but direct deposit is the easiest and safest way to go.
 

llrickman

Contributor
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Jan 12, 2008
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Albuquerque , NM
#16
I know everyone doesn't have the option, but direct deposit is the easiest and safest way to go.

Yes it is but this is perfect for those times you get a check that cant be direct deposited. I love USAA and have using deposit@home for a long time.

I noticed this the other day when i updated my USAA app and am waiting to use it