iPhone Check Deposits - The UpStream

iPhone Check Deposits

posted Saturday Aug 15, 2009 by Scott Ertz

iPhone Check Deposits

You hate banks, admit it. It is such a haste to go down there and wait in line, or deal with those terrible ATMs. Well, USAA Bank understands your frustration, and has found a way for some of you to avoid almost all of it. They have released an iPhone app to allow you to deposit checks into your account just by taking a picture of them. Wayne Peacock, EVP of the bank, told The New York Times:

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. Mobile is going to be a bigger part of how people do commerce and how they interact with their financial institutions. The great value that we see is the time savings.

Interesting idea, for sure, but I can see a huge problem with it. What if a kid takes pictures of mom or dad's check and manages to steal the money. I imagine they have a plan for that, but if I were them, I wouldn't be sharing the details, either. Other than that, I really like the idea. In fact, I want it for my Windows Mobile phone, and Jon could use it on his Pre.

What do you think? Would you use this feature if it was available on your phone?

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