News: Deposit Your Checks by iPhone

Although online banking has been around for some time, with individual websites for banks, as well as aggregator sites such as Mint.com and Wesabe, a new iPhone app has taken the process to a whole new level. The privately owned bank USAA has released an application that allows its users to deposit a check in their account simply by photographing both sides of it with the iPhone’s built-in camera.

USAA, a company whose largest customer base is the armed forces, is no stranger to new and inventive ways to bank. Because their customers are scattered all around the world, not just around their one branch in San Antonio, Texas, they have previously released a service where a scanned check can be deposited, so the iPhone application is not a far leap. However, compared to many other online banking services offered by other banks, it is a huge step forward. While many banks, such as Bank of America, have dedicated iPhone applications, they are used primarily for checking balances, making transfers, and all in all dealing with the money already in an account. To be able to deposit money without having to visit a brick-and-mortar bank is a fascinating innovation. The customers using this application don’t need to mail in the check later, they can void the check as soon as they “deposit” it and forget about it.

iPhones are being used increasingly to deal with financial transactions, say the most popular banks in America. A cell phone is almost always on one’s person, and so is the most convenient way to bank. Perhaps other banks will soon pick up on the trend started by USAA, and we will be able to deposit and handle our money without ever setting foot in a real bank.

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