Bank Allows Direct Deposit Directly From the iPhone

[sanmanc]

USAA, a privately held bank and insurance company that serves primarily military personnel and their families, has launched an iPhone app that allows customers the ability to deposit checks simply by snapping a picture of an endorsed check. With only one banking location located in their home town of San Antonio, it is difficult for many of its banking customers, especially those stationed abroad, to deposit checks. Before customers would need to mail in checks for deposit which would be difficult for those stationed overseas.

The app works simply by opening Deposit@Mobile in the USAA Mobile App, entering the deposit amount, choosing the account, and then submitting photos of the front and back of the endorsed check. Afterward the customer will get a confirmation of the transaction.

In addition to depositing checks the free iPhone app allows users to view account information, locate ATMs, calculate loans, locate a rental car and record accident details to file a claim.

Although many financial instutions allow customers to deposit checks by sending scanned copies electronically, USAA appears to be the first to use mobile phone technology to do this. Several financial institutions have mobile banking apps. For example, Bank of America also has apps available for the iPhone, Blackberry, and Android but all lack the ability to deposit checks.

We can only hope that other financial institutions will follow USAA's lead and not only use the iPhone OS but perhaps other mobile operating systems

The application is available via the iPhone App Store.

About USAA

[Whosdaman]

People think this is a good idea....but this is the worst thing to happen yet, check fraud and ID fraud is going to triple now

[MordyT]

i want to see it ported to winmo.
great time to use that quide MS just put out...

[Beejis]

Originally Posted by MordyT

i want to see it ported to winmo.
great time to use that quide MS just put out...

I hope they do too. I use USAA as my car insurer, now I might consider them as a bank.

[GCPDpaul]

Originally Posted by Whosdaman

People think this is a good idea....but this is the worst thing to happen yet, check fraud and ID fraud is going to triple now

USAA has been doing something similiar for quite some time. I have had USAA since 2003, and they are a GREAT bank. They currently use what is called Deposit@Home where you can scan your check with a scanner, and elctronically submit it. It is a great tool, and has made my life much easier.

USAA also has one of the most leading edge anti-fraud departments out of any financial institution. It may seem alarming, but this is actually just as safe as going into the bank with the check in hand. Sure there will be people that try to scam the system, but what would be the difference of someone trying to forge a check and submit it electronically or forge and submit via mail?

Also USAA runs a credit check in order to be approved for this service. Studies have shown that those with higher credit ratings are less likely to commit some type of fraudulant activity for financial gain. So if you have a crap credit rating, then you will not be allowed to partake in this service. (and yes.....I know good credit does not mean that one will not commit a crime, that is why I said LESS LIKELY)

[ProtoProtoss]

Time to open an account and deposit these two 15 million dollar checks I just received anonymously... :-/ And to think... all I needed was perfect credit, go figure.

[executor485]

USAA is the best bank, period... This is just another brilliant idea that they have put into action. There are so many protections they incorporate into their systems that they are able to do things like this with confidence in their ability to keep things under control. Its no different than their online check scanning system, its just making it easier for their customers. Another feature they put into practice is limiting the amount you can deposit per day... So a $50,000 check isnt going to just magically appear and be deposited into your account, you'll have to send that one in so they can run their security measures and ensure its not a fradulent check and authorized by the issuie.
Also consider the fact that if someone does use this service, or any other service USAA offers, for fraudulant activity... They wont have the opportunity to do it again, and they'll probably be enjoying a nice prison sentence. USAA doesnt take their security lightly, and for a good reason, look at their customers, military members and their families. Its not open to the public like every other bank out there.
I just hope they open this up to WM phones as well... I think WM phones might get some more attention when WM7 is officially released with their app store though.

[Guero]

Originally Posted by Beejis

I hope they do too. I use USAA as my car insurer, now I might consider them as a bank.

Dito.

[BenC]

You still gotta write out the check and that is the bummer. Now if it would allow the use of a scanned image of the front/back of the check and for you to enter that information in a form and email it, then that would allow us to be GREEN and keep from killing all of the little trees. Who knows, someone might even get a GREEN STAR award. Sure. Really.

[mlin]

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