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