Tuesday, August 11, 2009

USAA Savings Bank Releases App For iPhone To Deposit Checks Electronically

Wired reports:

USAA bank will soon let you deposit a check with your iPhone. Many banks have iPhone apps that allow online banking, but USAA, from its single branch in San Antonio, will be the first to dispatch with the decidedly old-school check.

Using the application, customers photograph the front and back of the check with the iPhone’s camera. Hit send and the check is whisked off into the clearing system. The paper check itself never needs to go to the bank, and you can just tear it up and toss it away (or, file it in a safe place)

This is great for many reasons ... one ... surely other banks are to follow ... two ... I am about to get a USAA bank account ... three ... the current system is to send deposit checks in by mailing them. This would allow essentially 24 hour clearance and a stamp savings.

In November 2008, I discussed the immense money savings one could get from using USAA Insurance if you have a family member that was (or is) in the military or law enforcement.

1 comment:

I am a lover of children's literature said...

This is brilliant, innovate and such a time saver. I only hope all banks, including banks here in Canada, will follow up on this one.