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Deposit checks with your iPhone

Update: This app is now available.

Earlier this summer I took a paperless vacation abroad, thanks to my iPhone and Evernote. I could have done a digital boarding pass for extra efficiency, but I was happy enough with my experience. The digital boarding pass is a matrix code sent to your phone or PDA via online check-in, saving time and benefiting the environment and those without a printer (also, printers just love to run out of ink at the most inopportune time). Continental, American and Northwest offer the digital boarding pass option (here's a good run-down on how they work).

Now, the privately-held USAA Bank intends to let customers deposit checks via a pending update to the bank's iPhone app. According to the New York Times, the feature will require customers to photograph both the back and front of the check with their iPhone's camera. From there, they simply send the images to the bank via the app and presto, the check is credited to that customer's account. They can then void and destroy the paper check; it's no longer needed.

Fraud is an obvious concern, but one of the bank's executive vice presidents, Wayne Peacock, says they've got the necessary security measures in place. Specifically, the service will be limited to customers who are both eligible for credit and insured by the bank. All told, about 60% of current customers meet the threshold for acceptance, according to Mr. Peacock.

I think it's a fantastic experiment and look forward to seeing how it goes. This further confirms my conviction that the iPhone is an amazing portable computer that affects our lives in tremendous ways. Some may chose to ditch their iPhones, but mine isn't going anywhere.

Update: This app is now available.Earlier this summer I took a paperless vacation abroad, thanks to my iPhone and Evernote. I could have...
 

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Jennie Sullivan

I am going to snap a picture of my weiner and send it in. I'll let you know how many duckets get deposited into my account.

August 11 2009 at 8:44 AM Report abuse rate up rate down Reply
Ed

I am a customer and I'm continuously blown away by how much USAA does to help me!

While I've gone paperless where ever possible, I do travel a lot and, unfortunately, have to deal with actual reimbursement checks -- and there's nothing we can do about that.. believe me, we've tried. So, yes, I can totally see times where this feature will save me the trouble of figuring out how to get it deposited.

Why would someone claim something is not useful for anyone just because it doesn't fit *their* particular needs? Ask anyone who is a USAA customer and they'll tell you it's the best bank in the world. I can only imagine the people who work for them must be overjoyed to know their company has such great customer satisfaction.

August 11 2009 at 5:38 AM Report abuse rate up rate down Reply
natebrogdon

I just wish USAA would get the kinks worked out of their other online venues before moving on to the "next big thing". It's sort of like the trail of half-finished projects around my house...

August 10 2009 at 9:09 PM Report abuse rate up rate down Reply
johneastbay

I have used USAA for insurance for many years. They have the best service and lowest prices.

I tested out the deposit by iphone today: it worked flawlessly. because of this, I may move my accounts from wells to usaa.

August 10 2009 at 8:32 PM Report abuse rate up rate down Reply
Chuck

I just got the update and deposited the pile of checks I've been putting off using my scanner to deposit.

The iPhone app was quick and worked well. In the 4 checks I deposited, there were a couple times when the image didn't pass the app's validation and it asked me to retry. The retry process was quick, painless and very user-friendly.

My only gripe is that the default account it chooses is my Savings Account. I wish there was a way to override this. I'll keep digging to see if I can find it.

chuck

August 10 2009 at 7:13 PM Report abuse rate up rate down Reply
1 reply to Chuck's comment
jmy4

As a USAA customer who uses their other products, they are an amazing company. Our basement flooded last year and while my neighbors waited for as much as 72 hours for a cleaning company to come out, they had the cleaners here within an hour of the power coming back on.

If you are eligable and do not use them, you need to check them out.

A very good friend who is an agent was going to quote us auto insurance said never mind when she learned we had USAA.

August 10 2009 at 8:07 PM Report abuse rate up rate down Reply
MfS

Good thing is that USAA distributes full reports to their customers several times per year, and we are able to see exactly where our money is going and how it's helping its members.

I actually receive dividend checks once per year from USAA. They've been smaller in recent years due to Midwest flooding, hurricanes, and the like. I feel pretty damn good that USAA is helping its members recover from disasters and helps distribute its wealth. We also get rebates on debit card uses, reimbursement for ATM fees, and the lowest insurance rates out there (I say this in confidence, because I've checked around...many times...in different states...with different companies...and USAA just can't be beat). They saved my backside when the power was out for 3-4 days a few years ago and my basement flooded.

So, Joanna D, "nice try," but USAA members are fully informed, the company is accountable, and their customer service can't be beat. You may now retreat to your dark corner and sulk.

August 10 2009 at 5:21 PM Report abuse rate up rate down Reply
Brand

The MBP will not get a Blu-Ray drive before the Mac Pro does.

August 10 2009 at 4:58 PM Report abuse rate up rate down Reply
Bryan

For those interested, the update is available now. Just tested it and it works great!

August 10 2009 at 4:05 PM Report abuse rate up rate down Reply
Mike

Since many of USAA's customers are in the military and widely dispersed across the country (and world), and USAA has a single physical branch, this project is helping serve the customer. For years they have done an excellent mail-in deposit program, but I've found deposit@home to be fantastic. I don't deposit many checks, but I've never had a problem doing it from my Mac/HP scanner combo. I can't wait to try the iPhone app.

USAA is a relatively small bank, but because their customers are so spread out, they have absolutely phenomenal online and telephone services to make banking remotely work well.

August 10 2009 at 4:02 PM Report abuse rate up rate down Reply
KomputarGuy

I wish I could do this with my current bank. Unfortunately they have hardly any locations in this area.

My work does not offer direct deposit, when I asked they gave me some half-asses excuse. It's has become increasingly inconvenient to have to go to my bank to deposit my check.

All my other banking is done online via computer or mobile device.

August 10 2009 at 3:58 PM Report abuse rate up rate down Reply
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