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MacRumors
Aug 10, 2009, 09:17 AM
http://www.macrumors.com/images/macrumorsthreadlogo.gif (http://www.macrumors.com/iphone/2009/08/10/bank-to-offer-check-deposits-through-iphone-app/)

The New York Times has reported (http://www.nytimes.com/2009/08/10/technology/10check.html?ref=technology) that banking and insurance company USAA will allow qualified customers to deposit checks via its iPhone application.

USAA executive Wayne Peacock stated, “We’re essentially taking an image of the check, and once you hit the send button, that image is going into our deposit-taking system as any other check would.”

Customers who take advantage of this new check deposit method will not need to do anything else with the check to process the deposit, and it is recommended that customers destroy deposited checks or simply store them in a safe place. In order to qualify to use this feature, customers must have one of the company’s insurance products and be eligible for credit with USAA.

A video demonstrating the upcoming iPhone check deposit feature has been posted to YouTube and can be found here (http://www.youtube.com/watch?v=b58MqoW2ziw). The video highlights the guidance provided within the app to ensure a check is photographed correctly for processing and shows how quickly a check deposit can be done through an iPhone.

USAA’s iPhone app currently allows customers to check account balances, find ATMs and rental car locations, and includes a loan calculator and more. According to the New York Times, the update to the app that will allow check deposits should be available this week.




Article Link: Bank to Offer Check Deposits through iPhone App (http://www.macrumors.com/iphone/2009/08/10/bank-to-offer-check-deposits-through-iphone-app/)



BNZ1
Aug 10, 2009, 09:24 AM
What is a cheque? I am sure I have heard my grandfather speak of them

Willis
Aug 10, 2009, 09:27 AM
That's pretty cool.

Even though nowhere really accepts them here in the UK now, I guess they're still a fundamental form of banking.

iGary
Aug 10, 2009, 09:34 AM
I already use USAA's Deposit at Home feature. This will be great not having to scan them in. I loves me some USAA.

khirok
Aug 10, 2009, 09:35 AM
Can't wait for this. This is the reason why I will never switch from USAA.

SFStateStudent
Aug 10, 2009, 09:37 AM
Where can I get one of them money-makers? :p:p:p

celticpride678
Aug 10, 2009, 09:38 AM
This is exactly what you call "innovation".

-aggie-
Aug 10, 2009, 09:39 AM
I already use USAA's Deposit at Home feature. This will be great not having to scan them in. I loves me some USAA.

I'm a USAA member, but don't do my banking with them. So, essentially, you never have to go to a bank? How is their online banking for paying bills and such? I currently have BOA, but maybe I need to change.

swb1192
Aug 10, 2009, 09:43 AM
Isn't this system easy to counterfeit? I don't see where the app/online system checks for the legitimacy of the check, or if a few zeros have been added to the amount.

jbennardo
Aug 10, 2009, 09:45 AM
I'm a USAA member, but don't do my banking with them. So, essentially, you never have to go to a bank? How is their online banking for paying bills and such? I currently have BOA, but maybe I need to change.

I was lucky enough to marry into USAA.. they're the best. I love the deposit at home feature. It's gonna be even better when I can do check deposits via iPhone even though overall, I don't get a lot of checks.

Their checking is great. My debit card pays back 5% when used as "credit". I get refunds for ATM usage (since you physically have no bank :D) and bill pay couldn't be easier!

jthawke
Aug 10, 2009, 09:45 AM
I have had both checking and savings with USAA for about a year now. I have also been keeping a local checking account specifically for making check deposits and then transferring the funds electronically.

With this app, I can now close the local account!

As for their online banking and bill pay, it's the best I've ever used. THIS bank gets it.

iGary
Aug 10, 2009, 09:45 AM
I'm a USAA member, but don't do my banking with them. So, essentially, you never have to go to a bank? How is their online banking for paying bills and such? I currently have BOA, but maybe I need to change.

I've never had to go to the bank. If you get a check, you scan it in and they credit it instantly.

You can go to any ATM you like and they credit you the ATM fees every month.

Completely free checking that pays interest and gives cash rewards.

Bill pay is awesome and also free.

I now have everything with them - home, auto and valuables insurance, banking, credit card, savings.

Their iPhone app is awesome - you can ring up roadside assistance, bring up your proof of insurance, pay bills...

zapp
Aug 10, 2009, 09:47 AM
I'm a USAA member, but don't do my banking with them. So, essentially, you never have to go to a bank? How is their online banking for paying bills and such? I currently have BOA, but maybe I need to change.

their online banking is good, can do automatic payments, e-bills, and it really isn't lacking in anything, I had TDbanknorth for a couple years, and it is was good, but usaa had more features.

dwman
Aug 10, 2009, 09:59 AM
I've never had to go to the bank. If you get a check, you scan it in and they credit it instantly.

You can go to any ATM you like and they credit you the ATM fees every month.

Completely free checking that pays interest and gives cash rewards.

Bill pay is awesome and also free.

I now have everything with them - home, auto and valuables insurance, banking, credit card, savings.

Their iPhone app is awesome - you can ring up roadside assistance, bring up your proof of insurance, pay bills...


All this sounds pretty great. I have USAA for car & rental insurance, but use B of A for banking. I might have to look into switching pronto.

-aggie-
Aug 10, 2009, 10:05 AM
All this sounds pretty great. I have USAA for car & rental insurance, but use B of A for banking. I might have to look into switching pronto.

Who would've thought that MR would be the reason we're both leaving BOA. :)

eswank
Aug 10, 2009, 10:07 AM
I love USAA. I've been using USAA since 2004. The Deposit@Home feature on a the computer is nice. But to be able to deposit a check on the go is even better!

iGary
Aug 10, 2009, 10:26 AM
Who would've thought that MR would be the reason we're both leaving BOA. :)

You really will love it.

Scooterman1
Aug 10, 2009, 10:29 AM
It will be nice if other online banking follows this.

iGary
Aug 10, 2009, 10:31 AM
It will be nice if other online banking follows this.

I guess they feel like they don't have any reason to, as you have a branch or ATM to deposit checks to. This isn't the case with USAA, which has no branches or ATMs.

justflie
Aug 10, 2009, 10:35 AM
I hope BofA is paying attention. Check deposits are a pain as I very rarely visit an ATM or a bank.

saske
Aug 10, 2009, 10:38 AM
I have been with USAA for years now. Over time, I have used them for more and more services. Three years ago, I decided to give them a try with online banking. I was hesitant because I do get paper checks every so often and need to deposit them. With deposit at home, they are deposited quickly and accurately. The only issue is that if the check is over $5000, you have to send in the physical check.
Now on to the iPhone app. It is a wonderful app with useful functionality. I have had to send insurance cards on the spot and the app allows you to do this. It will be interesting to see this new feature actually work. If it does, this is just one more reason to use USAA, that is if you can actually get in!

Spanky Deluxe
Aug 10, 2009, 10:56 AM
I hope other banks release similar software. I've had a cheque sitting on my desk for months now waiting to be cashed in. Its only for about £30 so its not enough for me to think "I have to cash this in urgently", hence why I keep forgetting to take it with me when I go anywhere near a branch of my bank.

spookywarrior
Aug 10, 2009, 11:01 AM
Any word on when they will release the update with the check photo feature?

Scooterman1
Aug 10, 2009, 11:05 AM
Any word on when they will release the update with the check photo feature?

They may not know. If they've submitted it to Apple, it's anyone's guess as to how long, or IF Apple will approve it. If Apple keeps disapproving stuff because of their current policies, why should a developer spend money and time on something that may not get approved. But that's another thread...

Camaro6700
Aug 10, 2009, 11:57 AM
I just downloaded their app and it looks like it is ready to be used today.

Skystar
Aug 10, 2009, 12:14 PM
I also married into USAA, and I'm loving it! We started with their auto insurance which was top notch. We then got credit cards, and now we've had the bank account for about 2 years. It's been great so far, especially the deposit at home feature. What I love about the deposit at home feature is that they credit the check to your account instantly, no matter what time of the day it is (most banks make the funds available the next day).

I often do tech support jobs over the weekend for extra cash, and would love to be able to deposit a client's check as soon as I finish a job.

TheSlush
Aug 10, 2009, 12:21 PM
Ultra-cool. Look for other banks to introduce this functionality soon.

nagromme
Aug 10, 2009, 01:39 PM
It does sound easy to abuse--but then everything ABOUT checks already seems that way! But fraud can be caught when the payer on the other end contests the payment.

saske
Aug 10, 2009, 02:06 PM
I just downloaded their app and it looks like it is ready to be used today.

I just downloaded it and it is up and running. Also, my previous comment said there was a $5k limit for deposit but it looks like it is now $10k.

countrydweller
Aug 10, 2009, 02:11 PM
Any word on when they will release the update with the check photo feature?

I just got the update.

MacFly123
Aug 10, 2009, 02:12 PM
Looks pretty cool. But, what do you do with the checks after that? :confused: Store them some where for records, or tear them up or what? So you'll just have checks laying around with peoples account numbers and stuff on them? Couldn't this be vulnerable to fraud etc.?

Invis
Aug 10, 2009, 02:37 PM
Just used it, works great. I've been using the deposit@home with my scanner for a while now - but doing it on the iPhone is just that much cooler.

Xenius
Aug 10, 2009, 02:43 PM
Just used it. Worked flawlessly, and from what I could tell the pictures weren't even that great quality. I love USAA. :D

matthewHUB
Aug 10, 2009, 02:44 PM
I just spent 4 years living in the US. I can't believe how much they use cheques over there. You can't even make a transfer within the same bank without paying a wire transfer fee. It's so stupid. Instead, they use cheques for EVERY transfer.

M

Xian Zhu Xuande
Aug 10, 2009, 03:21 PM
Isn't this system easy to counterfeit? I don't see where the app/online system checks for the legitimacy of the check, or if a few zeros have been added to the amount.
They don't check in the bank, either. There are plenty of checks and money orders which, although fraudulent, can pass through the system. It either goes through, or it doesn't. If it is fake, they come after you a few weeks later and you're legally liable to return the money. :)

Xibalba
Aug 10, 2009, 03:37 PM
I, apparently like many others here, married into USAA and have saved quite a bit using their home, autos, and personal property policies. Although I have some in a checking and savings with them, I have primarily used eTrade for better interest rates on checking and savings - as well as the ability to make bank to bank transfers with next day posting - even if the transfer is between different banks. I was also a big BOA online-banking advocate for years as I found theirs the most usable, but now I am using eTrade.

However, learning about this app and also the deposits through scanning at home, will definitely make me reconsider using USAA on a more regular basis.

iGary
Aug 10, 2009, 03:41 PM
Just deposited a check that's been sitting in my briefcase for weeks.

This would be a good one for Apple to put in their TV ads.

munkees
Aug 10, 2009, 03:42 PM
USAA just rocks, love this bank, and that a big think, because I hate banks, but this one always come though for me.

Cartoonkid
Aug 10, 2009, 03:59 PM
Do any of you USAA customers know if a person is required to have USAA insurance to take advantage of this? I read the fine print and it says, "You must qualify for USAA's remote deposit services; eligibility for USAA property and casualty insurance and credit qualification required."

I'm guessing remote deposit means direct deposit (?), but what exactly constitues "eligibility" for their insurance? :confused:

I'd drop Citibank in a heartbeat to get this!

Rsquare.OB
Aug 10, 2009, 04:18 PM
I've been a USAA member since 1970. Both of my children and their families use USAA. It has grown and we have all grown with it.
Become a member if at all possible . . . you will not regret it.:rolleyes:

clayj
Aug 10, 2009, 05:06 PM
This would be a good one for Apple to put in their TV ads.Bad, bad idea. Most people are not eligible to bank at USAA and leading them on like that would just cause resentment and anger.

USAA is *the* best bank in the US -- and since they don't have branches except possibly in San Antonio (their home city), they've been at the forefront of making banking easier to do remotely. Like iGary said, I loves me some USAA. And they're bailout-free, BTW.

iphones4evry1
Aug 10, 2009, 05:08 PM
I'm surprised they would do this. I understand it is only for qualified customers with excellent credit, but in today's society we use credit cards and cash for most purchases and we only use checks for very large amounts, such as a down payment on a house or car. That's too much money for USAA to risk a blurry image of a check or an error. I think an electronic ACH application would be much better.

starcrossed
Aug 10, 2009, 05:34 PM
USAA banking is open to everyone. Auto and Home Insurance is not. The Deposit feature is then available to banking members who are credit qualified for any loan or credit card. They use that info to determine if they can trust you with the service first off. They also have some patented alogorithms that anaylze the image immediatly until a employee gets the image from a que of checks that have been submitted, which allows funds to be available immediatly. Just go to their website and sign up and it let you get access to bank no matter what.

Jeff321
Aug 10, 2009, 06:27 PM
It will be nice if other online banking follows this.I guess they feel like they don't have any reason to, as you have a branch or ATM to deposit checks to. This isn't the case with USAA, which has no branches or ATMs.


ETrade should do this! I don't think I qualify for a USAA account.

jrmitche
Aug 10, 2009, 06:37 PM
starcrossed - you have a link describing USAA's non-member only approach to banking? Otherwise the rest of us will have to wait for the other online banks to catch up.

USAA banking is open to everyone. Auto and Home Insurance is not. The Deposit feature is then available to banking members who are credit qualified for any loan or credit card. They use that info to determine if they can trust you with the service first off. They also have some patented alogorithms that anaylze the image immediatly until a employee gets the image from a que of checks that have been submitted, which allows funds to be available immediatly. Just go to their website and sign up and it let you get access to bank no matter what.

adam1134
Aug 10, 2009, 07:18 PM
What is a cheque? I am sure I have heard my grandfather speak of them



I hear you, but my mother-in-law friggin loves them. This will beat standing in line at the bank after my daughters birthday!
:)

I'm a USAA member, but don't do my banking with them. So, essentially, you never have to go to a bank? How is their online banking for paying bills and such? I currently have BOA, but maybe I need to change.

Aggie, time to dump BofA. USAA bank is every bit as good as USAA insurance! Tehy have everything BofA does and then some. Free billpay, free transfers to yours or someone else's account. They have had deposit@home (aka scan deposits) for 3 years, and now just snap your iPhone. It has been awhile, but I think they have a way for you switch over your accounts pretty easy. Check them out. www.usaa.com

Also, not sure about BofA, but USAA also has 1-way AND 2-way text messaging for some basics. i.e., text "bal" and get the balance on all your account. even better than logging in.

Try it!

Isn't this system easy to counterfeit? I don't see where the app/online system checks for the legitimacy of the check, or if a few zeros have been added to the amount.

They have had this same service for scan deposits (they call it deposit@home) for THREE years already. If they ever had kinks, they worked them out. The article mentioned that you have to be a bank and insurance customer, so they know who you are. You also need a credit product (credit card, loan, etc), or be preapproved for one.

All this sounds pretty great. I have USAA for car & rental insurance, but use B of A for banking. I might have to look into switching pronto.


You won't regret it. Banks don't generally get a lot of good press, especially lately, but this one is top notch! Come on over from the dark side....

I hope BofA is paying attention. Check deposits are a pain as I very rarely visit an ATM or a bank.

Why wait on BofA? Move over to USAA to throw them some business to reward their genius! The move folks they get, the more great features they'll add.
:D

I hope BofA is paying attention. Check deposits are a pain as I very rarely visit an ATM or a bank.

Switch over to "reward" this bank for pure genius. Why wait for the copy cats?:apple:

Any word on when they will release the update with the check photo feature?

Today about 2 CST.

Ultra-cool. Look for other banks to introduce this functionality soon.

I say reward the go getters, not the copy cats. Move your accounts to show support for leading the way.

Looks pretty cool. But, what do you do with the checks after that? :confused: Store them some where for records, or tear them up or what? So you'll just have checks laying around with peoples account numbers and stuff on them? Couldn't this be vulnerable to fraud etc.?

They have had this service available for scanning for awhile now. They tell you to destroy (shred) or void the check if you like. I shred.

I, apparently like many others here, married into USAA and have saved quite a bit using their home, autos, and personal property policies. Although I have some in a checking and savings with them, I have primarily used eTrade for better interest rates on checking and savings - as well as the ability to make bank to bank transfers with next day posting - even if the transfer is between different banks. I was also a big BOA online-banking advocate for years as I found theirs the most usable, but now I am using eTrade.

However, learning about this app and also the deposits through scanning at home, will definitely make me reconsider using USAA on a more regular basis.

Make the leap of faith over. You won't regret it!

Do any of you USAA customers know if a person is required to have USAA insurance to take advantage of this? I read the fine print and it says, "You must qualify for USAA's remote deposit services; eligibility for USAA property and casualty insurance and credit qualification required."

I'm guessing remote deposit means direct deposit (?), but what exactly constitues "eligibility" for their insurance? :confused:

I'd drop Citibank in a heartbeat to get this!

For true eligibility, you are better off calling, but here is the short version: If you are the child of any USAA member (member = someone who has auto or property insurance), or you were/are in the military. There are some other rules, but i'd recommend calling or going online to find out (www.usaa.com).

As far as eligibility for the deposit@mobile, it looks like you need to be an insurance customer and have a credit product (i.e. credit card or loan) or be preapproved for one.

Hope this helps.

Bad, bad idea. Most people are not eligible to bank at USAA and leading them on like that would just cause resentment and anger.

USAA is *the* best bank in the US -- and since they don't have branches except possibly in San Antonio (their home city), they've been at the forefront of making banking easier to do remotely. Like iGary said, I loves me some USAA. And they're bailout-free, BTW.

Actually, just about anyone can bank at USAA, but not everyone can get insurance at USAA. It used to be that way until a couple years ago, but I think they just went back to the old way. You are right to the extent that not everyone would be "eligible" for the deposit@mobile feature, but who's to say they won't change the rules on that? Anyway, USAA bank has so much more to offer than just that.

starcrossed
Aug 10, 2009, 08:56 PM
USAA Banking and if your interested Life Insurance and Investments is open to everyone. USAA only restricts their Property and Casualty (Auto/Home/Property Insurance) to eligible members. Go to USAA.com sign up and answer the questions it asks about you, and once your done it will tell you what products and services you qualify for. They've been pushing a ad campaign to let everyone know that they can bank with them. Deposit@Mobile and Deposit@Home require you to be credit worthy with their bank. You don't have to open a loan or a credit card, you just have to get approved.

wackymacky
Aug 10, 2009, 09:32 PM
what? You just take a photo of the cheque and mms it?

So, I take a picture of a cheque, and photoshop it, then deposit it.

Maybe alter the payees account number or the routing number.

Lots of times for small amounts.

I'm sure they’ve got safe-guards though seems rife for fraud.

I don't know about in the US, but in New Zealand all the banks let you transfer money directly from your account into anyone else’s account online (inc using the iphone) 24/7

daneoni
Aug 10, 2009, 09:52 PM
Want to deposit a cheque without depositing a cheque?...there's an app for that

toxictrix
Aug 10, 2009, 09:57 PM
Yup my buddy uses USAA with the iphone app. It works so nicely. I would love to never have to go to the bank.

labman
Aug 10, 2009, 10:09 PM
I just joined tonight I like my Credit union but I hate wasting trips there. I made a small deposit till I can get everything converted over. I was afraid when I 1st went there I needed to serve in the Military but like you said no problem. I never new about USAA I really excited when I think of all the ATM fee's here and there. 1. question what about cash deposits say somebody pays me $200 cash do I have to mail it get a Money Order for that amount what.

cerote
Aug 10, 2009, 10:40 PM
This process has been around somewhat; from inside the banks. If you notice on your statements you will see the image may say this is a legal copy. This is because almost all banks are moving digital. I work at a check processing center and we no longer process physical checks much anymore. We take image files sent in from scanners from branches and make sure the information is correct and then forward them to the proper bank of deposit. We also receive our digitals image files from banks for their deposit. This is just the step further in letting customers do the work that tellers are already doing. Businesses already get options to use machines so they don't have to go to banks.
The "rubber check" is almost no longer. Checks clear much faster this way which makes it easier to catch a fraud check before the person has much time to do anything with the money.

Check 21 Act from answers.com

A federal law that took effect on October 28, 2004, and gives banks and other organizations the ability to create electronic image copies of consumers' checks. The images are then sent to the relevant financial institutions to be processed, where money from a consumer's account is transferred to the receiving party's account.

Investopedia Says:
This law aims to make use of technology to reduce or eliminate the costs involved with paper check processing. For example, the cost of physically transporting a paper check from one part of the country to another is far higher than the delivery of an image of a check across a secure network.

After a predetermined holding period has elapsed, banks may destroy the original paper check. However, not all banks do this and in some cases, consumers may be able to ask for their cashed checks back for record-keeping purposes.

soLoredd
Aug 10, 2009, 11:30 PM
My Bank of America branch has new ATMs where I can just deposit the check with no deposit slip or envelope now. It displays an image on the screen, it automatically reads the amount of the check, and that's that. I can get an image receipt if need be before I leave. Takes all of 2 minutes, not to mention it has a drive-thru. That's enough for me.

I must say, this is a truly great way to innovate and move technology along. I wouldn't switch banks just for this feature but if BofA can adopt this, it would be fantastic.

RiverFox
Aug 11, 2009, 01:01 AM
I don't know. It all sounds "too good" and "too simple".

This might be a catalyst for some serious tampering and fraud.

adam1134
Aug 11, 2009, 07:10 AM
I just joined tonight I like my Credit union but I hate wasting trips there. I made a small deposit till I can get everything converted over. I was afraid when I 1st went there I needed to serve in the Military but like you said no problem. I never new about USAA I really excited when I think of all the ATM fee's here and there. 1. question what about cash deposits say somebody pays me $200 cash do I have to mail it get a Money Order for that amount what.

Well,
I usually just spend the cash! If you want to deposit it, I would recommend searching on their website. I know they used to have some ways around that (UPS store I think). UPS doesn't do it anymore, but I don't know if they replaced the service.

adam1134
Aug 11, 2009, 07:18 AM
what? You just take a photo of the cheque and mms it?

So, I take a picture of a cheque, and photoshop it, then deposit it.

Maybe alter the payees account number or the routing number.

Lots of times for small amounts.

I'm sure they’ve got safe-guards though seems rife for fraud.

I don't know about in the US, but in New Zealand all the banks let you transfer money directly from your account into anyone else’s account online (inc using the iphone) 24/7

Sort of, kind of, not really. Yes, you take a picture of the check and it gets deposited. You have to have an account with them, you have to have insurance with them, and you have to have credit with them (or at least be preapproved for credit with them). In other words, they know who you are. If you decide you want to make a $10 check into a $1000 check, guess what? That is already illegal, and you will go to jail. I don't get the concern about this. It is no more or less illegal than altering a check and putting it in your account after standing in line.

In my opinion, a lot of concern over nothing.

-aggie-
Aug 11, 2009, 07:22 AM
Sort of, kind of, not really. Yes, you take a picture of the check and it gets deposited. You have to have an account with them, you have to have insurance with them, and you have to have credit with them (or at least be preapproved for credit with them). In other words, they know who you are. If you decide you want to make a $10 check into a $1000 check, guess what? That is already illegal, and you will go to jail. I don't get the concern about this. It is no more or less illegal than altering a check and putting it in your account after standing in line.

In my opinion, a lot of concern over nothing.

+1. USAA has been doing this for awhile. If there were issues, they wouldn't do it. Besides, as you say, if you commit fraud they've got you.

niuniu
Aug 11, 2009, 07:30 AM
Cheques? I hardly even see cash these days..

saske
Aug 11, 2009, 08:32 AM
I just joined tonight I like my Credit union but I hate wasting trips there. I made a small deposit till I can get everything converted over. I was afraid when I 1st went there I needed to serve in the Military but like you said no problem. I never new about USAA I really excited when I think of all the ATM fee's here and there. 1. question what about cash deposits say somebody pays me $200 cash do I have to mail it get a Money Order for that amount what.

I just kept my local bank for this exact reason. I deposit the cash and then write myself a check. It becomes available right away.

labman
Aug 11, 2009, 10:36 AM
I just kept my local bank for this exact reason. I deposit the cash and then write myself a check. It becomes available right away.

I am with a credit union now so I can just keep a minimal amount with them. ;) most my other stuff is direct deposit.

as far as though wondering about check fraud I agree a photo vs paper would be the same. they can always come after you or the person that commits the fraud. personally I only take checks from people I trust if they right a bad check. just like at any bank if I spend the money and it turns out to be fraud I could be held responsible as well fee's and penalty's. fraud is fraud no matter how it's done. USAA is a top rated bank as well. I think they know what they are doing.

njl
Aug 11, 2009, 12:08 PM
I really love USAA, i really do. I used to live down the street from it, now i'm across town.. i don't "qualify" for deposit at home. :( I have chkin/sving and an AmEx, but i still don't qualify for that service..

i get frustrated. supposedly, they are going to build a small branch closer to me, but we'll see.

countrydweller
Aug 12, 2009, 10:28 AM
Works great, tried it last night.

iphones4evry1
Aug 12, 2009, 05:10 PM
A federal law that took effect on October 28, 2004, and gives banks and other organizations the ability to create electronic image copies of consumers' checks. The images are then sent to the relevant financial institutions to be processed, where money from a consumer's account is transferred to the receiving party's account.

I remember doing that back in 2004 (I don't think I've written a check in several years). My bank used to post the electronic copies of my checks online for me. 2004? You're making me feel old now. Haha. :)

labman
Aug 12, 2009, 06:33 PM
I failed to read the terms with the depost@mobile they requirements I relize this is my fault for reading before starting account> I will be closing the accounts next week. I just want to pass the word to others that want to sign up.

What You'll Need

1st one you can't get unless you qualify for those served in military or a Family member is with USSA
* To be eligible for USAA property and casualty insurance.

* A USAA checking or savings account.
* A USAA credit card or loan, or qualify for one. (I am not getting a credit card to get threre Deposit@mobile yes I understand in part why they do ot)
* An iPhone loaded with the USAA Mobile App.

all I am is saying is be careful I will either stay with my credit union or look for a closer bank. I have been thinking about Bank of America.

adam1134
Aug 13, 2009, 07:59 AM
I failed to read the terms with the depost@mobile they requirements I relize this is my fault for reading before starting account> I will be closing the accounts next week. I just want to pass the word to others that want to sign up.

What You'll Need

1st one you can't get unless you qualify for those served in military or a Family member is with USSA
* To be eligible for USAA property and casualty insurance.

* A USAA checking or savings account.
* A USAA credit card or loan, or qualify for one. (I am not getting a credit card to get threre Deposit@mobile yes I understand in part why they do ot)
* An iPhone loaded with the USAA Mobile App.

all I am is saying is be careful I will either stay with my credit union or look for a closer bank. I have been thinking about Bank of America.

Be patient. With all the exposure this is getting, I wouldn't be surprised if they change that policy.

fishstacks
Aug 13, 2009, 04:37 PM
This is incredible. I actually read another article the other day saying how in 10 years we won't have wallets anymore we'll just whip out our iPhones.

DELLsFan
Aug 15, 2009, 11:35 AM
I'm a USAA member, but don't do my banking with them. So, essentially, you never have to go to a bank? How is their online banking for paying bills and such? I currently have BOA, but maybe I need to change.

Why? It's only a matter of time before something like this trickles to other financial institutions. Most offer online banking, bill pay, etc. This type of deposit system seems well-suited for inclusion with the online genre of tools available to consumers.