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Bank to Offer Check Deposits through iPhone App

Discussion in 'iOS Blog Discussion' started by MacRumors, Aug 10, 2009.

  1. macrumors bot



    The New York Times has reported 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. 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
  2. macrumors regular

    What is a cheque? I am sure I have heard my grandfather speak of them
  3. macrumors 68020


    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.
  4. Guest


    I already use USAA's Deposit at Home feature. This will be great not having to scan them in. I loves me some USAA.
  5. macrumors 65816


    Air force credit union lets you write a deposit for up to 2500.00 bucks and gives you 10 days to mail the check, without credit as a bank customer online. Gives you a instant deposit in your account
  6. macrumors newbie

    Can't wait for this. This is the reason why I will never switch from USAA.
  7. macrumors 604


    Where can I get one of them money-makers? :p:p:p
  8. #8
    This is exactly what you call "innovation".
  9. macrumors P6


    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.
  10. macrumors 6502

    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.
  11. macrumors 6502a


    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!
  12. macrumors newbie

    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.
  13. Guest


    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...
  14. macrumors regular

    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.
  15. macrumors 6502



    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.
  16. macrumors P6


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

    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!
  18. Guest


    You really will love it.
  19. macrumors 6502a


    It will be nice if other online banking follows this.
  20. Guest


    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.
  21. macrumors 6502a


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

    Another Reason to Love USAA

    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!
  23. macrumors demi-god

    Spanky Deluxe

    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.
  24. macrumors newbie

    release date?

    Any word on when they will release the update with the check photo feature?
  25. macrumors 6502a


    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...

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