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Bank to Offer Check Deposits through iPhone App
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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.
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.
Update
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.
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.
Looks pretty cool. But, what do you do with the checks after that? 
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.?
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.?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
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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.
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.
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.
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.
This would be a good one for Apple to put in their TV ads.
USAA just rocks, love this bank, and that a big think, because I hate banks, but this one always come though for me.
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?
I'd drop Citibank in a heartbeat to get this!
I'm guessing remote deposit means direct deposit (?), but what exactly constitues "eligibility" for their insurance?
I'd drop Citibank in a heartbeat to get this!
You Won't Be Dissappointed
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.
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.
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.
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.
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.
USAA: not open for everyone
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.
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.
I hear you, but my mother-in-law friggin loves them. This will beat standing in line at the bank after my daughters birthday!
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!
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.
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....
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.
Switch over to "reward" this bank for pure genius. Why wait for the copy cats?
Today about 2 CST.
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?
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.
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?
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.
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.
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.
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 theyve 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 elses account online (inc using the iphone) 24/7
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 theyve 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 elses account online (inc using the iphone) 24/7
