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Bank to Offer Check Deposits through iPhone App
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thanks
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 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.
Has been around somewhat
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
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
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.
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.
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.
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.
Deposit Cash
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 just kept my local bank for this exact reason. I deposit the cash and then write myself a check. It becomes available right away.
excellent idea!
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.
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.
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.
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.
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.
well my afair with USSA is short
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.
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.
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.
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.