Feeds

US bank deposits checks via iPhone camera

Point, shoot, deposit

The Power of One Infographic

A US bank will this week launch a new service that allows you to deposit checks by taking photos of them with your iPhone.

The privately held financial services and insurance company USAA (United Services Automobile Association) serves only current and former members of the US Armed Services and their families, but even with that limitation, it currently has 7.2 million members.

USAA has only one physical branch - in San Antonio, Texas - but with US service members deployed all over the world, the company has focused on online services. A few years back it introduced its USAA Deposit@Home service, which allows deposits to be made using a computer and scanner. The new USAA Deposit@Mobile service will extend that convenience to iPhone users.

This point, shoot, and deposit capability will be an upgrade to the company's USAA Mobile app (App Store link) for the iPhone and iPod touch. Of course, until the iPod touch is upgraded to include a camera - a feature rumored to be coming later this year - only iPhone owners will be able to deposit checks this way.

The process is a simple one: You log on to your account through the app over either Wi-Fi or cell service, enter the amount of the check, photograph the front and back of the check - the back is needed for an image of the endorsement signature - and tap a Submit button to complete the deposit.

You don't need to send the check to USAA by mail - the entire transaction is handled electronically. USAA suggests that you void, file, or destroy the check after the deposit is confirmed.

Such a simple deposit procedure is both a convenience to the customer and a money saver for USAA. And possibilities for abuse of the system will be limited by service-qualification requirements. According to the USAA, credit qualifications are required, along with proof of eligibility for USAA's property and casualty insurance. A USAA executive vice president told the NYT that about 60 per cent of the bank's customers will qualify. ®

The Essential Guide to IT Transformation

More from The Register

next story
Yorkshire cops fail to grasp principle behind BT Fon Wi-Fi network
'Prevent people that are passing by to hook up to your network', pleads plod
Apple orders huge MOUNTAIN of 80 MILLION 'Air' iPhone 6s
Bigger, harder trouser bulges foretold for fanbois
Major problems beset UK ISP filth filters: But it's OK, nobody uses them
It's almost as though pr0n was actually rather popular
Google Nest, ARM, Samsung pull out Thread to strangle ZigBee
But there's a flaw in Google's IP-based IoT system
US freemium mobile network eyes up Europe
FreedomPop touts 'free' calls, texts and data
'Two-speed internet' storm turns FCC.gov into zero-speed website
Deadline for comments on net neutrality shake-up extended to Friday
Oh girl, you jus' didn't: Level 3 slaps Verizon in Netflix throttle blowup
Just hook us up to more 10Gbps ports, backbone biz yells in tit-for-tat spat
Want to beat Verizon's slow Netflix? Get a VPN
Exec finds stream speed climbs when smuggled out
GoTenna: How does this 'magic' work?
An ideal product if you believe the Earth is flat
prev story

Whitepapers

Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.