Feeds

US bank deposits checks via iPhone camera

Point, shoot, deposit

Internet Security Threat Report 2014

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. ®

Beginner's guide to SSL certificates

More from The Register

next story
Download alert: Nearly ALL top 100 Android, iOS paid apps hacked
Attack of the Clones? Yeah, but much, much scarier – report
Broadband sellers in the UK are UP TO no good, says Which?
Speedy network claims only apply to 10% of customers
Virgin Media struck dumb by NATIONWIDE packet loss balls-up
Turning it off and on again fixes glitch 12 HOURS LATER
Yahoo! blames! MONSTER! email! OUTAGE! on! CUT! CABLE! bungle!
Weekend woe for BT as telco struggles to restore service
Fujitsu CTO: We'll be 3D-printing tech execs in 15 years
Fleshy techie disses network neutrality, helmet-less motorcyclists
Facebook, working on Facebook at Work, works on Facebook. At Work
You don't want your cat or drunk pics at the office
Soz, web devs: Google snatches its Wallet off the table
Killing off web service in 3 months... but app-happy bonkers are fine
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
5 critical considerations for enterprise cloud backup
Key considerations when evaluating cloud backup solutions to ensure adequate protection security and availability of enterprise data.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Simplify SSL certificate management across the enterprise
Simple steps to take control of SSL across the enterprise, and recommendations for a management platform for full visibility and single-point of control for these Certificates.