Check Deposit by iPhone

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The New York Times reports that a privately held bank called USAA is planning on providing customers with an iPhone app which will allow checks to be deposited using photos of the front and back of the check. Customers will no longer have to visit an ATM or bank branch to make a deposit. Once the photos of the check have been submitted electronically, the deposit is completed and the check can be voided or destroyed. In order to avoid fraud, the bank will be limiting this service to a select group of customers.

USAA is a small bank with a single branch in San Antonio, Texas. It serves mostly military personnel who may be stationed anywhere in the world. The bank has allowed checks to be deposited by scanner for the past 3 years, so deposit by iPhone is the next logical step.  If the service is successful, it may change the way that deposits are made in many other banks.

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Date: Wednesday, July 29th, 2009
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