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Bank to Offer Check Deposits Through iPhone App

Monday August 10, 2009 8:06 am PDT by Marianne Schultz
The New York Times has reported that banking and insurance company USAA will allow qualified customers to deposit checks via its iPhone application.

USAA executive Wayne Peacock stated, "We're essentially taking an image of the check, and once you hit the send button, that image is going into our deposit-taking system as any other check would."

Customers who take advantage of this new check deposit method will not need to do anything else with the check to process the deposit, and it is recommended that customers destroy deposited checks or simply store them in a safe place. In order to qualify to use this feature, customers must have one of the company's insurance products and be eligible for credit with USAA.

A video demonstrating the upcoming iPhone check deposit feature has been posted to YouTube and is embedded below. The video highlights the guidance provided within the app to ensure a check is photographed correctly for processing and shows how quickly a check deposit can be done through an iPhone.

USAA's iPhone app currently allows customers to check account balances, find ATMs and rental car locations, and includes a loan calculator and more. According to the New York Times, the update to the app that will allow check deposits should be available this week.

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BNZ1
Posted: 33 months ago
What is a cheque? I am sure I have heard my grandfather speak of them
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Willis
Posted: 33 months ago
That's pretty cool.

Even though nowhere really accepts them here in the UK now, I guess they're still a fundamental form of banking.
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iGary
Posted: 33 months ago
I already use USAA's Deposit at Home feature. This will be great not having to scan them in. I loves me some USAA.
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GeekGirl*
Posted: 33 months ago
Air force credit union lets you write a deposit for up to 2500.00 bucks and gives you 10 days to mail the check, without credit as a bank customer online. Gives you a instant deposit in your account
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khirok
Posted: 33 months ago
Can't wait for this. This is the reason why I will never switch from USAA.
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SFStateStudent
Posted: 33 months ago
Where can I get one of them money-makers? :p:p:p
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celticpride678
Posted: 33 months ago
This is exactly what you call "innovation".
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-aggie-
Posted: 33 months ago

I already use USAA's Deposit at Home feature. This will be great not having to scan them in. I loves me some USAA.


I'm a USAA member, but don't do my banking with them. So, essentially, you never have to go to a bank? How is their online banking for paying bills and such? I currently have BOA, but maybe I need to change.
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swb1192
Posted: 33 months ago
Isn't this system easy to counterfeit? I don't see where the app/online system checks for the legitimacy of the check, or if a few zeros have been added to the amount.
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jbennardo
Posted: 33 months ago

I'm a USAA member, but don't do my banking with them. So, essentially, you never have to go to a bank? How is their online banking for paying bills and such? I currently have BOA, but maybe I need to change.


I was lucky enough to marry into USAA.. they're the best. I love the deposit at home feature. It's gonna be even better when I can do check deposits via iPhone even though overall, I don't get a lot of checks.

Their checking is great. My debit card pays back 5% when used as "credit". I get refunds for ATM usage (since you physically have no bank :D) and bill pay couldn't be easier!
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