The app will work by letting customers take a photo of both sides of the check and then submitting it to USAA. According to The New York Times “customers will not have to mail the check to the bank later; the deposit will be handled entirely electronically, and the bank suggests voiding the check and filing or discarding it.” USAA also allows customers to make deposits using a scanner.
Although USAA has just one physical branch (but nearly 7 million customers), it seems like the type of application that could quickly catch on elsewhere, as it’s clearly a huge time saver to those of us that still receive lots of paper checks. It’s also another example of a growing trend of connecting camera phones to online services; for example, Amazon’s iPhone app lets you take a picture of a physical item, upload it, and then get back comparison quotes from other merchants.
Of course, with banking, security is a much more serious issue, and the Times notes that “to reduce the potential for fraud, only customers who are eligible for credit and have some type of insurance through USAA will be permitted to use the deposit feature.” Nonetheless, it gives a small bank in Texas a compelling feature that might make it attractive nationwide, at least to those of us that would rather not leave the house.
Check out a demo of USAA’s deposit feature in the video below:
From Mashable
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