USAA To Allow Check Deposits Via iPhone

Customers of USAA will soon be able to deposit checks using their iPhones, according to the New York Times.

This week, the bank will update its iPhone application to allow customers to take photos of the front and back of checks and then submit the photos as if an actual check was being deposited. The check could then be voided and thrown away.

Most USAA customers will be eligible for the program. According to the Times, "only customers who are eligible for credit and have some type of insurance through USAA will be permitted to use the deposit feature ... about 60 percent of the bank’s customers qualify."

USAA has only one branch, in San Antonio, Texas.

A full version of the article is available here.

Tags: deposit, innovation, iphone, remote, usaa

Comment by Luke Owen on August 10, 2009 at 1:38pm: Looking forward to giving this a whirl. I've been using their HomeDeposit feature for a while and it's worked quite well with my scanner here at work.

Comment by Mary on August 10, 2009 at 1:42pm: Once you do give it a whirl, let me know what you think. I work for USAA in Procurement and support our bank operations and product management group.

Comment by Travis J. McCutcheon on August 10, 2009 at 1:46pm: Although the concept of checks is rapidly becoming only a memory...USAA continues to impress me on many fronts. This is an excellent example of innovation in financial services.

Comment by Andres Fuentes-Torres on August 10, 2009 at 5:19pm: Interesting innovation...However I think that the check is making obsolete by the on line transactions.