Private bank and insurance company USAA plans to allow their customers to their iPhones to deposit checks. Using the camera on their iPhones, the person simply takes an picture of both sides, then emails it to the bank.
The user then destroys or voids the check since no hard copy is required at the bank. The sent electronic file is verification. Members who have proof of insurance through the bank are eligible to use the service, and it’s estimated more than half of the members qualify.
Currently, one million of its members use cell phones for general banking services such as checking account balances or transferring funds.
The current app will be updated this week to allow the new depositing feature, and can be accessed here. USAA however, is not the only bank to offer an iPhone app. Although it’s use of the camera as bank deposit slip is seen as a novel approach in mobile banking, Bank of America also offers their own iPhone app, available here.
Currently, iPhones account for 3% of the entire market, well behind market leader Nokia with 38%, followed by Samsung and their 19% share.
USAA is a bank focusing primarily on the military community with almost seven million members.