USAA: Deposit Your Checks With An iPhone!
The friendliest bank in the world, USAA, will soon let customers instantaneously deposit checks through its iPhone application. Here's how it works: you snap a picture of the front and back of your check, and send the picture to USAA. That's it.
"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," said Wayne Peacock, a USAA executive vice president.
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. But 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. Mr. Peacock said that about 60 percent of the bank's customers qualify.
Well isn't that convenient. We'd use this in an instant if we had an iPhone and a qualifying USAA account.
Bank Will Allow Customers to Deposit Checks by iPhone [The New York Times]
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Comments:
@Kimaroo - 20% More Kitty Added!: You can get an account. Just a bank account though. Not insurance or anything of that nature. You don't need to be affiliated with the military to have a checking/savings account with them. They'll open it over the phone for you.
Good idea. You'd have to be pretty stupid to deposit a check you forged into your account when you take a photo of it, and send it from your own phone. It's pretty much just like BofA's ATM machines, but without the hassle of going to an ATM.
I bet the rebate check companies are scared! Deposit their check literally a minute after receiving it!
So am I the only one who thinks this is a really, really bad idea security-wise?
great. now someone that steals your iphone can perpetrate serious bank fraud in your name.
I am so going to become a billionaire via this.
Hells yes. Just when I thought my love for USAA couldn't grow any larger.
@moore850: Yes ... but only *into* your account. They'd have to be deliberately trying to scrwe you over since they stand to gain nothing from depositing fraudulent checks intonyour bank account.
This is assuming the App from USAA doesn't expose sensitive bank info.
@aikoto: probably. there is this little thing banks do called 'clearing checks' before the entirety of the funds are made available to you.... it's no different than an ATM deposit - sure you could forge checks/lie about the amount, but you're going to get caught. quickly.
@aikoto: I thought so initially, but after thinking about it, no, it really isnt.
Its no more or less secure than allowing checks to be deposited via ATMs. Heck, atleast with the iPhone you can track the phones info, so even if using a prepayed sim on a jailborken phone, it probabaly has other identifying info, which can be used to link and trace frad. So while its no more secure, its more easily traceable.
@moore850: Just as easily as if they steal your wallet. Besides, if you are saving banking credentials to your computer, let alone a mobile phone, you are a moron.
USAA already does this, except with a scanner instead of an iPhone. It's called Deposit@Home, and I am very glad to be able to use it.
@gatewaytoheaven: You could always convince one of your relatives about the rewards of Federal Service.
Would you like to know more?
When's soon? USAA has been taunting me about this in various press releases for the last 3 months or so. Come on, my Iphone is a perpetual manifestation of "coming soon". And yeah, I know what I was in for when I got it.
@xtc46 - thinksmarter on twitter: Actually, you're wrong. Since you can only use this to DEPOSIT a check, stealing your wallet would yield ways to get money from you, instead of giving it to you.
Finally, Check 21 helps consumers.
@Chad Cloman: Holy Smokes! Thanks for posting about this. I've been a USAA customer for 15+ years, and I somehow totally missed seeing any information about this awesome service.
@GitEmSteveDave_Doesn'tAddFees: As an aside, the BoA ATM machines make my day every time I deposit a check.
@Ben Popken: Their amazing service continues to blow other companies away...USAA is one of the greatest benefits of being a military brat. I second your hells yes.
I guess I'd object if I were the party who wrote the check. I'd prefer the payee not send my bank account number, name, address, and photo of my signature over a cellular phone line....
My credit union does the same thing via a scanner. Lazy guys like yours truly are served quite well. No more lollipops from the branch though... :(
What quality of e-check will the writer of the check get for their electronic photo?
How can I make some ink show "VOID" only for an iPhone?
It's out NOW. I just downloaded the app.
@GitEmSteveDave_Doesn'tAddFees: Chase ATMs do that as well.. it's the only POSITIVE change I've seen since they swiched from WaMu on me.
I LOOOOVE USAA. My hubby's stint in the army paid off w/ low-cost insurance products, reimbursable ATM fees, at home deposits, and people-powered customer service.
I've already got the USAA connection. Now, I have my excuse to go get that iPhone I've been jonesing for!
USAA really does rock!
@mechteach: I love Depoist@Home except that for some reason, the coloring on the reimbursement checks I get from my job (for travel, etc) are not USAA scan friendly, so I have to mail those in. For whatever reason, USAA just doesn't accept them.
@Ben Popken: Exactly. I don't have an iphone (or even a smartphone), but have been using deposit@home, which is one of the best things since sliced bread.
@alexburrito: I bet (as in, I'd actually put money on it) that USAA has encryption built in to their app, just like they do for deposit@home.
@gatewaytoheaven: But you have to be military - or gov't service - to get insurance, which is one of the prerequisites to use the check-scanning thingy.
@crazydavythe1st: by 5 pm today it should be on the store. You can get a claims checklist, atm map, and roadside assistance through the app too. Waiting for it to come out for the pre
@crazydavythe1st: @RogerTheAlien:
yeah make sure you understand that you have to be ELIGIBLE for the service. Just because you bank with them doesn't mean you can do it.
That said, even if you can't do it, they're still a fabulous bank.
@RCheli: Have you tried different scan settings?
My work checks used to give it fits too, but not anymore.
@gatewaytoheaven: Sounds good. If I can see if I can use most of the ATMs around me without fees with the account, I may just get an account from them.
Do they pay for fees from ATMs that charge for non-network accounts (IE the Wachovia ATMs that charge $4 for external cards)?
I'm soooo excited to try this out! Somehow, bragging about being able to scan checks and deposit at home isn't as fun now.
@gatewaytoheaven: Quick question: Do they have "brick and mortar" locations? My mom doesn't think she can trust a bank she can't walk into, but I think it won't deter me.
@Chad Cloman: I use Deposit@Home all the time. I love it. Even my kids can deposit their birthday checks on our scanner. And the best part is that they do not place a hold on the funds because the checks clear instantly.
@TVarmy: They do not have brick and mortar locations or their own ATMS, but they more than make up for this by reimbursing you for ATM fees-- up to $15 a month, I think. They are a great, great bank.
@aikoto: I think it's a bad idea, too. Modern checks have fraud prevention features that prevent checks from being erased/chemically altered/etc. An alteration that would be obvious in person could easily be disguised in a low-quality photograph. I'd be hesitant to write any checks to somebody with a USAA account for that reason.
And on the flip side, what if you cashed a check in this method, and the person who wrote the check, decides to claim fraud? With nothing but a low-resolution photograph to support your case that the check was legit, what's to stop the bank from turning around and yanking that money right back out of your account, or even worse, call the police/FBI?
And ATM deposits are more secure, because the bank does have actual possession of the check for a period of time...it's safer for both parties.
@alexburrito: Why worry now? You've been handing your checks -with all your personal info on it- to grocery store clerks and other people, not to mention whoever you mail your checks for electricity or gas, rent, credit card payments, etc.
ALL of those places employ dozens if not hundreds of people you don't know, cannot meet or approve or even see in person, but they may have full access to your check at any of a thousand different points.
You've been happily allowing this to happen. Why worry now?
Checks are an incredibly insecure and dangerous way to conduct a transaction. The way to protect yourself is to never use them.
But even that won't really make it safe: you will need to watch your account activity very closely in case someone simply creates fake checks with your account info and begins passing them. There is nothing to stop that from happening. Nothing.
You can close the account. Then the checks bounce and warrants are issued for your arrest. Not that you passed bad checks, but someone did and you get to be the one who pays. The justice system will just assume you did it.
Now, go pay for that loaf of bread with a check at the corner gas station. That clerk inside can be trusted not to let his cousin see it. Really.
Woohoo the app is live.. if only I had a check to deposit! All of my stuff is electronic these days :(
@Shawn4168: Well that's why they tell you to file the check away so if there is some question/concern then you can whip it out and stick in their face!
YES!! I just tried it....it's completely awesome. Go USAA! The only confusing part was taking a picture of the back of the check. The image in the app shows that you take a picture of just the part where you endorse, but you have to take a picture of the entire back of the check for it to work.
USAA was more expensive than my current insurance provider, but I have my mortgage with them. They are Teh Awesomeness.
The ONLY "bank" I would use--I chose them over my credit union, who I'd been with for 10 years. They are wonderful.
Darn it.. I wish I could get an account with USAA.
It really does seem to be the friendliest bank in the world.