Monday, August 10, 2009
USAA Federal Savings Bank to allow customers to deposit checks by iPhone
This is pretty cool!
Innovation is a good thing! I wasn't too impressed with New York Times's line: "USAA is an unlikely innovator."
What the hell does THAT mean? USAA isn't from New York, Connecticut or California? Just why IS USAA an unlikely innovator, in the eyes of the NY Times?
No word on what the fee is, if any. It would seem that this would be much cheaper than processing a paper check.
Splash, out
Jason
The Internet has taken a lot of the paperwork out of banking, but there is no avoiding paper when someone gives you a check. Now one bank wants to let customers deposit checks immediately — through their phones.
USAA, a privately held bank and insurance company, plans to update its iPhone application this week to introduce the check deposit feature, which requires a customer to photograph both sides of the check with the phone’s camera.
“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.
Innovation is a good thing! I wasn't too impressed with New York Times's line: "USAA is an unlikely innovator."
What the hell does THAT mean? USAA isn't from New York, Connecticut or California? Just why IS USAA an unlikely innovator, in the eyes of the NY Times?
No word on what the fee is, if any. It would seem that this would be much cheaper than processing a paper check.
Splash, out
Jason
Labels: banking, finance, insurance, soldiers' issues, USAA
