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Bank Will Allow Customers to Deposit Checks by iPhone

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Posted

thumb_13-Aug-2009_check_600.jpg
Bank Will Allow Customers to Deposit Checks by iPhone

Thanks to Paul for the link

If you're fed up with walking to your local bank to deposit checks (cheques for you UK readers) - well one bank, USAA, has the answer - deposit it over the Internet!

Currently available to iPhones only, you take a picture of the cheque - front & rear sides - and upload it to the bank who will then process it.

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.


Maybe it's just me, but what security/checks have they placed for this? Would it work if you made up a cheque with £/$whatever you want and hope they will process it? Seems that this is open for fraud to me. However it seems that it's not new to them - they have been offering similar service 3 years ago where they allows their customers to scan the cheque and send it to the bank online. I guess they have learnt how to spot if the cheques are real or not.

So for a small bank, they are more advanced into the technology than any of the top 20 banks. Well done to them! :)

What do you think of this technology? Would you use this service if your local bank offers it?

[Via: NYTimes Technology]
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Posted

Maybe it's just me, but what security/checks have they placed for this? Would it work if you made up a cheque with £/$whatever you want and hope they will process it? Seems that this is open for fraud to me.

They credit check their customers before allowing this service and their is a max amount that can be drawn against before the payee's bank agrees the charge and the check clears, plus only approximatley 20% of their customers are allowed this method of deposit.

Checks are handled differently in the US and they have specialist agencies for Bad Check Restitution also many states will put you in *prison* for writing bad checks - for upto a year! When you pay a check in, the teller takes the details and in most cases marks it void and hands it back to you anyway for your own records - they only use the account details.

http://www.ckfraud.org/penalties.html#criminal

Not really worth trying to defraud the bank out of the little amount they let you do it for *if* you are one of the chosen customers....

Plus a high res pic emailed from a smartphone works as well for those banks that accept this method. It's just P.R spin...

M.S

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