An online bank, USAA, now allows you to deposit checks using your iPhone. To deposit a check all you have to do is take a photo of the front and back of the check. You can then void and destroy the paper check.
The banked used to use a hi-res scanning system written in Java but now the bank is allowing hi-res images to stand in for paper checks. The check scanning service also requires that the customer have good credit.
Anyone tried this with USAA yet? Is the bank any good?
USAA is a member-owned insurance and banking organization. It is/was only open to uniformed service personnel with strict requirements. They’re so good, you get refunds from insurance policies if they have less claims than planned. I will definitely be checking out this service of theirs….
Usaa is great…if you are eligible, miltary and family… I’ve been using them for the last few years. Best bank hands down.
Online check deposit (iphone or otherwise) is awesome.
Yeah like drjones said it’s a bank for the military and their dependents. They don’t have physical locations that I’m aware of so all your check deposits have to be remote. That was the one thing my buddies complained about, was that you had to mail your checks in which took time. I didn’t know they did online deposits. That’s pretty awesome.
USAA is located in San Antonio, TX – it is the 2nd largest building in the country (the Pentagon is the biggest).
I do not know about outside of San Antonio, but this is a real place – it started as insurance for the military and their families and has grown into banking and financial stuff as well.
HollyM
http://www.thessayist.com
That sounds like a very nice and convenient service. I would love it if my bank had something like that.
I wonder how thorough they are checking for fraud though? It really wouldn’t be hard to edit a jpg of a check to say a different amount, so unless it goes directly from camera/scanner to them, how can they be sure it’s not altered?
I know, I know, I always comment with negative points about things, bout I just I don’t know enough about this service to trust it’s fool proof.
Just make sure you followup and make sure the check is deposited before you destroy the check.
Their Depost@Home feature which lets you scan a check to deposit it is freaking AMAZING, my funds are available immediately after scanning. I used to complain about the not having physical locations thing also until this came along, love it.
So they don’t even check the signature before clearing the funds? Wow :o
USAA (fortunately for me) also allows children of officers to be members. I’ve used USAA’s check scanning feature for deposits, and I just happened to have a check ready to deposit when I read the tweet. Just did it. Worked like a charm. Funds available immediately, all I have to do is void the check and tear it up.
This certainly represents much added convenience, but it opens up whole new security attack vectors. What prevents someone from slightly altering existing checks or completely creating fake checks in Photoshop?
How archaic, crazy to see checks are still in use and application of current technology to the relic. Don’t think I have actually seen one since the 80’s.
Great Article!!! I was very happy to ready it all. thanks for the info.
this looks like a formula for fraud, cannot be safe.
I’m a usaa member, I bank with them and I love it. I have been scanning my checks and depositing over the internet with them for the past year. I can’t wait to try this!
I have been using USAA for 5 years, and I love them. Absolutely love them. The only complaint I have ever had about them was that you had to mail checks in. But last year they started depositathome, the scan system they mention in the article. Since then I have been using it regularly, it’s fast, simple, and the money hits your account instantly.