Mon Aug 10, 2009 5:05 pm
USAA, a privately held bank and insurance company, plans to let its customers deposit checks by photographing them with an iPhone's camera.
The San Antonio, Texas-based company said that its iPhone application will be updated this week to introduce the new check deposit feature.
"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, USAA's executive vice president.
Deposits from the camera phone will be handled electronically, so users won't have to mail the check to the bank afterwards.
"Mobile is going to be a bigger part of how people do commerce and how they interact with their financial institutions," said Peacock. "The great value that we see is the time savings."
To limit the potential for fraud, only customers who are eligible for credit and have insurance through USAA will be allowed to electronically deposit checks.
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