Bank Will Let Customers Deposit Checks by iPhone
USAA, a very small bank and insurance company, is looking to let qualifying customers deposit checks electronically by taking photos with their iPhones. It’s an interesting idea, though one that’s really only feasible with the iPhone 3GS camera (the others don’t have auto-focus, which is key for taking clear close-range photos.)
I use Bank of America, and their depositing process has gotten exponentially easier over the past few years. It used to be that you needed to put cash and checks in envelopes, write down your account numbers on the checks, and then tally the total amount you’re depositing on the envelope. Now all you need to do is feed the ATM machine checks and cash and it does all of the work for you.
It’s how things should be—technology should ultimately make our lives easier, after all. USAA is too small of a bank to truly influence what the big boys are doing, but it’s an interesting first step and one that tech-savvy consumers should take note of.
