I used to think it was cool to text PayPal and have my balance sent to me immediately. Then I “upgraded” and installed the PayPal app for the iPhone which gave me even more detail… But now USAA has upped the ante with their new iPhone app that will let you deposit checks from your iPhone – no ATM or bank teller needed… and the cash is available in your account IMMEDIATELY.
Now that’s amazing.
The New York Times reports today that the banking component of USAA, better known for its insurance services for members of the military and their families, is about to allow its customers to deposit checks via iPhone.
With USAA’s enhanced iPhone app, expected to be available this week, customers can photograph both sides of a check with the phone’s camera, send that image to USAA and then simply watch the money show up in their accounts.
But USAA bank officials do recommend that after making an iPhone deposit, customers void the check and file or destroy it to reduce fraud potential. The video below offers a demonstration (really, it’s there after the USAA ad at the beginning).
USAA is easing this new electronic deposit option into place. Initially, the iPhone enhancement will be available only to customers who are eligible for credit and have some type of insurance through USAA. Still, say USAA officials, that will cover about 60 percent of the bank’s customers.
Don’t have an iPhone?
Be patient. USAA plans to offer the option on more mundane cell phones later this year.
Fortunately, since my Dad is retired Navy, I’m a member of USAA. We’ve got all our insurance through them, so I guess I would qualify.
Maybe it’s time to switch banks…
