Bank Allows Customers Deposit Checks via iPhone

[JMcEntegart]

A lot of people are wary of the way internet banking has eliminated paperwork, not to mention many hate the idea of using any kind of personal information on the web, let alone their financial details.

Bank Allows Customers Deposit Checks via iPhone : Read more

 

[burnley14]

Nope. I prefer to deposit my money at the bank in person. And we have all seen how impervious the iPhone is in recent news . . .

 

[thepetey]

looks like a laser printer and Photoshop skills will be a handy tool for many clients of this bank.

 

[ethanolson]

I'm OK with it. There are a few things that I hope they have a process for, like what if the image sucks and they can't clear the check but you've voided it. Also, what happens if the check isn't voided and the absent-minded iPhone user tries to deposit it again a few days later? Of course, there will be other issues, but as long as there's a process for fixing human-error, I'm OK with it.

 

[bbjmb11]

I don't feel comfortable with the idea of depositing money via a picture. It seems to me that eventually this system will be hacked and manipulated (especially if other banks adopt this system), costing the bank and customers money. Burnley14 brought up a good point with the security issues that the iphone has been having lately, and that is just one more reason to avoid using an app like this.

 

[h0llow]

I think it's pretty cool. Obviously its more safe to go to the bank. If I personally owned a Iphone, I probably wouldn't use it unless they have a feature that they send a security code to the email address registered to the bank that the customer would have to log in, check, and type in the code. It would be a pain, but I would then feel safe enough to use that app.

 

[erichlund]

Good luck with going to the bank. USAA stands for United States Automobile Association. It's an insurance company that has long represented U.S. military officers, and more recently, senior NCOs. The main office is in Colorado Springs, and I believe there is a location in San Antonio, but it's not like there are branches everywhere there are customers.

I have USAA insurance, but I've never been a banking customer. In fact, they did not even have banking services until after I left the service. I've almost always had direct deposit, so getting my check to the bank has never been a big deal for me.

But I don't have a problem with it. Just makes the photo one step earlier in the process. These days, banks scan all checks. Does anyone actually get their checks back anymore. I haven't gotten mine in years. My only issue is that with this process, the bank cannot check any of the security features of the check. Many checks have some of the same security features that are now incorporated into money.

 

[computabug]

If I was a customer at that bank, I'd leave right now...

 

[sycon]

I'm a USAA customer, I've always deposited my checks online. Don't see how its any worse than buying something online. Besides, its not really any different than going to a bank and having them scan it. (Which is pretty much all they do, besides having your signature.)

 

[bmikulla]

I do not see how it is different than how many companies use our checks. At the grocery store I see people using checks and the cashier hands the check back to the customer after scanning it through the cash register to authorize an electronic payment. I have seen notices from utility companies that they use electronic check processing systems, and as such, you will not see a copy of your deposited check with your next bank statement as you would in the past when the checks had to be sent physically to the bank. USAA already offered the ability to deposit checks using check images scanned from home, so this more just a change in convenience. Of course anything involving the iPhone suddenly becomes extra fancy.

 

[hellwig]

Just so everyone knows, your local bank branch takes deposited checks, scans them into a computer, then transmits that image to the issuing bank. However, that system is different because it is managed by a bank teller, uses a secure network, and is regulated just like any other bank process.

I still don't trust people to successfully deposit a check on their own using their camera, but then again, it doesn't sound like the bank trusts them either, considering they have to have a line of credit and insurance with the company.

Fraud via this system would be less likely than fraud with the existing system. The transaction is tied directly to your phone and bank account, so how would you plan to get away with it? Bad checks are always caught, but usually they have been cashed, and the perp is long gone.

 

[truerock]

Yes!!!!! Now I want to be able to deposit pictures of $100 bills!!!!

 

[Pei-chen]

United States Army Air Corp is known for their bravery and technological know-how.

 

[Guest]

I'm a USAA customer and they already have a feature to deposit checks via scanner on your PC. This is just an extension of that, so I think its great. You know the results of the deposit as soon as you submit the images. If it doesn't scan right, you try again. If you can't get it to scan right, you use conventional methods. And as they say, they only allow it with customers who have insurance and a good credit standing with them so fraud is unlikely. They are very aggressive in the online banking since most of their clients are remote (service personnel) and they branches are only in Texas.

 

[antilycus]

Well considering all banks do is get the routing number and account number from the check, it's only a matter of time people too many people start to take advantage of this. I could see this working for quick money transfers between billionsaires and fortune 500 companies but beyond that, its pretty useless.

Transfering imaginary money (which is what ALL BANKS ARE) is eventually going to go under anways. We are trading labor hours now if you tink about it. That piece of paper really doesnt represent a damn thing.

 

[Wayoffbase]

[citation][nom]dmartin_1[/nom]I'm a USAA customer and they already have a feature to deposit checks via scanner on your PC. This is just an extension of that, so I think its great. You know the results of the deposit as soon as you submit the images. If it doesn't scan right, you try again. If you can't get it to scan right, you use conventional methods. And as they say, they only allow it with customers who have insurance and a good credit standing with them so fraud is unlikely. They are very aggressive in the online banking since most of their clients are remote (service personnel) and they branches are only in Texas.[/citation]
same here, and I have a shredder right next to my scanner so no forgetting to take care of the checks afterward.

 

[ubernoobie]

Headline : Government had their iphone hacked and lost 13.37 million dollars to an unknown source.

 

[techguy378]

OMG! This like totally awesome! I can just scan a few copies of my check, change the check number in my photo editing software and start making tons of money! Yay!

 

[pirocaman]

I use a bank (not USAA) that allows customers to submit scanned checks. I've used it a couple of times and have had no problems. I don't really see the issue with fraudulent activity - the bank has the option of holding funds until a check clears and this seems to be based upon the amount of the check, your history with the bank, and possibly your creditworthiness.

 

[WyomingKnott]

The problem for me is not depositing money into my account at the participating bank. The problem is that this invites the bank's customers to forge checks from me, and steal my money.

Something like this has already happened to me on a small scale. Check2000 allows companies to "convert" a check to an electronic debit. No image is kept at all! And the amount of the debit has frequently not quite match the amount of the check that I wrote. They just take what they think I should be paying, and leave me to straighten out my checkbook at the end of the month. The only defense would be photocopying every check before sending it.