Deposit Checks By iPhone

kaychoro writes to mention that at least one privately held bank is planning on removing a little bit more legwork for the consumer by allowing the electronic submission of paper checks via a new iPhone app. The app would allow users to take a picture of the front and back of the check and submit that to the depository. "Customers will not have to mail the check to the bank later; the deposit will be handled entirely electronically, and the bank suggests voiding the check and filing or discarding it. But to reduce the potential for fraud, only customers who are eligible for credit and have some type of insurance through USAA will be permitted to use the deposit feature. Mr. Peacock said that about 60 percent of the bank's customers qualify."

Comments

Re:Checks

[DAldredge]

Some people like having a physical record that they paid something

Re:Oh God Make It Stop

[Anonymous Coward]

When I voted for Obama, I voted for change. Not the kind that jingles in the purse pocket of the 90 year old lady standing in front of me at the Piggly Wiggly searching for her checkbook in her handbag. I understand that we probably can't leave these grannies without their paper checks, but at some point, probably during the Obama administration, a bunch of them will die off. We should use that as an opportunity to do away with checks completely.

Electronic bank transfer is where it's at. Paperless society. Swipe and go at the grocery store.

Please Mr. Obama, implement real change. Get rid of checks.

you're aware that the US government can't abolish checks, right?

They don't have the Constitutional authority for the War on (some) Drugs (particularly the asset forfeiture laws) or the bank bailouts or the Federal Reserve or warrentless wiretaps or detaining citizens without charges and due process or collusion with ATT either. Those were stopped by a lack of authority, right?

Bank disputes

[tepples]

Some people like having a physical record that they paid something

You mean like a bank statement?

In that case, some people like having a physical record that they paid something that they can use in disputes with a bank.

No you are wrong

[Archfeld]

Doing financial business in bits and bytes is ridiculously simple and easy, the cost is nearly nill, the banks are just robbing folks as usual. I worked for several years in a Global Funds Transfer department for a huge bank. GFT technology is OLD OLD OLD, think like telegraph/fax old, that is why it works to anywhere, in Mexico, or say Nigeria, or that little village in Tanzania. You just got screwed because the big banks OWN all the wires, and they have divided up the playing field so they seem to compete but don't really do so...