Coming Soon, Smartphone-Based Banking

An anonymous reader writes "Banks will be offering a new service at the end of the year that will let customers take a photo of a paper check and have it be deposited in their bank accounts, making the smartphone one step closer to an ATM."

Comments

wow

[Anonymous Coward]

about damn time.

DUPE

[MBCook]

This is a dupe from like 2 days ago, which was a dupe from like 6 months ago. USAA has been allowing this for months and months with the iPhone.

Re:DUPE

[sakdoctor]

The system still has bugs.

I took a photo of my ass crack using my phone, and the next day I had and extra $10,000 in my account.

Re:DUPE

[GiovanniZero]

Mod parent up, I'm on usaa and I've been depositing my checks using my iphone and now my android phone for about a year now.

Re:DUPE

[penguinchris]

It's not like it was an article that slipped under the radar, either... it has close to 500 comments. Easily one of the worst slashdot dupes I can recall :)

Re:DUPE

[Anonymous Coward]

You must be new here.

Re:DUPE

[Anonymous Coward]

If anyone was wondering... http://news.slashdot.org/story/10/03/16/0027217/Deposit-Checks-To-Your-Bank-By-Taking-a-Photo?art_pos=4

Re:DUPE

[c 0xFF]

Even in the USA ... how popular will this be, really?

I got about ten checks last year. Five were from a place that had the option for direct deposit (but it took a while for it to kick in). The rest were birthday/christmas presents (so it's only 2 trips to the bank).

Anybody getting a serious number of checks won't bother with this service (taking them to the bank is much easier). Only a small percentage will fall in-between, where they get enough checks to make it a feature worth having and not too many to make it cumbersome.

Re:DUPE

[Anonymous Coward]

It's not like it was an article that slipped under the radar, either... it has close to 500 comments. Easily one of the worst slashdot dupes I can recall :)

Slashdot: proof that you can be a financially successful "editor" without actually performing any proofreading, copy editing, or checking for duplicate stories.

Re:DUPE

[HaZardman27]

Any banks other than USAA feature this currently? AFAIK, USAA only accepts military members, prior military members, and families of military members as customers.

Re:DUPE

[CajunArson]

Mod parent up... oh and the USAA app supports Android too.

Re:DUPE

[Anonymous Coward]

Small numbers of checks are good too. I don't have a car. Going to the bank to deposit a check is a HUGE inconvenience. There aren't even any local branches for my favorite account right now. I would have to find a branch, which is not within walking distance of the subway station, deposit it there, wait for it to clear, and then transfer it to my good bank account. Alternatively, I would have to mail the checks in. I would love to do it on the cell phone at anytime.

Re:DUPE

[Marxist Hacker 42]

And has it occurred to you yet that a neat way to embezzle from companies that send you checks is with photoshop?

FTA: "The photo gets sent to the bank through its mobile application. In most cases, funds are in the customers account immediately."

Coming soon: iPhone customers get e-mails of photos of large checks from overseas customers, with an offer of 10% of the check in return for "check cashing services" and wire transferring back the balance.

Re:DUPE

[Orange Crush]

Even getting only one check in a year makes this feature worthwhile, imo. Why make a special trip to the bank to drop a check when you can just take a picture of it and be done with it? It's even handier for banks like USAA who don't have much (if any) physical branch presence.

Re:DUPE

[horatio]

USAA will accept non-military customers. However, the services they provide are severely limited. The only deposit method is a transfer from another bank, visiting a USAA branch in person, or snail-mailing in your checks.

The reason, they explained to me, is that in order to qualify for the "photographic" (scanned image, or iPhone app) deposits, you must have (or qualify for?) three specific services with them including some type of line of credit, insurance, and something else. If you're non-military, you aren't eligible for those services, ergo your options for depositing checks are very limited.

I'm not military (found out about them b/c my brother-in-law is), but I have checking, savings, direct deposit, and EBPP (both bill presentment, where ie the electric company sends USAA my bill and USAA notifies me how much the bill is, and payment - which everyone can do) with them.

Re:DUPE

[beakerMeep]

Small clarification: If you're a direct relative (child, spouse) of someone who has served you do get those services.

Re:DUPE

[david_thornley]

I feel like I've lived through this deja vu moment before.

Re:DUPE

[Anonymous Coward]

"Coming soon: iPhone customers get e-mails of photos of large checks from overseas customers, with an offer of 10% of the check in return for "check cashing services" and wire transferring back the balance."

So how would that work any different than depositing it at the branch office?

Re:DUPE

[nilbog]

And Android phones.

Re:DUPE

[TheDawgLives]

Most companies have to pre-authorize checks before they will clear. The company sends the check number and amount to their bank. When you deposit said check, your bank sends the check number and amount to the company's bank, that bank notices that the check number a) has not been authorized or b) does not match the authorized amount and notifies your bank to remove deposited amount from your account. You fail and probably go to jail.

Re:DUPE

[GiovanniZero]

Of course, I always want to steal from people that know who I am and where I live.

Re:DUPE

[home-electro.com]

Special trip? Don't you ever go to ATM to get some cash? I do, usually once or twice a month. Any check I have just wait until I have to go to the bank.

What are they gonna do next -- cash withdrawal via iPhone? Show the photo of the cash to the clerk at the store....

Re:DUPE

[Cryacin]

I took a photo of my ass crack using my phone, and the next day I had and extra $10,000 in my account.

If it would withdraw $10k from your account, it would be considered a feature.

Re:DUPE

[c 0xFF]

And the obvious reply is ... who uses cash anymore?

In the end, what one person sees as easy and common another person sees as hard or an inconvenience.

Even though I don't see myself using smartphone banking in the near future, I do see the value of having it as an option.

Don't get checks? Nothing to see here, move along!
Already go to the bank or an ATM? Look! Ponies!
Don't have convenient access to a bank? Don't worry: there's an app for that!

Re:DUPE

[horatio]

Correct. I should also clarify that my relationship w/ USAA is civilian and independent, not anything to do w/ my brother-in-law other than knowing of USAA b/c he talked about it.

Re:DUPE

[Otto]

Most ATMs I see these days don't have deposit capabilities.

Also, the only time I use cash is when I'm bar hopping. Who uses cash these days? Even drive through fast food joints have card swipers on them now.

Re:DUPE

[e2d2]

In other news - Did you guys hear Corey Haim died?

Re:DUPE

[bsDaemon]

My grandfather was a Navy officer from 1936-1942 (medically discharged after Pearl Harbor), and my mom's dad was in 75th infantry. Neither my father nor my mother were in the military, but qualify for USAA, and I qualify for USAA, too... and they constantly try and sell me services. So they take grand kids, too.

Re:DUPE

[Anonymous Coward]

Slashdot has "financially successful editors" like McDonald's has "financially successful cooks".

Re:DUPE

[mdwh2]

Well, be fair - it makes up for all the Iphone dupes we get about things that other phones have been doing for years and years...

Re:DUPE

[ls671]

> I took a photo of my ass crack using my phone, and the next day I had and extra $10,000 in my account.

You can achieve the same by just depositing a blank sheet of paper at an ATM pretending it is a 10,000$ check.

In a few days, they will adjust your account ;-))

Note that only the amount you have set as credit limit on your account is available for withdraw in the mean time.

Re:DUPE

[Marxist Hacker 42]

Funds are available INSTANTLY- no waiting for the check to clear.

Re:DUPE

[Marxist Hacker 42]

And for your going to jail, some guy in Nigeria gets a large wire transfer that went out in the mean time- that's the problem with funds being available in the account immediately.

Re:DUPE

[Anonymous Coward]

Most companies have to pre-authorize checks before they will clear. The company sends the check number and amount to their bank. When you deposit said check, your bank sends the check number and amount to the company's bank, that bank notices that the check number a) has not been authorized or b) does not match the authorized amount and notifies your bank to remove deposited amount from your account.
You fail and probably go to jail.

Citation please? I've never heard of any such thing (in the US)

Re:DUPE

[Anonymous Coward]

I've never heard of that. And it sounds like a big hassle. The bigger the company (the more checks they write) the bigger the hassle.

Citation?

Re:DUPE

[sootman]

You know what though? Remember years ago, when Slashdot used to have some dupes? And then it got pretty bad for a while and was like a total joke? I remember once seeing the same story twice on the homepage, about 4 stories apart. And it would've been so trivial to implement a dupe-checking system--search for stories by keyword and URL and a couple other things would catch 99% of them. Anyway, this is, I think, the third dupe I've seen in... six months? I don't know but it's been a LONG while since the bad old days. Kudos to Slashdot for finally getting dupe-checking (mostly) figured out!

Re:DUPE

[T-Bone-T]

Most ATMs don't have deposit capabilities but a significant number actually do. It is quite convenient, especially when you arrive just after the bank closed.

Re:DUPE

[Anonymous Coward]

This is a great boon to college students who often have a bank back home but no local branch. This makes cashing checks a pain unless you opt to open a local account that will likely start charging annual fees after graduation.

Re:DUPE

[gnarfel]

As a teller for a large credit union, (similar to a bank, but member oriented instead of shareholder. Not-for-profit version.) there are checks that do this. Some of them require you to call the number on the front of the check and verify both amount and serial #, then you write an 'authorization number' or some such on the front. Business accounts usually are offered an option of pre-authorized checks, and I've even seen some business banking brochures that specifically offer 3rd party accounting software ledger support...I would assume it uploads a list of checks you've written out, so your financial institution can only allow certain combinations?

Re:DUPE

[mjwx]

Mod parent up, I'm on usaa and I've been depositing my checks using my iphone and now my android phone for about a year now.

People are still using cheques, how quaint. I haven't seen one in years.

Do fax me your reply, I'll send something back via telegraph or the fastest Royal Mail steamer.

Re:DUPE

[babyrat]

Even in the USA ... how popular will this be, really?

Perhaps you and your friends don't get cheques often, but a lot of people do. I get cheques from my tenants every month. I have several friends who also own rental properties - they get a few cheques per month as well.

Those cheques are generally the only reason I have to go to the bank. If i paid $50 for an app for my phone to avoid those trips, it would be a bargain.

Other people that would like would be perhaps private daycare places - 8-10 cheques per month, people who provide music lessons, part time fitness consultants...the list goes on and on.

Re:DUPE

[Anonymous Coward]

Oh, I hate those jerks who want to swipe a card for their frickin' pack of gum. Yeah, no problem, we can all wait in line while you swipe a couple of times and then fat finger your PIN or sign and have your signature verified. I think that most of these people use only cards because they're too retarded for their mothers to let them carry cash. Seriously, if you have to swipe your card every time you buy something can't you at least try to remember your PIN, or at least write it on that card around your neck saying "Hi my name is Wayne". On the other hand I wish that a proper cashless society really worked. Touchless proximity payment or thumbprint or something.

Re:DUPE

[Opportunist]

In this case I propose a career in politics or management.

Re:DUPE

[anexkahn]

I've been using USAA to deposit checks with my scanner at home for about 4 years now; works great :)

Re:DUPE

[michaelhood]

And has it occurred to you yet that a neat way to embezzle from companies that send you checks is with photoshop?

Larger companies use something called Positive Pay that prevents this:

ABC Company issues approximately 600 checks each Friday. After the checks are cut, ABC Company transmits to their bank, First Bank, a list of the checks that they issued (check number and dollar amount). This list is imported into First Bank's computer.

Later, when the checks are presented to First Bank for payment, First Bank matches each check presented against ABC's previously transmitted lists. If the presented checks' numbers and amounts appear on a previously submitted list, the check is sent through for payment. If both items do not match, the check is not cleared.

So you'd just be defrauding your own bank that you deposit at, and I think you can guess how that will end.

Re:DUPE

[michaelhood]

AI would assume it uploads a list of checks you've written out, so your financial institution can only allow certain combinations?

Yep - I just posted about this upthread

Re:DUPE

[nacturation]

In other news - Did you guys hear Corey Haim died?

And right after Stephen King! Truly an American icon.

Re:DUPE

[TheDawgLives]

You have to read the fine print! The funds show in your account immediately, but are not available for withdrawal. Your bank will not allow you to withdraw those funds until they have been cleared by the check writer's bank. It's the same as if you walked the check into the bank and deposited it. Your bank will always cover it's own behind. That's why banks won't let you cash a check unless a) the check writer's account is with said bank, or b) you have an account with said bank that has enough funds to cover the check. If both cases are false, then they make you deposit the check.

Re:DUPE

[Marxist Hacker 42]

RTFA: "The funds are *available* immediately".

Re:DUPE

[TheDawgLives]

From TFA: "In most cases, funds are in the customers account immediately."

in the customers account != available for withdrawal.
You may get credit for the funds when interest is paid, but you can't remove the funds until the issuing bank clears the check.

See USAA's information on deposit@mobile
Specifically the FINE print: "Deposits may not be available for immediate withdrawal."

Re:DUPE

[Otto]

Errr... What? Swiping a card takes far less time than paying with cash. Seconds, really.

Also, credit cards don't have PINs. Most of the time these days, they don't even require you to sign a slip anymore. At my local gas station I've paid for up to $30 without having to sign a single thing. Takes 10 seconds, max.

Seeing somebody pay with cash followed by having the illiterate idiot behind the counter try to make change when she can't even count properly always makes everybody else in the line groan.

Security... anyone heard of it?

[Anonymous Coward]

All those nifty security features are completely and totally worthless now?

Re:Security... anyone heard of it?

[Anonymous Coward]

Not when they sit on the money for 2 weeks waiting to make sure its 'Ok' to release it to you.

Or only releasing it to you when the history of your account shows its unlikely they'll be unable to take the money back out if the check is fake.

There are ways to mitigate the problem, those ways are already in place and have been for years because all those security features are already worthless since very few people bother to actually VERIFY them.

Realistically though, writing fake checks and getting them cashed is a cake walk. You don't take the check to a bank, you take it to somewhere that it can be cashed by a guy who makes $6/hour and only has to make sure that it has a drivers license (I've been there).

So now, once they've given you an account and clearly identified you, you can try to slip a fake check into your account with a photo. I fail to see how this is going to make it any different than it currently is. The person depositing the fake check is still going to be responsible for it, not really changing anything. Now instead of going to an atm and depositing a fake, you take a photo of it and push it to a web page. Same thing, different location, nothing of value lost. They aren't going to 'catch' you at home any more than they were going to 'catch' you at the ATM machine at 3am

Re:Security... anyone heard of it?

[Marxist Hacker 42]

RTFA: "The photo gets sent to the bank through its mobile application. In most cases, funds are in the customers account immediately."

Soon to come- android and iphone customers are bombarded with spam containing the pictures of check of large amounts, "to be deposited and wired back to us for a 10% check cashing fee". None of which are any good.

deja vu

[bugs2squash]

all over again

Re:deja vu

[Ossifer]

This is more like deja deja vu all over and over again...

Re:deja vu

[jaavaaguru]

That just reminded me of xkcd explained over and over and over again.

They've already offered similar to businesses...

[FooAtWFU]

... only without the cell phone, but with a scanner device of some sort. It's nice to see the technology expand, but one worries about the enhanced potential for check fraud under this new scheme.

Ditch checks!

[mseidl]

I've lived both in Europe and the USA, and I have to say, ditch the checks. Seriously. It's a joke and a pain in the ass.

Re:Ditch checks!

[0100010001010011]

If I buy something from someone impromptu for greater than the amount of cash I carry, I can always use a check. Wirelessly, No internet required. Not everyone has a smart phone and can log in to PayPal or their bank anytime they want to send money.
-
If you dupe the articles, I'll just dupe my comments.

Re:Ditch checks!

[Abalamahalamatandra]

You say that, and I'd agree, BUT...

The other day I bought a new TV, and the total came to about $2K. The nice salesguy told me to go ahead and use my bank account debit card, even though I had wisely brought my checkbook.

He tries to run it, it fails and tells him to call the bank. The bank automated line says no and refuses to transfer him to a person, which he says it usually does.

So instead, I write a check, he scans it and gives it back to me, and it goes through just fine, no phone call at all.

Obviously there are some other things that will have to be put in place to ditch the checks, but it can't happen soon enough for me - that's the first check I've written in over three years and it was a pain to write.

Re:Ditch checks!

[Anonymous Coward]

What happens when you charge a $1300 macbook pro to your credit card for someone else, and then need compensation for it? I don't want cash, it is dangerous. I would have to go to the bank to deposit the cash too. I don't want a giftcard for $1300. It would take a long time to use up, and the credit card bill would be coming in just a few weeks. Most non techies don't have paypal or know how to transfer money between bank accounts for free. So yes, I still get checks from people like this, usually my parents or grandparents. Do you know what happened when my Dad gave me 600 in cash and I didn't get around to putting it in the bank? Someone just walked right into my room and stole it.

Re:Ditch checks!

[Anonymous Coward]

Not everyone has a smart phone and can log in to PayPal or their bank anytime they want to send money.

I suspect that more people have smart phones than carry cheque books around with them but even so...how about a debit card? And how far are you usually from a cash point? Maybe this is just a matter of the US being sparsely populated relative to its size so you're more likely to be a long way from amenities?

I do have a cheque book and no smart phone but I can't imagine carrying the cheque book around with me in case of impromptu purchases. 20 years ago, sure.

Re:Ditch checks!

[NormalVisual]

It's a joke and a pain in the ass.

So is the $4.50 transaction fee my power company wants to charge me for an online credit/debit card transaction. A check costs me 44 cents to mail.

Re:Ditch checks!

[Mister Whirly]

That's easy - don't charge a $1300 Macbook on your credit card for someone else. Tell them if they want a Macbook, they can figure out how to pay for it too. See also: don't leave large sums of cash just laying around unprotected. Additionally see also:try not to live with people you cannot trust.

Re:Ditch checks!

[beakerMeep]

Ditching using checks is great, not accepting checks as payment is not so much.

Re:Ditch checks!

[DarwinSurvivor]

Most non techies don't have paypal or know how to transfer money between bank accounts for free.

Setting up online banking is pretty bloody easy if you ask me. For that matter, I guarantee you that it's a heck of a lot easier than setting up "cheque by smartphone".

Re:Ditch checks!

[Anonymous Coward]

I don't want cash, it is dangerous. I would have to go to the bank to deposit the cash too.

You could grow a spine, maybe?

Re:Ditch checks!

[Xiaran]

I grew up in Australia and now live in Europe. Australia is much more sparsely populated than the US and we ditched the cheque before Europe.

Re:Ditch checks!

[0100010001010011]

Checks are "free". Debit cards are $2 (minimum) on up.

And 'with' me means it's in my glove box. I had a batch stolen once and it was easier to deal with those than it was to deal with stolen credit cards.

Re:Ditch checks!

[blair1q]

"he scans it and gives it back to me"

In other words, the check was a pointless part of the process. He could as easily entered the numbers from the front of your debit card. Or you could have used a different debit card for the same account (exactly the effect of scanning the numbers on your check).

You'll notice, though, that it's the check that was the insecure means of dumping money from your account. It didn't require a PIN the way your debit card did. That's why your debit card number isn't just a plastic version of the numbers on your check.

Paper checks are essentially useless, except in situations where there are no electronic devices around to mediate the transaction. Your example, unfortunately, didn't exemplify that so much as it exemplified the confusion due to the amorphous technical nature of the banking system.

Re:Ditch checks!

[jaavaaguru]

My bank is 2,500 miles away. And I don't see the problem with having $1,300 in cash... it's not like you can't take it home with you and leave it there for when you need it.

Someone just walked right into my room and stole it.

I only have one room mate and I trust her 100%, so that's not something I would worry about.

I have a check book somewhere... I think it's at the bottom of a drawer in my office room. I grew up in Europe after they'd stopped using them, and now I'm in a country where I'm surprised to see people still using them.

Re:Ditch checks!

[Fex303]

What happens when you charge a $1300 macbook pro to your credit card for someone else, and then need compensation for it?

This objection comes up in every discussion of cheques/checks with Americans. Let's make this clear - the issue you're discussing is a solved problem. All over the rest of the world, you can just transfer money between bank accounts for free.

Here in Australia, when I need to pay my housemate my share of the rent, I log in to my online banking, select 'pay anyone' from the menu, select her name from the list of people I've paid recently (the site autofills her BSB and account numbers), I enter how much I want to give her and it's in her account the next morning. This service is free, works between all banks, credit unions, and building societies, and bounces money back to your account in the event of number and account name mismatch. It is essentially the same as wire transfers, but less complex and without the insane fees for shovelling some bits from one account to another. There is a system of checks (not cheques) and daily limits that keeps fraud from being any more of an issue than in the US.

Many small businesses and eBay sellers prefer this method of payment to any other for obvious reasons - it's free, it's reliable, and minimises effort for all parties.

I'd never used or considered using cheques until I lived in the States. I'm really, really glad that I don't have to keep using them.

Re:Ditch checks!

[Anonymous Coward]

And the spoiled young people chime in, hooray.

Re:Ditch checks!

[michaelhood]

"he scans it and gives it back to me"

In other words, the check was a pointless part of the process. He could as easily entered the numbers from the front of your debit card. Or you could have used a different debit card for the same account (exactly the effect of scanning the numbers on your check).

Completely inaccurate, not even sure where to start. In the US, most debit cards are Visa or MasterCard (and that's what numbers would be on the front), but even 15 years ago when they would have been 'ATM'-type cards not on the Visa/MC networks those numbers are not the ABA (routing) and account numbers from a check.

When someone takes a check from you and scans it like that, it's handled it one of two ways in a "back-office conversion"-

1) Conversion to an EFT and processed on the ACH network under NACHA rules.
2) Info is saved and an Image Replacement Document is generated and submitted into the Federal Reserve system(s) the same way a paper check is (those are 99% scanned now when deposited, not mailed anymore), for settlements between the two banks involved in the transaction.

Re:Ditch checks!

[dbcad7]

Depends how you do it.. You only have to pay $2+ if you use a bank or ATM that is not your bank.. You mostly don't have to pay squat to buy things, and you can get cash at grocery stores and many convenience stores with a purchase... Paying the "ATM fee", just shows poor planning, and is easily avoided.. On the other hand, your check isn't going to get you squat at an ATM or gas pump, no matter whose bank it is.. You also have to ignore the sighs, and rolling of eyes of the people in line at the grocery store who think your a moron.. It's also much easier to lose a checkbook, than a wallet.. In reality, checks are only good if you need to mail someone (or a company) money, and they not in a hurry. or to pay rent if your landlord is not set up to take electronic payments.

Re:Ditch checks!

[TheThiefMaster]

In the UK all the banks have an agreement that they won't charge anyone for withdrawing from each others' cash machines, even if it is not their own bank. The big shops have cash machines provided by a bank, so they're free too. Of course, using a debit card to pay for something directly is also free.

The only machines that cost to withdraw from are the "portable" ones found at independent petrol stations, in pubs, etc. However these places normally let you pay by card with no additional charge, so you're not usually forced to use them.

Re:Ditch checks!

[IrquiM]

Got VISA for that!

Or if I don't want to use the credit card - I just don't buy it, and save the money I would've spent.

Oh, and you don't need a smartphone to do banking via the phone either. It's been done with land lines for 15-20 years now.

Re:Ditch checks!

[Slashdot Parent]

This objection comes up in every discussion of cheques/checks with Americans. Let's make this clear - the issue you're discussing is a solved problem. All over the rest of the world, you can just transfer money between bank accounts for free.

That's great, but we don't have this set up here. It sucks, but we just don't.

If we did, we wouldn't use checks, either.

Re:Ditch checks!

[lazarusdishwasher]

PNC bought my former bank and added this to my online banking.
https://www.popmoney.com/popapp/faces/popmoney/about/how_works.html

Re:Ditch checks!

[Slashdot Parent]

Cool service. Looks like it launched about 6 months ago. Hopefully they'll sign up more banks.

The US badly needs a free way to send money to people. Checks blow goats.

Re:Ditch checks!

[ivogan]

1. Priorities my good sir/madam... 2. Most financial institutions provide a night depository feature if you can't get there during business hours.

USAA

[Scyth3]

USAA does this already. It's not "coming soon", it's already here. It's more or less who's still catching up.

Fraud

[Anonymous Coward]

Yeah, that won't be fraud-prone.

I think the only thing deterring most people with a shred of computer skills from passing fraudulent checks (besides morals) is that they're printed on security paper.

Re:Fraud

[Jeng]

I thought it was because check fraud is hilariously easy to catch?

Re:Fraud

[gpseudof]

This is such a common misconception. A legal check does not have to be printed on any kind of "security" paper. The only requirements are that it is an unconditional order to pay an amount, and that it has sufficient information to identify where the money comes from (account number, routing number, etc). There are plenty of common stories in the banking world of people writing checks on ridiculous things such as tissue paper, various food items, etc, and requiring the bank to process it. And unless the bank doesn't mind losing the customer, they do, because it is perfectly legal. The "security" features are mostly there as a convenience to the bank, as obviously it is not easy to process a check written on a kleenex.

Re:Fraud

[Locke2005]

So it's perfectly legal to write out a check on an underage girl's chest, then take a photo of it and submit it? I need to know, 'cause I've got plenty of underage girls handy, but I'm running out of checks...

Re:Fraud

[vikingpower]

Exactly. A legal check is nothing more than a written order by the account holder to his bank, to pay a certain amount from his account to an identified person, with the stress upon "identified". It needs the account indentification ( a number, in our times), the account holder's name, and his signature. This goes back all the way to Antiquity, when checks travelled considerable distances through space and time, and were still cashed.

Hey Look

[MilesTails]

http://news.slashdot.org/story/10/03/16/0027217/Deposit-Checks-To-Your-Bank-By-Taking-a-Photo?art_pos=67 A similar post appears!

Seriously?

[Anonymous Coward]

We just saw this. And USAA has an app for that.

And this will be called...

[hilldog]

Chexting? ;-)

Re:And this will be called...

[swanzilla]

Chexting? ;-)

"Chequexting" in Europe and Canada.

Already happening - USAA Deposit at home on iPhone

[Anonymous Coward]

USAA already does this, USAA Deposit at home for the iPhone already does this, and has for a good while, everyone else it trying to catch up.

Checks?!

[while(true)]

You americans are funny!

Re:Checks?!

[zwarte piet]

Yeah, I haven't seen a checque since the mid nineties

Fraud opportunities

[FrigBot]

What an awful idea.

You're taking the piss.

[Colin Smith]

No? Really. Taking a photo of a cheque?

Writing out a cheque, then taking a photo of it? No. You're pulling my leg. And this is an advance?

Why not just transfer the money using the phone?

We can do it here in Europe. They can do it in India and Africa for goodness sake;

http://europe.nokia.com/ovi-services-and-apps/nokia-money

 

Re:You're taking the piss.

[Jeng]

Do you get a paper check from your employer?

We do use direct deposit a lot here in the US, but some people just prefer checks.

Just because checks are available it does not mean that the other options are not available.

Re:You're taking the piss.

[Anonymous Coward]

No? Really. Taking a photo of a cheque?

Writing out a cheque, then taking a photo of it?

This is not for the people who write the checks. This is for when some geezer gives you a check.

(Why would you write a check to yourself, even if you could process it immediately?)

Re:You're taking the piss.

[Anonymous Coward]

This is for when some geezer gives you a check.

An Amish geezer? Like you've sold him a horse shoe or something? I guess it could happen...

Re:You're taking the piss.

[D Ninja]

An Amish geezer? Like you've sold him a horse shoe or something? I guess it could happen...

Well, it's a little stupid to just transfer money into the grandkids account for their birthday present. More fun to give them a check...

Re:You're taking the piss.

[Colin Smith]

Reduce costs of toady s operations by enabling e.g. mobile prepaid top up transactions

lol. I did however like this statement. If it goes through a spell and grammar checker it must be right.

 

Re:You're taking the piss.

[eln]

This is the only reason I could see using this. My grandfather used to send me checks for $10 every year for my birthday. This continued until I was well into my 20s. I would often just leave the check laying around, because who wants to bother going all the way to the bank for a lousy ten bucks, but he watched his accounts like a hawk and would pester me about why I hadn't cashed the check yet. So, eventually I had to go and cash it. This sort of thing would have been helpful in that case.

Other than that, though, I haven't received a paper check from anyone in quite some time.

Re:You're taking the piss.

[Anonymous Coward]

Okay, I can accept that. The gift explanation is the only one I've seen here so far that's at all convincing but I'm sure there are others too. Still I can't believe it's frequen enough for the phone-scanning thing to be mentioned above any other weirde gimmick.

Re:You're taking the piss.

[DragonWriter]

Why not just transfer the money using the phone?

There a number of ways to transfer money using the web (including via smartphone.)

This isn't a replacement for those as a mechanism to send money to someone else using your phone, its a replacement for going to the bank (or ATM) and doing a physical deposit when you receive a check.

Re:You're taking the piss.

[BagOBones]

Some reasons that come to mind

- Transferring money money > $100 from/to someone over 50 will likely be a Check as they don't get computers or smart phones
- Some small businesses refuse to do direct deposit since the banks charge a premium
- Debit often can't be used for large purchase because of daily withdrawal limits that are part of fraud protection measures
- Some people with bad credit can't get credit cards

Re:You're taking the piss.

[BagOBones]

You must be really lazy or your bank is very far away.

Re:You're taking the piss.

[Dionysus]

Do you get a paper check from your employer?

No

Re:You're taking the piss.

[BitZtream]

This isn't for people in the modern age that transfer money to others.

This is for people in the modern age that still get checks from people who would rather avoid electronic methods for whatever reason.

Is transfering money over the phone the only way you can make a purchase in Europe and Africa? Whats that? You guys have checks too? No shit? So this is probably something that'll happen there too?

God, when will people like you realize that now days every place on Earth is more or less the same as ever other place on the Earth as far as level of technology for a given class of people.

Poor people will still be poor, rich will still be rich.

I'd really prefer that people like yourself wake up and realize that you really aren't any different than people elsewhere. You don't have anything that makes you better overall. You just have minor differences that more or less balance out in the end.

How do I know? There isn't a mass exodus of American's to Europe or vice versus.

And another important note: No one actually thinks Europeans are cool like they make it out in American movies or where ever you get that arrogance from. The entire rest of the world knows you're just as much of a douche bag as everyone else, the only ones who don't know it are Europeans :/

Re:You're taking the piss.

[Anonymous Coward]

Is transfering money over the phone the only way you can make a purchase in Europe and Africa?

Well, apart from cash people usually use credit card, debit card, or they pay an invoice by transferring money to the other account. The latter can happen online, or at ATMs or by filling out a form at the bank (similar to a check, you just don't send the paper, but you give it to your bank and transfer the money).

Whats that? You guys have checks too? No shit? So this is probably something that'll happen there too?

Probably it can. It did not happen to me in the 25 years I have a bank account. The only person I know having to deal with checks is somebody who got some from the US. I just had a look at the web page of my bank to see what information they had on checks. They only mention traveller's cheques.

It has nothing to do with being better, it probably is a lot about what you are used to (and what your banking systems feels like offering you). But by my experience checks are really, honestly a total rarity that I personally never encountered in my life (and I'm in my mid-30s).

Re:You're taking the piss.

[babyrat]

Writing out a cheque, then taking a photo of it? No. You're pulling my leg. And this is an advance?

No, not writing out a cheque and taking a photo of it.

Receiving a cheque from a third party, and depositing it via a photo.

For someone so high tech, you might want to work on your comprehension skills.

Re:You're taking the piss.

[michaelhood]

Do you get a paper check from your employer?

We do use direct deposit a lot here in the US, but some people just prefer checks.

Just because checks are available it does not mean that the other options are not available.

A staggering number of people don't have a place to get direct deposits sent..

The Federal Deposit Insurance Corporation (FDIC) released a survey on American households that are “unbanked” - have neither a checking account nor a savings account, and “underbanked” - have a checking account or savings account but rely on alternative financial services. Alternative financial services can include using a non-bank check cashing service, non-bank money order service or a payday loan service.

There is an estimated 9 million households that do not have a checking account or savings account which is 7.7 percent of U.S. households.

In addition to the unbanked households, there are an estimated 21 million households that are underbanked which is 17.9 percent of U.S. households

Re:You're taking the piss.

[DavidD_CA]

Because there are these things called "businesses" and they practice this concept called a "paper trail".

My clients are primarily mid/large businesses and government agencies. As much as I would love to have my clients pay me electronically, none of them do. They all send a check through their AP systems via mail.

I eagerly await being able to "deposit" my checks while I'm standing at the Post Office going through my mail.

Oh, and another thing about electronic funds transfer: the fees can be killer. 4% is fine when you're dealing with a $25 payment. But 4% off my $10,000 paycheck is a serious fee.

Re:You're taking the piss.

[Cimexus]

I'm sorry, I just find it staggering that there are such huuuuge fees on EFT in America. Everywhere else, a cheque might attract a fee, because it is slow, cumbersome and requires manual effort. OTOH, EFT is free, virtually everywhere. The banks want you to use it, cause it's less work for them.

Hell, even the fee for a WIRE transfer to a FOREIGN account is less than 4% (I think it's 2% at my bank). A 4% fee to a domestic account is just highway robbery.

Without any exaggeration I can say the following:

- I have never written a cheque, nor even had a cheque account.
- In my life (27 years), I have received 3 cheques. One of which was actually from the US. The other two were in the early 90s.

Not to dispute that for you, this development is exciting and a time-saver (after all, it's not your fault that your client can't pay you electronically). I'm just so shocked at the size of the fees! :o

Re:You're taking the piss.

[DavidD_CA]

Yeah, it does suck. It's almost the opposite of your situation. Checks are free, but some electronic payments are not.

Granted, some are. I can pay most of my bills online without an extra cost. Why that is free, and others aren't, is beyond me.

And every now and then I'll run into a government agency who charges EXTRA to process your payment electronically. Granted, it's probably because their provider charges them and they're just passing it on.

The same is true for non-profits. If I use my credit card to donate $50, they only get to keep $46. So sadly, they discourage people from making online donations.

Re:You're taking the piss.

[Anonymous Coward]

Who has got a smart phone in Africa?

Simply send an SMS to do your banking (sorry can't find the link right now) or alternatively use a WAP style menu by pressing *120*321#

See https://www.fnb.co.za/cellphone-banking/cellphone-banking-for-individuals.html
https://www.fnb.co.za/cellphone-banking/cellphone-banking-faq.html

If you do have a smart phone, visit the .mobi version:
sbcell.co.za
fnb.mobi
https://ib.absa.co.za/ib/mb.do
https://www.nedbankmobile.co.za/

That's every major bank in SA.

FNB is really good with this (if you see it like this), they restrict you from accessing the .mobi site only from the SIM card that has your registered number.

Re:You're taking the piss.

[smeg]

It is important that the cheque be photographed on a wooden table.

"making the smartphone one step closer to an ATM"

[hivebrain]

"This phone will charge your account a $1.50 fee to make this call. This fee is on top of any other fees that may be charged by the phone to which you are dialing."

People still use cheques?

[Anonymous Coward]

Please me excuse me while I laugh all the way to the bank...

Re:People still use cheques?

[BitZtream]

You must still be using checks, why else are you going to the bank now days?

Way to douche it up.

Re:People still use cheques?

[Anonymous Coward]

I only rarely go to the actual bank. Everything else I can do online. Bank statements are send via mail if I dont pick them up. It never ceases to amaze me that people consider cheques in any way advanced...

Yawn

[Anonymous Coward]

My credit union has had something just as good and much simpler for years.

You just mail the freaking checks in. You go to your web browser, enter the amounts and info, and mail the check in within a couple days. They immediately credit your account up to $1500 worth of checks while they wait to receive them.

This news is incredible in that is completely non newsworthy.

And I bet my credit union charges much less than your bank for the privilege of checking.

Re:Yawn

[DarwinSurvivor]

Does anyone know the statistics on how much mail goes missing compared to going through? I'd hate to send in a cheque for $1000 just to find out the cheque never made it. Especially since that cheque is the ONLY COPY!

Re:Yawn

[michaelhood]

Does anyone know the statistics on how much mail goes missing compared to going through? I'd hate to send in a cheque for $1000 just to find out the cheque never made it. Especially since that cheque is the ONLY COPY!

If it really concerned you, you could just make a copy (like a regular photocopy) of it before you mailed it off.. your bank would be required to honor this copy of it provided it meets some simple guidelines you can google.

Re:Yawn

[DarwinSurvivor]

Kind of makes the non-photocopy-able security features kind of useless now doesn't it...?

Fraud no different

[Anonymous Coward]

Committing fraud with checks is just as easy whether you take a photo or mail it in. I think it is a great idea for an interim solution. In the end there will be fraud investigation whether it was a photo or a washed check.

Later on down the road I would like to see a secure paperless money system that does not require me to touch dollar bills that came from a strippers g-string and to not stand behind old ladies writing checks at Wal-Mart for $2.68 of merchandise

I have some questions

[Alanonfire]

What types of checks are allowed? Is it all types? Personal and Paychecks?

Can you deposit a money order or cashiers check?

Is there a fee? I'm sure there is.

How long is there a delay between submitting and getting your money?

Re:I have some questions

[ZX-3]

I can only speak for the USAA experience, where your funds are available immediately (up to a $10k/day limit, I believe) and there is no extra charge. I have successfully deposited checks that were not even made out to me (they were endorsed over to me).

The only time I ever had trouble was when a careles signer got part of their signature over the account numbers at the bottom of the check.

Re:I have some questions

[Alanonfire]

Man, this is so alarming.

I'm not a fan of automated services at all.

But what annoys me the most about what you just said is that you're allowed to do things via mobile phone that I've been rejected for in person. I was rejected trying to deposit a check that was signed over to me.

Do you know if they do any matching of the signature to the bank account the personal check comes out of?

Even more annoying is that my bank, unless the issuer of the check is the same bank, holds my checks for 1 or 2 days before the funds are available.

I can't believe the banks put so much faith in people.

Re:I have some questions

[Anonymous Coward]

Everyone has mentioned that USAA requires you to have "a line of credit" and "insurance" in order to use this service. Perhaps it is the customers who should be alarmed... they ought to check the fine-print and see exactly where the chip falls in cases like fraud by the person who gave you the check. It kind of sounds like USAA is giving them the "convenience" of cash advance and may treat it as credit to be repaid if the check doesn't later clear normal processing. Will there be interest or overdraft fees...?

Re:I have some questions

[michaelhood]

Do you know if they do any matching of the signature to the bank account the personal check comes out of?

That would be up to the bank who the check is drawn against.. (i.e. the check writer's bank)

It's not as if USAA (or any other bank) has some global superdatabase of everyone's signatures.

In terms of automated services, I think you vastly overestimate what goes on when you deposit a check presently via an ATM or something. It's 99% automated..

Re:I have some questions

[Alanonfire]

I don't like putting checks in ATMs.

You're right about the approach to signature checking. It makes me as paranoid as it does now that they keep raising the limit of purchase required on a credit card before they check your ID at a store.

I guess I should break out of my "everyone is mostly evil" mentality and stop worrying.

Re:I have some questions

[michaelhood]

I don't like putting checks in ATMs.

You're right about the approach to signature checking. It makes me as paranoid as it does now that they keep raising the limit of purchase required on a credit card before they check your ID at a store.

I guess I should break out of my "everyone is mostly evil" mentality and stop worrying.

Credit cards are infinitely safer.. you're not liable for the fraud in almost every conceivable case. Also, it's "debt" you owe the credit card company until it's sorted. With checking info, it's gone from your account until they find it or you're made whole through other means..

I'm tagging this onlyinamerica

[Anonymous Coward]

because only in america could something as simple as a money transfer be so completely ridiculously involved.

But then, I've heard you need a taxman or special software to do your taxes, so I guess I shouldn't be surprised.

Re:I'm tagging this onlyinamerica

[pandrijeczko]

Nope, I'm afraid your wrong, it's crazy outside the US as well...

If you're in the UK, a normal (non-business) bank customer and transferring anything more than a couple of thousand pounds to a foreign bank account, not only do you have to go into the bank branch sit with a member of staff filling in computer details for a half hour, but also the money literally just *disappears* for a couple of days going through some kind of money laundering checks somewhere - oh, and of course the organisation making those checks is, UNDER NO CIRCUMSTANCES WHATSOEVER, investing that money while they have it and making some interest on it!

Re:I'm tagging this onlyinamerica

[trapnest]

But then, I've heard you need a taxman or special software to do your taxes, so I guess I shouldn't be surprised.

Only if you have insanely complex tax history. Or are a lazy mofo. I've always done them my self.

Re:I'm tagging this onlyinamerica

[stewbacca]

because only in america could something as simple as a money transfer be so completely ridiculously involved.

Wait, what? I thought the whole point of this is to make depositing money more convenient. Take a picture and it's deposited. How is that "ridiculously involved"? It's not really any different than the current ATM scanner that just scans the check and deposits it (other than it keeps the check, and that you have to go to an ATM to do it).

Re:I'm tagging this onlyinamerica

[mjwx]

Only if you have insanely complex tax history. Or are a lazy mofo. I've always done them my self.

Here in Australia the ATO (Australian Tax Office) publishes it's own tax return submission software, E-Tax free of course for anyone holding an Australian tax number. This program is the only means to submit personal tax returns electronically, this is mostly for security reasons.

The bog standard paper TaxPak is still available and so are accountants, who will just use E-tax anyway.

Re:I'm tagging this onlyinamerica

[michaelhood]

Here in Australia the ATO (Australian Tax Office) publishes it's own tax return submission software, E-Tax free of course for anyone holding an Australian tax number. This program is the only means to submit personal tax returns electronically, this is mostly for security reasons.

You mean like freefile here in the states?

Re:I'm tagging this onlyinamerica

[IrquiM]

When it comes to banking, UK / US isn't much different. When people talk about Europe in the Banking world, they are talking about the bit connected with Asia.

Yes, I live in UK, but I still use my Norwegian bank account and debit card as it's cheaper than getting a British one.

Re:I'm tagging this onlyinamerica

[isorox]

If you're in the UK, a normal (non-business) bank customer and transferring anything more than a couple of thousand pounds to a foreign bank account,

I sent £2,500 last week online with hsbc, has to be sent between 09:00 and 15:30.

I went to renew my subscription...

[Rick Richardson]

I went to renew my subscription to a magazine on the Internet. Guess what? Cost me $2 to do it that way. No dice. Wrote out a check and mailed it in.

Re:I went to renew my subscription...

[Anonymous Coward]

I went to renew my subscription to a magazine on the Internet. Guess what? Cost me $2 to do it that way. No dice. Wrote out a check and mailed it in.

Bizarre. Still, with this innovation the customer-hostile magazine publisher's accounts clerk will be able to take a photo of the cheque on their iphone and send it straight to the bank! Once they've received it in the mail. The efficienicies achieved are astonishing.

Re:I went to renew my subscription...

[michaelhood]

I went to renew my subscription to a magazine on the Internet. Guess what? Cost me $2 to do it that way. No dice. Wrote out a check and mailed it in.

You can thank exorbitant credit card interchange fees on the part of the Visa/MasterCard member banks for that. It costs pennies to process a check of virtually any size, but 1.2 - 3.6+% to accept various credit cards.

Get off your arses and go to the damned bank

[LukeWebber]

Seriously, there are just so many more fraud opportunities dues to sheer bloody laziness on the part of the banks and their customers. Identity theft? Couldn't happen so readily if the banks would only make you come in there with your driver's license or passport before they go issuing credit cards. The same goes for government institutions.
This idea sounds like it'd make it easy to copy a cheque, Photoshop it and bank it. You wouldn't even need to steal it. Just snap a quick shot with your iPhone and then slip it back. Just make sure you get it in before the owner and you're done.

Re:Get off your arses and go to the damned bank

[stewbacca]

I love all these posts that think making me show a driver's license is the ultimate answer to everything. Here's a different solution. How about holding the banks liable for everything beyond the first $50 of fraudulent transactions, like the law requires, and quit burdening the rest of us otherwise law-abiding citizens with showing ID cards that wont prevent the fraud anyway.

Re:Get off your arses and go to the damned bank

[Alanonfire]

Well, I go to the bank in person for moral/ethical issues.

I don't use direct deposit and only use online bill pay if I'm away for some reason.

The reasoning is the same reason I don't use the self-scan checkout lanes at the grocery store. Even though it can inconvenience me a little bit, I feel that the more "convenient" this world gets, the more jobs will disappear. By not using those automated services, we create demand for actual clerks and it creates jobs for others.

It might not actually work how I think it does, but until someone comes out on television and says so, I'll keep doing it.

Re:Get off your arses and go to the damned bank

[stewbacca]

Convenience provides better jobs...take the grocery store self-checkout example. The engineers who make that stuff make way more money than a cashier. By using those automated services, we create a demand for professional engineers and software developers, which have higher wages, which in turn provide more tax revenue which is supposed to make society better (that part is debatable but sounds nice in theory).

In any case, this is an old argument I've never believed in. I grew up in Oregon where you can't pump your own gas because that would eliminate a job (the guy who works 20 hours a week at minimum wage so he can buy another baggie of pot). It is a short-sighted argument.

Re:Get off your arses and go to the damned bank

[Alanonfire]

I see your point. However, I think a bank teller and a gas station attendant are equally important as aerospace and software engineers.

I grew up in Oregon too, weird. I always liked not having to get out of my car in the rain to pump the gas.

I can't say much for the average gas station attendant, but I used to work at a Plaid Pantry, its like a 711 (for non NW people). I now work in the aerospace industry. All I can say is that small meaningless jobs give people work experience and lead to bigger jobs. You learn a lot about how to handle people in those crumby little jobs like that.

Re:Get off your arses and go to the damned bank

[ross.w]

The thing is, it's in the Bank's interest to NOT have you go to the bank. If they can come up with ways of having you do your banking online, by phone, or by post, they can close branches, save money and no-one will care.

Here in Australia, the big four banks actually charge you a fee if you want to do something actually at the bank.

Mind you they charge you a fee for just about everything...

Re:Get off your arses and go to the damned bank

[JesseMcDonald]

By not using those automated services, we create demand for actual clerks and it creates jobs for others.

If you really believe that this is a good thing, please tell me you hire others to do all your remaining work: shopping, cooking, cleaning, driving, yard work, posting to Slashdot, etc.—everything but your own day job. If not, just think of all the jobs you're failing to create!

For that matter, just consider how much automation is involved in posting to Slashdot—and how many jobs "would be created" for the same task if society rejected that automation, vs. the number which have been created because of it.

Human labor has always been the most scarce resource in the entire economy, the limiting factor for all our production. Automation lets us do more with less, but there remains more than enough work to go around, and no risk whatsoever of automating anyone into unemployment. There are, of course, true sources of involuntary unemployment, including (but not limited to) a) the common-place, stubborn refusal to adapt to changing demand for a specific kind of labor; b) legal or social environments which set artificial price floors (monetary and otherwise), and thus prevent people from achieving gainful employment on their own voluntary terms; and c) taxes and tariffs which discourage employers from operating near one's comfort zone (consisting of familial home, family, culture, language, etc.).

Re:Get off your arses and go to the damned bank

[Alanonfire]

Human labor is far from a scarce resource. If anything qualified engineers and scientists are the most "scarce resource" we have. But we can classify them as laborers too, so I guess you're right.

Re:Get off your arses and go to the damned bank

[michaelhood]

I see your point. However, I think a bank teller and a gas station attendant are equally important as aerospace and software engineers.

And that's where the larger part of your disconnect from reality begins.

http://site.despair.com/images/dpage/potential03.jpg

Re:Get off your arses and go to the damned bank

[Alanonfire]

I don't think so. There are plenty of people who believe that we shouldn't be looking outside of earth or even launching satellites to orbit the earth. So to them an aerospace engineer is just as unimportant as some people view a cashier at a corner store.

However I understand that the readers of slashdot are more technically inclined and it will sway their perception of what is important or not.

I also understand that I am an individual and speak only for myself from my own point of view.

pay day loan!

[stewbacca]

I'll just take several pictures of the same check, and by the time they figure it out, I'll have my pay day loan (i.e. already spent then over-drafted). Woo hoo! Rent-town-USA here I come!

Re:pay day loan!

[home-electro.com]

There must be some strings attached to this. Like having to keep the check for a while.

But government checks do not expire. What, are you supposed to store it forever? What if instead you wait 6 month, then find somebody with the exact same name as you and sell him the check for 50% of the face value. They, in turn, can do photo deposit and sell the check further and so on.

The bank comes to you 6 month after the first deposit and want to see the original. Oh, sorry, I had my basement flooded where I kept all the papers.

Re:pay day loan!

[Anonymous Coward]

That won't work. I know USAA keeps track of each check for months. If you try to deposit the same check twice, even to different accounts or under a different customer, it is rejected immediately. If you do it several times you cannot access the funds until the check clears the issuing banks or guys with shinny badges come to arrest you for bank fraud. Since this is an image of a check, most checks clear the issuing bank within 2 business days. so there is almost no float before depositing at multiple banks would be discovered.

Re:pay day loan!

[babyrat]

not quite how it works...

First guy deposits cheque...all is well.

The second guy deposits the cheque via photo...his bank goes to the bank the cheque is drawn on, and they see it has already been cashed. Guys account is debited the amount of the cheque within a couple of days. If it is a sufficiently large amount or not the first occurrence, an investigation will probably take place and the second guy (and maybe the first) will end up in front of a judge.

Come out of that cave already!

[Dr La]

Seriously, if you Yanks think this is the epitome of modern banking: we Europeans are doubling up in laughter here.

We do things completely electronic here, by direct bank transfers. No need to take photographs of a paper cheque. In fact, I haven't seen a cheque since childhood (when an aunt from Australia sent one. We had a hell of a trouble cashing it).

Re:Come out of that cave already!

[DerekLyons]

Seriously, if you Yanks think this is the epitome of modern banking: we Europeans are doubling up in laughter here.

Seriously, that's because that's your default response due to your (IMO mistaken) belief that the way Europeans do anything is automagically superior to anyone else's way of doing things. And you'll tell that you anyone who stand still long enough to listen.
 
And then, like the hypocritical bastards you are, you'll whine when anyone else does the same thing.
 

We do things completely electronic here, by direct bank transfers. No need to take photographs of a paper cheque. In fact, I haven't seen a cheque since childhood (when an aunt from Australia sent one. We had a hell of a trouble cashing it).

Yes, taking away options and choices from people (for the benefit of the banks and corporations and governments who've convinced you it's actually for your benefit) is obviously superior to any other way of doing things.

Re:Come out of that cave already!

[Dr La]

Compared to us Europeans, you guys are increasingly receding into new Dark Ages.

But if you insist on doing your money transfers by engraving them in clay tablets: youre welcome to that. Just don't pretend it is the epitome of modern.

Re:Come out of that cave already!

[DerekLyons]

Compared to us Europeans, you guys are increasingly receding into new Dark Ages.

But if you insist on doing your money transfers by engraving them in clay tablets: youre welcome to that. Just don't pretend it is the epitome of modern.

Repeating ignorant bias doesn't make it the truth.

Re:Come out of that cave already!

[mjwx]

We do things completely electronic here, by direct bank transfers. No need to take photographs of a paper cheque. In fact, I haven't seen a cheque since childhood (when an aunt from Australia sent one. We had a hell of a trouble cashing it).

Even here in Australia, the state of wait a while have given up on paper cheques. Everyone charges extra for a cheque now because no one wants to issue them, faster and easier to sign a declaration and get it wired into your bank.

Re:Come out of that cave already!

[Anonymous Coward]

Enjoy big brother. :)

Who will have the last laugh?

Re:Come out of that cave already!

[Dr La]

Sticking your head in the sand doesn't make unwelcome truths go away.

What you call "ignorant bias" is an informed assessment by a well-travelled person who knows both the US and Europe. The US is starting to seriously lag behind in many areas. They are no longer the forefront of education and technology, as they once were. Other countries pass them left and right. Your space program is lying flat on it's arse, in a few months from now you need other countries again (as a few years ago) to launch your astronauts. The life expectancy of the average American is lower than in many European countries. The chances of getting murdered are considerably higher.

So stick your head in the sand, my boy....

Re:Come out of that cave already!

[Anonymous Coward]

The Nazis were the epitome of modern (and efficiency). . .

Just saying. . .

Good luck over there. I don't think you understand the real nature of a Dark Age: It doesn't mean 'less convenience,' you dunce. We've seen where this sort of thinking has led in the past, haven't we? At least North Americans aren't by default willing slaves to lap up any invasion of privacy and centralized command and control scheme with orgasmic fervor. Other than an annoying segment of brainwashed morons, when we see this sort of thing, we don't tend to like it, even if the alternative is "less efficient", or not as "modern". Curious people, you Europeans. Don't you ever learn?

I'll be fine with my paper (money, not cheques), thank you very much.

MAKE BIG BUCKS NOW!

[dltaylor]

With automatic electronic transfers between banks, which do not verify the validity of the original check, the person who's going to be screwed by this is the one whose account number is on the fake check. Right now washing out a check, putting in new amounts, and presenting it for cash is a little bit more time-consuming (plus the check is gone) than just photoshopping a check image and scanning it on a phone, or several. The only small deterrent is that the checks are deposited, not paid out in cash immediately. Simple enough to hit up a few pensioners while there's still a bit in their account (or businesses that don't reconcile accounts frequently), wait for the deposits to clear, and clean out the temporary deposit account.

Re:MAKE BIG BUCKS NOW!

[blair1q]

"The only small deterrent is that the checks are deposited"

That's not a small deterrent, it's a huge one. Opening a bank account at a bank that will accept RDC will take more than your fake ID, whereas passing a forged check to a merchant takes nothing more than your fake ID.

Re:MAKE BIG BUCKS NOW!

[complete loony]

... wait for the deposits to clear ...

I think I've found your problem... The whole point of cashing a fake check is that you don't need to wait for it to clear.

Alliant Credit Union

[jvonk]

Alliant Credit Union allows scanned image upload deposit ("eDeposit Plus"). I am hopeful they will jump on the smartphone app bandwagon, though one imagines that a user could take the requisite photographs and then upload them via the Alliant eDeposit interface even today.

Tangential rant: I am in the same situation as you. USAA burned me on the Deposit@Home service with their misleading website. I opened a USAA credit card *solely* to satisfy the "line of credit" requirement for D@H (yes, the site said a credit card was sufficient). After the cc account was opened, I still could not use D@H. I called and confirmed that their site was incorrect and that I had to qualify for insurance coverage as well. I immediately closed the now extraneous cc account. Wasted time and an entry on my credit report.

I have made Alliant my primary account now. They offer better interest rates than USAA (1.78% currently on checking accounts) and a free quarterly FICO-type score from Experian. To contrast, USAA has a better Bill Pay interface and EBPP; concordantly, I still use both institutions.

Re:Alliant Credit Union

[horatio]

I might look into that. My CU has a similar deposit service, but no iPhone app, and it it is a 9 step process including snail mailing in the check w/ a written confirmation # after you submit the image. And there was some weird rule about having to put the check in the mail within 24 hours or something. Completely asinine. I can drive to an ATM and deposit the check there in 3 steps. I told them as much.

Re:Alliant Credit Union

[jvonk]

Alliant has the "web form + mail-in" option (eDeposit) and then a scanner-only (no mail) option (eDeposit Plus). Personal opinion: eDeposit Plus has *very* finicky analysis software. Check images of front & back must be JPEG, greyscale, 200+ DPI, < 1 MB per file, and *no* whitespace around the check image. I ended up spending more time scanning (and subsequently in GIMP) than it would have taken to mail in the check.

There are limits. Apparently eDeposit Plus has a daily limit of $1500, but this limit might eventually be extended to $5000 based on Alliant's experience with you. Regular eDeposit (mail-in) has a range of 5k to 20k.

I have no idea what USAA's limits are, because it is academic.

Already being done in Europe

[vikingpower]

Although checks are something from the Stone Age in the Netherlands, one of its main banks, Rabobank, has not only been pushing account access from mobile phones. It has even become a mobile connectivity provider itself. And very soon, one will be able to pay by phone in a majority of the Dutch supermarkets. America seems to be lagging by about 12 months.

Re:They've already offered similar to businesses..

[NatasRevol]

Seriously.

This is just a more mobile version of a scanner.

http://www.depositnow.com/check-scanners.html

Slashdot to offer new similar service

[noidentity]

Slashdot will be offering a new service at the end of the year that will let users take a photo of an article summary and have it reposted within two days, making the smartphone one step closer to replacing editors.

Wow, this is just too advanced...

[Turmio]

We've been doing smartphone based banking over over 10 years now.. Nordea (Swedish/Finnish bank) launched mobile on-line banking service in January 2000. Granted, you didn't call handsets "smart phones" and they weren't as shiny as iPhone (Nokia 7110 for instance) and the service was (and is, I guess the service is still running) based on WAP instead of HTTP over TCP/IP but still it was smartphone based banking of the time. Source: Nordea Annual Report 2000, page 4. Personally, I've been doing all my personal daily banking needs (wire transfers, paying of bills, checking the balance and so on) using Nordea's online bank since 1997 (then called Merita). The site hasn't changed that much for over 10 years now except for minor layout face lifts and addition of services, and that's great. I've been using the same simple service meant for desktop browsers with phone browsers for many years. This stuff really shouldn't be very exiting..

Dude.... USAA

[JustNiz]

I love my bank (USAA). They have been providing this for like 2+ years now.
On their online banking website they have an option to credit a check into your account with a scanner.
It downloads a Java app that controls your scanner directly.
Its so great. Even the money is in your account and usable immediately the check has been scanned in.

VERY Old News

[Anonymous Coward]

USAA has been allowing this for months and months with the iPhone.

USAA has been allowing this for YEARS with Windows Mobile.

It's like, everytime there's something cool that Apple's phone does, it's like all these people who've just bought a smartphone inthe past two years or so have basically zero knowledge of the last ten frikkin years of smartphone use. Yes, while you sheeple were waiting for Apple to bless your smartphone purchase, the real pioneers were out there already using this tech in their daily lives. Apple is the now the AOL of tech.

Coming soon?

[Hurricane78]

My bank is offering it to me for months!

But it’s not as if I were stupid enough to use it!

Needs a whatcouldpossiblygowrong tag.

Top Grade Acai

[joneja]

The HTC Hero is brilliant, me and my hubby have both got one recently and are really pleased with it better than the iphone. Top Grade Acai

Steampunk

[phlawed]

Cheques? and cellphones? In the same sentence? In the same century? You've got it wrong.

Ugh have new club!

[Ihlosi]

Club made from silicon!

Seriously. Using a cellphone to fotograph a fscking check? And that's called "smartphone-based banking"? I've been able to do my banking over the internet for almost a decade now, and I'm a late adopter. And the last time I had to use a check was over twenty years ago.

Can someone tell

[Tuntematon]

what is a check and why should I by using them?

Old news...

[Anonymous Coward]

Yeah usaa does this already and has been doing it for some time now, boooo old news

I just wish....

[hesaigo999ca]

I just wish....banks would pay closer attention to making their website more phone friendly before anything else.
That would go along way to making more accessible!

I hear they've already drawn up the next-gen plans

[PoontangSunrise]

I heard that these same clever and inventive americans have already drawn up the plans for the next generation of this "system of the future" too! It allows you to use your mobile phone to make a video of yourself using a telegraph to compose a morse code message to the bank clerk. You then upload this video to YouTube from your mobile phone, where bank employees will stand by to decode and take your order. With their mobile phones of course, I mean, it is the 21st century after all, duh.