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Coming Soon, Smartphone-Based Banking

Posted by timothy on from the honing-in-on-float dept.

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."

10 of 187 comments (clear)

  1. DUPE by MBCook · · Score: 4, Insightful

    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.

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    Comment forecast: Bits of genius surrounded by a sea of mediocrity.
    1. Re:DUPE by GiovanniZero · · Score: 4, Informative

      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.

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      Mod me up, mod me down, do your worst you modding clown.
    2. Re:DUPE by penguinchris · · Score: 3, Informative

      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 :)

    3. Re:DUPE by TheDawgLives · · Score: 3, Informative

      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.

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      -TheDawgLives suckitdown
  2. Ditch checks! by mseidl · · Score: 4, Insightful

    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.

    1. Re:Ditch checks! by Mister+Whirly · · Score: 3, Informative

      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.

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    2. Re:Ditch checks! by Fex303 · · Score: 4, Informative

      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.

  3. USAA by Scyth3 · · Score: 4, Informative

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

  4. And this will be called... by hilldog · · Score: 3, Funny

    Chexting? ;-)

  5. You're taking the piss. by Colin+Smith · · Score: 3, Insightful

    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

     

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