updated 03:20 pm EDT, Mon August 10, 2009
Bank takes iPhone checks
At least one bank is planning to allow check deposits via iPhone, says the New York Times. USAA is expected to the introduce the feature later this week, by means of an update to its iPhone application. To make a deposit, account holders will have to take photos of both sides of a check, then upload the resulting files.
The images are processed in the same manner as any other check, except that the bank needs no physical copy. For security's sake, USAA recommends that people void their checks -- or destroy them -- once money is received. To reduce the risk of fraud, iPhone checking is also restricted to customers with credit eligibility, and USAA insurance.
Other phones are expected to gain mobile checking later this year. USAA customers are already able to submit checks using a desktop scanner.