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USAA Offers Check Deposit Feature With iPhone

By Erik Folgate

The Texas based bank, USAA, released an update to their iPhone application that allows customers to deposit a check through the iPhone. Simply snap a photo of the front and back of the check, and the application will process the check electronically. You never need to physically send in the paper check.

Security issues? USAA realizes that this could bring about security problems, and that is why they are only allowing the feature for customers with another account with them such as an insurance policy or a line of credit.

A feature like this really appeals to someone like me, and it will especially appeal to small business owners or freelancers that get paid in the form of a check. They can easily process a check at the time they receive it. Even with the security issues, I suspect that larger banks will soon follow suit with this iPhone/smartphone feature. Here is a video tutorial of the application from USAA:

Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

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  • Jacquelyn McCoy

    I love that my bank is ahead of the curve. Now all I need is an iphone…which I will not be getting anytime soon. iPhone’s are awesome, especially if you use them for work. I however can not imagine spending so much more monthly to have one. Currently my hubby and I pay 80 bucks a month for two phones. Am I right to understand if we both had iphone’s it would cost about 240.00? Crazy.

  • author

    Ummm yeah, it’d be about $200, unless you wanted the unlimited texting plan. AT&T’s plans suck. I’ve heard that verizon could be getting rights to sell the iPhone, but nothing announced yet.

    Lindzee gets her phone paid for by her work. We were paying $100 for two phones, and now i pay $100 for 1, but at least we don’t have to pay for the second one!

  • Sean

    I use USAA already for insurance and they have been great. If my credit union didn’t offer such awesome rates for their rewards checking I would switch to USAA in a heartbeat. The iPhone app would just be icing…anything to avoid a trip to the bank.

  • http://madsaver.com Mac

    I would love if my big bank would offer this feature. I could see myself using this exclusively with my iphone. The only reason I ever go to the bank now, which is rare, is to deposit checks. All of the rest of my banking can be done online. A few times a year I get cash at an atm as well, but use cc’s 99% of the time.

  • http://madsaver.com Mac

    Since this news was first published, I haven’t heard of a single other bank offering this service to their customers. I really thought this would take off, but I guess not. Wonder what’s the holdup? I would switch banks just to enjoy this feature.

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