Monday, August 10, 2009

Bank Deposits Via iPhone Coming Soon

Technology takes another step forward, as private bank USAA has announced plans to allow members to deposit checks via their updated iPhone application. Members will have to take a picture of both sides of the check, then send to the bank and it's electronic system will get the account number, amount, and other information before making the deposit. USAA plans to avoid the risk of fraud in these situations by requiring members to have both a bank account, and an insurance product with the bank before using the new system. This is a big step as far as technology bringing convenience to something like making a bank deposit. There has to be a lot of concern with security issues and such with all the iPhone hack attempts going on and such, so this should be interesting to see how this goes. If it becomes a success, in a few years time, or maybe even sooner, the big banks could adopt similar systems. Also it could be another big selling point for the iPhone as far as marketing it as the "everything phone."

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