Who Needs ATMs? Bank Lets You Deposit Checks with Your iPhone

Paul_Lilly

Don't be surprised if future generations giggle at how you used to do your banking by actually driving to the branch and punching buttons on a bulky ATM. Already at least one bank is looking to the future and will soon allow iPhone owners to deposit checks through their Apple-branded smartphone.

Once USAA, a privately held bank and insurance company, updates its iPhone application, customers who want to deposit checks digitally need only take a photo of each side of the check using the iPhone's built-in camera.

"We're essentially taking an image of the check, and once you hit the send button, that image is going into our deposit-taking system as any other check would," said Wayne Peacock , a USAA executive vice president.

Once submitted, customers can hold onto the physical check for safe keeping or discard it - there won't be any need to mail the check to the bank.

Not everyone will be able to use the new service, however. To reduce fraud, only customers who are eligible for credit and who own some kind of insurance policy through USAA can use the new service. Peacock estimates that about 60 percent of the bank's customers will qualify.

Image Credit: Apple via USAA

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