USAA bank to allow iPhone-facilitated check deposits

By on Aug 10, 2009 at 4:02 PM
Software August 10, 2009

While the US is decidedly and unbearably behind the curve when it comes to mobile banking, the iPhone is managing to spark some creativity in the space. Case in point: USAA, a privately-held bank and insurance peddler, will be updating its iPhone app soon with a new check deposit feature. As you might have been able to conclude from the image above, USAA’s app will allow account holders to capture images of a check and deliver them securely to the bank’s servers. The bank will then process the check and deposit the funds in the customer’s account. There will be no need to go to a branch to follow up or even mail the check to the bank for verification — snap a few pics and you’re done. Awesome. The new feature will only be available to certain customers; those “who are eligible for credit and have some type of insurance through USAA.” According to the bank’s EVP however, about 60 percent of the bank’s customers will meet these requirements and therefore be able to use this great new feature when it becomes available. While the technology involved is nothing groundbreaking, this is yet another example of of the iPhone spawning creative new solutions and services. Let’s just hope Apple approves the app.

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  • PhysicalMediaRIP

    USAA is one of the only banks that does not (or use to not) use Telecheck… so people w/ bad banking history could open an checking account with them.

    However, to believe that their risk of fraud is lessened because their members are ex-military is ridiculous. Its not hard to get an account w/ USAA even if you’re not ex-military.

    • Jonathan

      there really is no other way to become a member. You have to be military, retired military, spouse of military or child of military. Once you have an account, however, your children and your children’s children and all of their spouses, etc can get an account, but until you have that initial connection, you can not be a USAA member. See, yet another reason why those that are members are not going to screw it up with fraud because they do NOT want to lose the exclusive license to this excellent banking institution.

  • Justin

    It Works!!!!!!!!!!!! I used it today and depositied a check. It was easier than scanning it and using “Deposit @ Home” If you bank with USAA…this is an invaluble resource to have. Kudos to USAA for this.

  • http://b5one.com BDizzleFizzle

    A lot of you don’t get it – membership is incredibly valuable, and you’re not going to risk anything for that. But, why do you think this is more fraud-proned than paper checks? Do you think that depositing into an ATM is somehow safe? You can fake a check just as easily as you can fake one through this function. Unlike other banks, USAA mandates a credit account with them, so they’re protected.

    Also, they’re not on this iPhone bandwagon exclusively or hating on other phones. They had the easiest time developing for the iPhone, so they went there first. They also know that web/web-enabled app usage is higher on the iPhone than other platforms, so they could get critical mass sooner on the iPhone. They’ve already said they’re working on an app for other platforms, so relax. As a developer, I can verify that it’s a lot easier to build for the iPhone than for the BB. You also have a great, ready-made distribution option for free apps (vs having to give people a URL or build a mobile site so they can find a link).

    I love that the Apple haters have to put this down rather than recognizing that this is a great convenience, and it’s awesome that a bank is pioneering this. It will only get adopted by other banks and other phones, so be happy – life just got easier for us.

  • Justin

    @BLacKuLa,

    I used this function today and it does not store a copy of the photo on your iPhone. The photo stays with USAA. Just FYI. It is extremely easy to use!

    Posted from BGR Mobile (iPhone).

  • PhysicalMediaRIP

    @ PhysicalMediaRIP:

    Please explain to me, by what method can someone who doesn’t fit USAA’s eligibility requirements (i.e. military, retired military, or military dependent) go about gaining a membership with USAA?

    FYI, I am genuinely curious. I have been trying to start an account with them for years, but it SEEMS that you know something that I don’t. So, please enlighten me if this is the case. I would be forever grateful.

  • Valiantineus

    ^^^ oops. My name is Valiantineus, I got a little trigger-happy with the copy and paste. My bad.

  • Valiantineus

    Hmmm… my original post didn’t appear for some reason…

    Well in case it doesn’t, here it is:

    @ PhysicalMediaRIP:

    Please explain to me, how does someone who does not meet the eligibility requirements for USAA (i.e. military, retired military, or military dependent) go about gaining a membership with USAA?

    FYI, I am genuinely interested. I have been trying to start an account with them for years, but you SEEM to know something that I don’t. So, please enlighten me if this is the case. I would be forever grateful.

  • Brandon

    The only thing not on your list Val, is inherit it. You can actually be 2nd and 3rd generation USAA members. For example, my grandfather was a USAA Member back when it was officers only. My mom then had it, and I had it before I joined the Marines (enlisted).

    I have used this app, works great. As someone else mentioned the pics of the check don’t stay with the phone. Instant deposit and access to your money. 14 year USAA member.

    • Jonathan

      Yeah, there really is no other way to become a member. You have to be military, retired military, spouse of military or child of military. Once you have an account, however, your children and your children’s children and all of their spouses, etc can get an account, but until you have that initial connection, you can not be a USAA member. See, yet another reason why those that are members are not going to screw it up with fraud because they do NOT want to lose the exclusive license to this excellent banking institution.

  • http://www.dozenbanks.com Banking

    Thank God for internet banking, I say. I have three very active accounts, three very active children and one very time-consuming job, so going to the bank became almost impossible for me and my husband. But, nowadays we have an iphone and do most our banking online while on the move. It has made my life so much simpler. Many of the sites listed at http://www.dozenbanks.com have the online banking facility and I hope they all develop iphone banking apps.

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