August 10, 2009 9:17 AM PDT

Bank to offer check deposits via iPhone

USAA, a privately held financial and insurance firm that serves mostly military personnel, is becoming an innovator in mobile banking.
(From The New York Times)

The story "Bank to offer check deposits via iPhone" published August 10, 2009 at 9:17 AM is no longer available on CNET News.

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18 comments

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oh great after all this news of iPhone security weaknesses I can now go out and give everyone my bank numbers!
Posted by EvanSei (1208 comments )
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Your account number really isn't private at all being that you give it out every time you write someone a check. More importantly, you generally won't be sending them one of your own checks to deposit but someone else's. Someone who already gave you all of their banking information on that check.
Posted by rapier1 (2722 comments )
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@rapier1
I know that, what I was commenting on was the fact that when banking comes to mind most instantly think of keeping info private, but lately we have ben hearing about security holes in the iPones OS 3.0 and when people hear that most think "I am being watched" or something like that. In reality banking on your iPhone is most probably safe.
Posted by EvanSei (1208 comments )
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I dunno: the iPhone's likely at *least* as secure as the average Windows PC that's used for home banking.
Posted by ferricoxide (1125 comments )
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@ferricoxide
which is exactly why I do all my banking in person
Posted by EvanSei (1208 comments )
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@evansei<br /><br />Perhaps that's reasonable where you live. Around here, it's just asking to get **** over - by the "local" bank. I use quotation marks because, in this area, there really aren't local banks. All of the smaller banks got bought up by larger banks. Those banks, in turn, got bought up as well. There really aren't "local" banks. The closest you have, any more, are credit unions.<br /><br />The local banks around here also charge you out the ass for *EVERYTHING*. Can't justify keeping a $1000 or $1500 minimum balance on a non interest-bearing account? Then you can't have a checking account to do your deposits to. Can't get to your branch during their business hours without taking off early from work? Then you can't really do business with your local bank other than via ATM. And, unless your bank happens to have a nearby ATM, you have to find one so that you don't get ********* on the ATM fees. Many banks also like(d) to charge for the privilege of using their broken online banking systems (really? my transactions take 4 days to post to the online portal?).<br /><br />Brick and mortar banks suck. There's simply no value to them. The only reason I kept a local bank was for the VERY few people that paid me with checks. Once the need for being able to deposit checks in person went away, so did my reason for dealing with the local pirates. Screw them. Now, I can do everything I need whenever I want. The electronically posted checks' funds are available *immediately*, not two days to two weeks from now. When I make a purchase, it shows up on my online portal within five minutes. When I *do* have to use an ATM, my bank refunds the foreign ATM fees. The online banking services are free and well up to date. USAA completely obviates the rationale for having a local bank.
Posted by ferricoxide (1125 comments )
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Kudos to USAA. I just hope Chase, Citi and BoA (or any one of them) follow the same because unless they do anything it's not going to be accepted "industry wide".
Posted by abcd9009 (571 comments )
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As a note I bank and have insurance through USAA. They really don't care much about things becoming industry standard as long as its beneficial for their own customers.
Posted by rapier1 (2722 comments )
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So.... By that reasoning, USAA should have their ledgers in the dumper because they should have followed the rest of the banking industry into shady lending and investment practices.

Yeah, I'll stick with USAA and stay way the hell away from the standards-setters.
Posted by ferricoxide (1125 comments )
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iPhone security issues + mobile banking? NO WAY.

On a BlackBerry - possibly.
Posted by agag0101 (1 comment )
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Another happy USAA customer here - both best bank and best insurance company I've dealt with, bar none, my other banking and insurance experiences pale by comparison. If you are eligible for membership (e.g., current or ex military or military family), I highly recommend them.
Posted by commsoft (52 comments )
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I love USAA! I have been using the deposit at home feature since I have had my account. Now if only i could get an Iphone in MT.
Posted by tprahl (1 comment )
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Yeah tell me about it. I'm in the same boat when not deployed. And yes, USAA is a great company
Posted by sythara (828 comments )
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Given that they were one of the first banks to let you do "deposit at home" (where you use your computer, a scanner and a login to their web site to "deposit" physical checks), plus their early embrace of online banking, in general, this is very much not a surprise. Much of it's driven by the fact that, other than their facilities in Texas, they don't have any real branches to speak of, but provide global service.

Then again, for as ahead of the curve as they tend to be on service offerings, they're WAY conservative on lending practices. Probably explains why, even in the midst of the overall banking industry fiasco, they're books were pretty damned clean and balanced.
Posted by ferricoxide (1125 comments )
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I like this. Want it for the Pre.
Posted by Winniroo (9 comments )
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Why limit this just to the iPhone then? It should be okay to take pictures using any cellphone/digital camera and mail/upload the images.
Posted by tech_crazy (564 comments )
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I think you use USAA app to take a picture with and upload it to their servers rather than just emailing the picture of a check.

Unless I misread what the article said
Posted by sythara (828 comments )
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What next..?
Be afraid - very afraid....
Posted by Hb_Kai (2 comments )
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