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By Mel Duvall
A bank that services current and former members of the U.S. military launched a ground-breaking service this week that allows customers to deposit checks via the iPhone.
Privately held USAA (United Services Automobile Association) introduced the Deposite@Mobile feature, which allows customers to snap a photo of both sides of a signed check using the iPhone's built-in camera. The digital image is transferred via a mobile connection to USAA, which verifies the deposit information and in most cases makes the funds immediately available to the customer.
USAA has 7.2 million members, but its only physical branch is in San Antonio, Texas. Since it has members stationed with the armed forces all over the world, it has been a leading player in the development of mobile banking applications. A few years ago the bank introduced a service that allowed customers to deposit checks using a computer and digital scanner.
USAA already has one of the most mobile-friendly customer bases, said Wayne Peacock, executive vice president of enterprise business operations, and the new services means customers can manage their accounts and deposit funds from practically any location with iPhone service.
"Nearly 50% of our one million mobile users are active-duty military, who may be deployed anywhere," he said. The application is being made available for free and can be downloaded from Apple's iTunes store.
USAA has put a video up on its site showing how the process works. Basically, a customer logs into their account via their cell phone service or Wi-Fi. They select the deposit option, enter the amount of the check, place the check on a dark surface and point the iPhone's built-in camera at the front of the check. They then flip the check over and take another snapshot of the signed back side of the check.
The photographed check does not need to be sent to USSA by mail. However, the bank suggests that customers void, file or destroy the check after the deposit is confirmed.
For now the service is available only through the iPhone, but the bank plans to make it available through other devices.
"We look forward to expanding our mobile services to other open platforms like BlackBerry, Google's Android devices and to expanding our capabilities to help members manage their finances wherever life - or duty - takes them," Peacock added in a statement.
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