USAA Bank to Allow Check Deposit by iPhone

USAA, a private bank, will update its iPhone app this week to enable check deposits using the iPhone, according to a New York Times report.

Users will take a photograph of both sides of the check using the iPhone's camera which will be used to obtain the necessary information for deposit.

“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.


The check will not need to be mailed in at a later date; however, it should be voided then filed or discarded. To reduce fraud, only customers who are eligible for credit and have insurance through USAA will be permitted to use the new deposit feature. About 60 percent of the bank’s 7.2 million customers qualify.

Read More [via NewYorkTimes]