Privately held bank and insurance company USAA will soon introduce its updated iPhone app, allowing customers to deposit a check via iPhone . Their new check deposit feature will require a customer to photograph both sides of the check with the phone’s camera. You won’t need to mail the check in as the deposit will be done electronically.
The bank suggests voiding the check, then filing or discarding it. To reduce the potential for fraud, only customers eligible for credit and who have some type of insurance through USAA will be able to use the deposit feature. But a USAA executive vice president says about 60 percent of the bank’s customers qualify. Maybe its time to change banks. This nifty feature would be a real time saver!