USAA and Chase already got involved in cashing checks via mobile
scanning, but when PayPal gets involved, that's huge for the industry.
app has recently been updated, and the new version
allows users to scan their checks in order to have the funds deposited
immediately in their PayPal account. The catch, of course, is that the
money is deposited in the PayPal account and not directly into your
checking account. You'll still need to login and request a withdrawal in
order to actually have the funds transferred to your bank account.
The service works like this: you take a photo of the front and back of
your check, and then they show up in your PayPal account. PayPal also
recommends holding onto the check for 2 weeks in case something doesn't
clear. The app just launched a week ago, and already $100,000 worth of
checks have been cleared. That's pretty impressive; imagine how much
that would grow if PayPal expanded this to BlackBerry