Who needs ATMs? Deposit Straight From Your iPhone

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News Posted: Sat, Jul 3 2010 9:27 AM
While Android users still wait for an official Chase bank application, iPhone users can now deposit checks from their iPhones. This new feature is sort of an extension of the new ATM systems at Chase banks, where you deposit a check and the ATM scans it.


The updated Chase Mobile app not only allows the typical features that allow you to check your balance, etc. etc., but by taking a picture of the front and back of a check, you can deposit it directly into your Chase account. Additionally, this new QuickDeposit feature is free, although the bad part is you still can't get cash back from your iPhone.

An additional feature is Person-to-Person QuickPay. Similar to PayPal, it allows you to pay anyone directly from your Chase account, and you only need to know their e-mail address. The other person is not required to have a Chase account.

In particular, the QuickDeposit feature is a winner. Now if we can just get the iPhone to print money, and if Chase would extend this app to Android ...

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until240 replied on Sun, Jul 4 2010 11:52 AM

"It f*cking prints money!"

http://www.youtube.com/watch?v=FL7yD-0pqZg

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Hum, how long before they patch it so it tells you have more money in the bank that you actually do to make you feel better? In the spirit of recent Apple "discoveries."

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I see fraud written all over this. How does the iphone pick up watermarks? I wonder if this works on all checks or just payroll, and what happens to the check after it is photographed.

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until240 replied on Sun, Jul 4 2010 11:53 PM

Don't think it's fraud. USAA, the largest military bank, lets customers scan in their checks. Similar concept.

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This is nothing new; banks have accepted scanned (generally on a flatbed) checks for years now, if not decades. But of course when the iPhone is mentioned, everyone has an immediate opinion.

Banks are as conservative as they can be and still provide services like this, so I have no doubts that there is a lot of verification that goes on. But a check (a physically presented one) can clear in 12 hours from a decent commercial bank. (It's one of the reasons I switched from a credit union to TD, then Commerce.) Unless they employ some very fast runners, that has to be done electronically-- this service just cuts out the middleman.

Really it's not much different from an online credit card transaction. Yes, there's fraud that goes on there; I scanned my statement carefully after building my system, because I was ordering from websites I never knew existed before. But that's something all of us should be doing anyway.


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realneil replied on Mon, Jul 5 2010 10:56 PM

until240:
USAA, the largest military bank

USAA provides banking as well as insurance services for military families and their dependents, but they're a private corporation.

I use them for my car and house insurance policies. They're a good company to trade with.

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you know @ some point Apple has to get a lot more serious about mobile security especially when they are one of the top smart phone suppliers.

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digitaldd:

you know @ some point Apple has to get a lot more serious about mobile security especially when they are one of the top smart phone suppliers.

Being "cool" isn't enough?

 

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