PayPal iPhone App Now Allows For Photo Check Deposits
USAA and Chase already got involved in cashing checks via mobile
scanning, but when PayPal gets involved, that's huge for the industry.
PayPal's iPhone 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 and Android phones.
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 and Android phones.
