We got to admit that the iPhone is possibly one of the most useful and used gadget that came our way in this modern times. Practically anything can be done through the iPhone and its many apps. But do you trust the iPhone’s online system enough to use it for sending bank checks? Apparently, one U.S. Bank, USAA wants you to trust the iPhone to do this task.NYT is reporting that USAA is currently preparing to launch a new version of its iPhone application to include the check deposit feature. Essentially the process would entail users to take photos of both sides of their checks using of course the iPhone’s camera and then send it to USAA for processing electronically.
USAA is doing all the process electronically, meaning the actual checks don’t have to be sent to USAA later on. Once the bank receives it through the iPhone app, it will automatically go to their deposit-taking system like a normal check. But USAA will still need the paper check as a proof that they’ve issued it to USAA.
It’s a good effort, although if USAA wants to do it fully electronic, why not create an interface within their iPhone app that would generate an electronic check instead? That way, they can totally do away with the paper check.
But this may come later. But right now, the question is would customers trust the iPhone system, AT&T and USAA to handle their check deposit transaction? How full-proof is this process against fraud and other malicious threats? And would other banks follow USAA?