iPhone banking

[TangoWhiskey]

I've loved the "Deposit at Home" feature at USAA; if somebody gives me a paper check, I can scan both sides of it using a tool on their website, and it's immediately deposited, funds immediately available, and I shred the paper check.

Now, USAA has added an iPhone app for the same... you take a picture of the front and back of the check with your iPhone, it sends the data to USAA, and the funds are immediately available in your bank account.

How cool is that?!

https://www.usaa.com/inet/ent_blogs...ferName=prihome_deposit_a_check_from_anywhere

 

[AdamB]

That's pretty cool.

 

[ausrere]

Now that's cool!

 

[cessna182b]

I've loved the "Deposit at Home" feature at USAA; if somebody gives me a paper check, I can scan both sides of it using a tool on their website, and it's immediately deposited, funds immediately available, and I shred the paper check.

Now, USAA has added an iPhone app for the same... you take a picture of the front and back of the check with your iPhone, it sends the data to USAA, and the funds are immediately available in your bank account.

How cool is that?!

https://www.usaa.com/inet/ent_blogs...ferName=prihome_deposit_a_check_from_anywhere

Pretty cool - except it won't work for those of us who don't have an iPhone (and won't buy one, either, until Apple gets off the AT&T Exclusive kick).

OTOH I do use the USAA Deposit At Home - and the immediate funds availability beats hell out of the 11 business day hold my (former) local bank started putting on out-of-state check deposits. Can't say that I really need mobile deposit capability.

Dave

 

[gkainz]

very cool ... until the nanosecond the shredder stops spinning on your check, the system responds with "database error - deposit transaction has been reversed. Please scan your check to resubmit the deposit."

 

[Doggtyred]

Pretty damn cool...

I love my Iphone...

And USAA was one of the best deals Dad got from his time in the Army...

 

[TangoWhiskey]

very cool ... until the nanosecond the shredder stops spinning on your check, the system responds with "database error - deposit transaction has been reversed. Please scan your check to resubmit the deposit."

Ah, that's why you don't shred it until it TELLS you to shred it and you verify the money in your account. Actually, I used to keep the deposited checks in a bank bag for several months... JUST IN CASE. I don't do that anymore. It's been rock-solid reliable.

 

[Matthew]

hmm - I use USAA for just about everything except banking. I'll need to look into this.

 

[TangoWhiskey]

hmm - I use USAA for just about everything except banking. I'll need to look into this.

Another plus: EFT's post one day earlier than any other bank I've ever used. FYI, if you would normally find your payroll electronically deposited Friday morning, you'll have it Thursday AM instead. When USAA receives the "pre-not" (prenotification) that the funds are incoming, they make them available to you immediately.

What's not to like about that?! Give 'em a try!

 

[Let'sgoflying!]

Sounds great, but like all new technology I am waiting for the other shoe to 'ow!' drop!
Is there a limit to funds available? If my ave bal is 10K, are they going to make 1M available to me immediately?!

 

[wsuffa]

My opinion of USAA dropped a notch last week as I got a revised set of "terms and conditions" on the account.

Among other "big, bad bank" practices that they adopted is mandatory binding arbitration on all deposit accounts... and an "accept or leave" contract of adhesion. Some other changes, too, that make 'em look more like the big banks.

 

[TangoWhiskey]

My opinion of USAA dropped a notch last week as I got a revised set of "terms and conditions" on the account.

Among other "big, bad bank" practices that they adopted is mandatory binding arbitration on all deposit accounts... and an "accept or leave" contract of adhesion. Some other changes, too, that make 'em look more like the big banks.

When's the last time you had to go through binding arbitration on any of your consumer accounts? I have a feeling this won't touch most folks, and based on my experience with USAA something would have to be really mucked up for it to get to that point.

 

[sba55]

My opinion of USAA dropped a notch last week as I got a revised set of "terms and conditions" on the account.

Among other "big, bad bank" practices that they adopted is mandatory binding arbitration on all deposit accounts... and an "accept or leave" contract of adhesion. Some other changes, too, that make 'em look more like the big banks.

I don't know why they even bother with these "binding arbitration" clauses. They should have learned by now that they're almost never enforceable as they violate your right to due process...