Bank to accept checks via iPhone photo
USAA, a privately held Texas bank and insurance company, says its planning to accept checks via photos taken from the bank's iPhone app. The bank, like other online only banks such as ING Direct, doesn't have any tellers, and previously bank patrons would mail checks for processing. Now, patrons need only submit the iPhone photos, and then keep or destroy the original check, and then wait for the deposit to be credited.
The bank says it protects against fraud by only permitting customers with insurance and bank accounts to use the service, which is about 60% of the bank's customer base.
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