Even as we're constantly amazed at how much our mobile phones can do to make our lives simpler and more rich all at once, here comes a new innovation that will make your daily to-do list a lot simpler and make your bank account more rich...
USAA, a privately owned bank that serves mostly military personnel with only one branch in San Antonio, seems like the perfect candidate to bring mobile banking to the next step: Not only can you check your balance and transfer balances with their iPhone application, but you can now deposit checks.
The check deposit feature requires a customer to use the iPhone's built-in camera to take images of both sides of the check, which the bank enters into its deposit-taking system as they would with a check in-hand. The deposit is handled entirely electronically, and the check can be filed, shredded or voided.
You can read more about the whole system, inlcluding the precuations USAA is taking against check fraud, in this NY Times article.