Checking enters the 21st century with iPhone deposits.

In the days of ATMs, debit cards and cashless transactions using checks always seemed so outdated to me. With almost all banking institutions offering online billpay, I haven’t written a check in literally years. I do almost all of my banking using my banks excellent website and mobile applications, but the one thing I can’t get away from is having to stop by the bank to deposit my paycheck (my employer refuses to use direct deposit). Now a Texas bank that was created to cater to military members and their families is the first in the country to allow qualified customers to deposit checks via an iPhone application. Using the iPhone’s camera, a user takes a picture of the check and sends it to the bank where it is deposited automatically. The Check can then be voided or filed away for future reference. The bank never physically handles the check at all. This is a major step into the future of mobile banking, I think all major banks will have this capability soon, and at that point the only time you will ever have to enter a bank is to open or close an account. Say good bye to long lines at the bank, and maybe even to bank branches entirely.

Source: The New York Times