You may have seen the commercials a few months bank touting Chase’s newest mobile banking feature, Chase Quick Deposit. The service allows smartphone users to deposit checks virtually using a smartphone. After downloading a free iPhone or Android app, users snap a picture of the front and back of the signed check, and the deposit transaction is complete. The best part is that “it’s free for eligible Chase checking customers.”
I won’t argue, for people who hate making a trip to the bank just to deposit a check (ahem), it’s a great idea. But, unless you’re a Chase checking customer, or want to become one (remember, they have a new policy effective this month making it more difficult to avoid bank service fees), it’s just a cool idea. But fear not, mobile check deposit may soon be offered by your bank.
According to Mitek, the company who “invented” this service and provides it to financial institutions, at least 20 banks (three of the top 10), credit unions and other financial institutions are now in the process of integrating and launching Mobile Deposit as part of their arrays of mobile-banking choices for their customers.
Next up? Mobile Photo Bill Pay™,a mobile payments app that will let you pay bills by snapping a photo of a paper bill or invoice with your smart phone camera. Mitek says it “is currently engaged in discussions with major financial institutions and bill payment providers to pilot Mobile Photo Bill Pay.”