"Busy people who use their smartphones to check their bank balances, transfer funds and pay bills have a new reason to bypass banks and ATMs: They can use their phones to deposit checks. Earlier this month, JPMorgan Chase updated its iPhone app to allow customers to electronically deposit checks. To make a deposit, customers photograph the front and back of the check with the phone's built-in camera, then transmit the image to their account.
USAA has offered a deposit app since last August. Customers have used it to deposit 1.5 million checks worth more than $900 million, spokesman Paul Berry says.
Bank of America has tested a mobile deposit app but hasn't set a launch date, spokeswoman Tara Burke says." >> Continue Reading
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