People have long been seeking ways to make depositing checks as easy as possible. Some don’t mind waiting in longer lines at their local bank branch, an others don’t get bothered by doing an ATM deposit.
Either one of these actions require having to visit another location, which in effect utilizes temporal resources no matter. If time and money management are inseparable factors in your day-to-day life, a new iOS app is available that is changing the game in depositing.
Basics of the App
Once America’s largest financial institutions, Bank of America, has announced in August an app that is exclusive to both bank members and Apple product users. The Apple app lets Bank of America members take pictures of their checks, where they can then deposit the check right from their phone, and not have to make any visitations to the bank or ATM.
Catching a preview picture of the app, it looks to be designed very simply for users. The first command is one button that asks to take a picture of the front of the check, then another button to take a picture of the back. From there, you can determine how much money you want to go into each of your accounts.
There is a limited amount of money that you will be able to deposit per month with this app alone. For new members of Bank of America, it is $1,000. For customers that have been with Bank of America longer, the limit will be $5,000. Platinum and business account holders will have the opportunity to deposit even higher amounts.
New Concept? Not Exactly
According to several sources such as PC Mag, while the app may sound like something completely new and unheard of, it actually has been used by institutions such as the USAA, which is the bank of the United States Military. The concept was introduced three years ago and has been used ever since. The same article says that Chase and PayPal has been utilizing the same technologies.
There is of course the concern to be addressed regarding the safety of this app. Citizens all over have had to deal with many intrusions on their banking and home security, and one might imagine that this app could lead to some issues. However, with the success of the similar technology by banks like Chase and others, this issue never seemed to get raised.
If you’re feeling left out as a strict Android OS user, you should have no worries. Though no dates have been set that anyone knows of yet, the same app will be available on Android-based products in the near future.