Recently Bank of America has introduced an app for the iPhone which allows its users to submit cheques by sending in photographs of the checks. The user photographs the front and back of the cheque, enters an amount and enters the payee information to transfer the amount. USAA was the fore-runner in using such application. Chase Bank has offered the same mode of transfer but with limits of $1,000 per day and $3,000 per week using the app.
For small money transfers that normally do not require cheques app like Bump Pay can be used and are encouraged. The app requires the user to have a PayPal account though and is not a direct transfer. It is quite handy for a group of people wanting to settle their shopping bills, for example.
Earlier banks introduced method like scanning a cheque without having to leave the office. The method did require the same amount of paper work as conventional banking although it made depositing cheques a lot easier. This method is still used today. Many customers in the US have bulk cheques to deposit and the feature comes handy. The new feature of mobile payments will make it easy for users of mobile phones to deposit cheques without the hassle of the paper work.
Depositing with apps is also available for iPads. Banks are working on providing a platform for the Android market as well. Initially some banks charged the service. But with the public speaking against the service charges, all service charges have been dropped.
The major concern for many now is – are such transactions secure? Is it safer to go the extra mile and secure deposits and payments, does the risk far outweigh the benefits? Online banking has been proved to be secure. Bank apps work with the same credentials and use the same technology. Deposits cannot be withdrawn until they are verified.
Category: Tech News