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Deposit Checks With Your iPhone

Some banks and credit unions now allow account holders to deposit checks via special iPhone apps.
Some banks and credit unions now allow account holders to deposit checks via special iPhone apps.

Believe it or not, old-fashioned paper checks are still a big part of U.S. financial transactions. Despite the speed of credit and debit cards, we haven't quite done away with checks. However, a few inventive, tech-savvy financial institutions have put a modern twist on check payments with downloadable iPhone apps. It started with two financial institutions that each have a single physical location: WV United Federal Credit Union and USAA Federal Savings Bank. WV United was the first to offer an iPhone app that allowed its members to take pictures of both sides of a check and send a digital copy to the credit union [source: Bruene].

USAA launched its service soon after WV United, and PayPal introduced a similar feature in October 2010. Via the PayPal iPhone app, users can deposit up to $3,000 per month through photographed checks [source: Newman]. While the concept of photographing and depositing checks with a mobile app is still in its infancy, it presents an exciting (and convenient) future for paper checks.

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