Smile! Chase updated its iPhone app this week to let users deposit checks with the built-in camera.
This functionality is similar to what USAA rolled out last year.
The new version of the Chase Mobile app is still a free download. To deposit checks with an iPhone, customers will need to enroll in Chase Quick Deposit, which is also free.
To deposit a check with your iPhone, all you need to do is open the app and take a picture of the front and back of the signed check. It helps to do this in a well-lit area. The app will attempt to read the amount and all routing information from your images; if it cannot read all of the information you are able to manually enter the routing and account numbers to facilitate the deposit. Once the check has been sent and all information is verified, the funds will instantly appear in your account, although they will be pending while Chase processes the transaction. You will be emailed.
I had a chance to see a demo of the new feature, and the whole process took less than a minute even though the images were snapped in a dimly-lit coffee shop and the check looked like it had been carried around loose in a pocket for a month.
For users like myself, who rarely have time during business hours to cash the two paper checks I receive every month, or are
contemplating an Internet-only bank, this is a really cool feature. While USAA and Chase are currently the only major players offering this type of service, several other online-only banks have apps in the works to provide this type of service to iPhone and Android users.
The new version of Chase Mobile also allows users to send money directly to another person with just an email address. The Chase QuickPay service is free, and is reminiscent of ZashPay or Paypal. The Chase Quickpay service does not charge the sender or recipient for transferring money and the recipient does not need to be a Chase customer to receive money.
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