Banking giant Chase suddenly hurls itself into the 21st century with the latest version of its iPhone app. Now you can deposit paper checks into your Chase account using an iPhone. Just take a picture of the front and back of the check, tap a few icons, and whoosh! It's done.
We love this Quick Deposit idea. Smaller banks have been dabbling in e-deposits on the iPhone for a while now, but it's great to see a giant bank jumping in.
We've been using a similar capability with our E*Trade bank account for the past few months, and it works beautifully. But it's not as convenient and portable as this iPhone version from Chase. With E*Trade, you have to use an old-fashioned scanner to capture the front and back of the check. But it's so quick and easy, it feels like cheating.
It might seem like a small detail to be able to take a picture of a check and electronically transfer it to a bank instead of physically taking the check to the bank or mailing it. But it feels like a big deal. And, it's a great way to compensate for those stodgy clients who are unwilling to directly deposit the money they owe you.
Best of all, it's an easy way to bridge that gap between the old-timey land of paper and the shiny new digital future. If Chase Bank offered an interest rate on their checking accounts that was a little better than hovering near 0%, we'd be interested in switching to it just for the iPhone convenience.