One of my bank, TechCU. started a new method of depositing checks, welcome to the 21st century or is it 22nd century technology. I think this is a great idea and can’t wait to start using it, I will write another comments opinion on this after using it. They just announced today. I think this is the way it should be for all banks, Wells Fargo already have ATM machine that you can deposit checks and cash via simply feed it into the machine, the machine will detect the amount by text recognition, and yes you will get a chance to clarify and confirm before the amount really recorded, and yes it scanned cash amount also, through the same slot, and yes if you change your mind it will spit it back out, so don’t worry. For this new technology from TechCU bank, it takes it to the next level of depositing checks, and I think it’s a starting point, it might be able to utilize for other things such as merchant, someone sign you a check, all you do is endorse it and take picture and deposit right there on site. I’m sure there fraud detection, and so on, will see how it go. Also this technology I believe already exist for a while and other banks are using it, it just that one of my bank start using it. Watch out for fraud though.
From: Technology Credit Union
Sent: Wednesday, November 14, 2012 6:13 PM
Subject: Deposit checks anywhere, anytime
QUICK, CONVENIENT AND SECURE
You’re already performing most of your day-to-day transactions online. Enjoy the added convenience of Mobile Deposit.
Imagine being able to deposit a check without leaving your
home — 24 hours a day, 7 days a week.
HOW IT WORKS
Simply endorse the back and take a picture with your iPhone®, iPad 3®, iTouch® or Android® smartphone to deposit.
GETTING STARTED IS EASY!
1. Download the app.
2. Register your device for Mobile Banking.
Learn more here.
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Technology Credit Union
2010 N. First Street – San Jose, CA 95131 – (408) 451-9111 – (800) 553-0880
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Copyright 2012 Technology Credit Union. All rights reserved.