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  • Deposit Checks to PayPal by Taking iPhone Pics

    Version 2.7 of PayPal's iPhone app has added a the capability of depositing a check by taking a picture of it with your phone: no trip to the ATM. Of course, the check ends up in your PayPal account, not your bank account, and will take up to a week to process. Still, given how many sites - and increasingly, real-world stores - accept PayPal, this is a major step forward in making your iPhone your wallet.

    You sign the check as you normally do, then take a picture of the front and the back with your phone. The app uses the images to submit the check wirelessly to the same clearing process used in scanner-equipped ATMs, and after it clears it is added to your PayPal balance without any fees being taken out for the service. PayPal says to hang onto your physical check for two weeks, though… just in case. “Our concept is that you basically carry around access to your wallet in your phone,” PayPal’s vice president of platform and mobile Osama Bedier told the Wall Street Journal. “The mobile phone is the first computer that lets you take the Internet with you,” he added. PayPal has been working hard to add flexibility to their iPhone app: ever since 2.0 you've been able to transfer money to another PayPal user by bumping phones: the accelerometer registers the bump and sends it to PayPal's server, which verifies the other phone by comparing the time and the GPS locations of the two devices.

    The basic idea is not a new one: USAA has had a similar app for over a year ago, and Chase recently rolled out their own. USAA, which doesn't have real-world locations, also allows you to scan checks from home and submit them over the Internet. However, PayPal's size and reach means that a lot more people will be able to take advantage of this payment system, which will spread acceptance of the idea of getting paid, as well as paying, through your iPhone.

    PayPal's Bedier also told the Journal that they are looking at replacing all kinds of transactions with smartphone apps, like avoiding the need to type in your sixteen-digit credit card number every time you want to make a purchase. "Consumers hate entering things into phones," he said, and so PayPal is looking at a way to use the camera to scan in your number and expiration date so that you can add to your account balance or make a payment through PayPal. "The camera is a great way to avoid the text entry process," he said.

    Source: Mashable
    This article was originally published in forum thread: Deposit Checks to PayPal by Taking iPhone Pics started by Paul Daniel Ash View original post
    Comments 43 Comments
    1. rlowride's Avatar
      rlowride -
      I like this... I keep my paypal account separate from my bank. So I won't have to add, transfer, explain.... Etc..
    1. Cer0's Avatar
      Cer0 -
      More banks need to come forward with this.

      Banks already just use images for check processing. They use small scanners so they can run the checks for the day. The check images are sent to the bank as an electronic file. The bank then just process them like normal.

      My bank accepts check images on their website but they don't have a mobile app.
    1. Kyle Matthews's Avatar
      Kyle Matthews -
      Quote Originally Posted by vantheman169 View Post
      I have USAA BANK and they have a free app i can transfer money and pay bills and deposit checks right from my iphone, and they have had this app for about a year now, i LOVE IT! Just deposited 2 checks yesterday =)
      Same here with Chase. Love it.
    1. Waleed786's Avatar
      Waleed786 -
      Chase has this? In the USA?
    1. SnR's Avatar
      SnR -
      Really really cool. I want to write a check and deposit it just to try it out!
    1. MN1987's Avatar
      MN1987 -
      Has anyone tried this? I'm about ready to try it with a $200 check... but I just want to be sure... there's no fee for this service, right?

      Just double checking
    1. moochermaulucci's Avatar
      moochermaulucci -
      Quote Originally Posted by Kyle Matthews View Post
      Same here with Chase. Love it.
      Quote Originally Posted by Waleed786 View Post
      Chase has this? In the USA?
      Yes, they've had it for a awhile now. I haven't set foot in a bank in months, because between this and their ATMs that allow cash deposits, there's just no more need to stand in line.

      I love progress!
    1. southfrisco's Avatar
      southfrisco -
      I heard using the photo check service with PayPal will take six days for the check to actually post to your PayPal account. That is six days that they have the money and make interest off of the amount.

      Even though my bank of choice does not have an app with flashy features (they don't even have an app) or a fully fleshed out mobile site they have one thing (actually two) I care more about than anything else. Great individual customer service and they remove all of my ATM fees if I use my ATM card at a non affiliated bank ATM. That is unlimited ATM charges. You just can't beat it.

      If any of you live around the Bay Area or Los Angeles area you should check out First Republic Bank. The absolute best banking experience I have ever had in my life. I won't go anywhere else.
    1. EskimoRuler's Avatar
      EskimoRuler -
      This is really cool. I wish my bank had this
    1. goodluck4287's Avatar
      goodluck4287 -
      Quote Originally Posted by madczech View Post
      thats why you get insurance for your shipping...
      Not available to Singapore from US via priority mail. Trust me, I asked. I was screwed either way when they won the auction.
    1. StealthBravo's Avatar
      StealthBravo -
      USAA deposits checks the same day via their app
    1. Cer0's Avatar
      Cer0 -
      Quote Originally Posted by StealthBravo View Post
      USAA deposits checks the same day via their app

      And if your's and their bank have the right partners it will clear their bank same day or next day. No more floating checks for 5-7 days.

      Sent from my iPhone using ModMyi
    1. madczech's Avatar
      madczech -
      In my opinion checks are a long outdated way as a payment method... There are so many easier, less costly, safer and faster ways to pay than by check... Just my opinion
    1. vantheman169's Avatar
      vantheman169 -
      Well checks are Afars thing for me but what about gifts, Xmas presents, refunds from companies for whatever reason, very awesome concept Usaa had this before the app all u had to do was scan the check and deposit it from your computer but this is even easier than the app. USAA has it for other mobile devices as well.
    1. zozodouce's Avatar
      zozodouce -
      very nice app.
    1. slavipz's Avatar
      slavipz -
      I just wonder who would be using paypal if what happened to me, happens to them and paypal refuse to return their money after being conned... not recommending it to anyone now...you risk of being conned and "Buyer protection: you are fully covered" will not work for you as you would expect...
    1. goodluck4287's Avatar
      goodluck4287 -
      While I understand that if you don't like it, you shouldn't use it, I'll leave you with one other point about it.

      Paypal thinks they are a bank. While banks are a business, paypal thinks they are a bank but are not regulated by the Federal Reserve. Paypal can easily be a huge risk to anyone who uses it.
    1. slavipz's Avatar
      slavipz -
      Quote Originally Posted by goodluck4287 View Post
      While I understand that if you don't like it, you shouldn't use it, I'll leave you with one other point about it.

      Paypal thinks they are a bank. While banks are a business, paypal thinks they are a bank but are not regulated by the Federal Reserve. Paypal can easily be a huge risk to anyone who uses it.
      I understand. You can all read what happened to me righ here in this tread: Beware I just got conned on ebay

      It is really a shame!
    1. thetoothfairy's Avatar
      thetoothfairy -
      I think that this is neat but every since I heard all of the stuff paypal has did to people I don't use it anymore.

      However I might go open a Chase account!