Deposit@Mobile Has Changed Banking Faster than Expectations

Posted by at 11:40 am on July 16, 2010

Less than one year from its launch, USAA’s Deposit@Mobile has seen more than 1.5 million checks deposited from a mobile device, totaling more than $928 million. USAA Federal Savings Bank, which has only one teller-supported branch, located in San Antonio, has seen more than one-third (35 percent) of all checks deposited into accounts using remote deposit capture, where an image of the check is sent directly to the bank from a remote location.

“Nobody wants to take valuable time to drive to the bank and stand in line to deposit a check,” said USAA Federal Savings Bank President David Bohne. “With Deposit@Mobile, it takes less than two minutes to deposit a check at anytime and from anyplace.”

USAA was the first to offer remote deposit capture for its bank customers. In 2007, the bank revolutionized consumer banking with Deposit@Home, which allows customers to deposit checks using their personal scanners at home.

When USAA released Deposit@Mobile last August, it changed the way consumers think about depositing checks, enabling them to take photos of checks with an iPhone or Android mobile device and send the image of the check to the bank via wireless connection. The bank has seen a weekly average of 50,000 checks and $30 million deposited with Deposit@Mobile. In most cases, the funds are immediately available to the customers.

USAA Federal Savings Bank has 5 million customers worldwide who have always enjoyed having superior banking products and cutting-edge technology. The popularity of Deposit@Mobile has exceeded expectations and has contributed to the bank reaching a point where 95 out of every 100 checks are deposited without using a bank teller.

“The vast majority of all deposits can be handled without ever taking a step inside the bank,” added Bohne. “We’re committed to making our members’ lives easier and will continue to come up with ways to help them handle their banking and personal finances on their own schedules and from wherever they choose to do so.”

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