PayPal App to Let Users Deposit Checks Within the Next Week

This image described by PayPal, Mobile Banking, iPhone Check Deposit, Screen shot 2010-09-30 at 9.51.11 AM

The PayPal app will soon be updated to allow users to deposit their checks directly via their iPhone by taking a picture of the front and back of their check. From there, the check will be added to their PayPal balance. This news comes from PayPal’s Laura Chambers.

Some banks such as Chase already do something similar with the QuickDeposit technology. The concept is the same; users simply take a picture of their check and can choose an account to deposit the funds into. This is very useful, especially for those who may not have a branch of their bank in a convenient location.

The good thing about the PayPal functionality is that even if your bank does not have such an app, you can use PayPal to transfer the funds directly into your bank account. It’s usually a small fee of about $2 or so, but it may beat a 20-30 minute drive across town.

App Here: PayPal

About 8bitjay

Google + Profile