USAA Hits 1 Million Mobile Users; Grabs Great Press Coverage with Remote Deposit Feature
The New York Times ran a positive piece on USAA’s mobile efforts today, leading with the bank’s innovative mobile r
emote check deposit service. A feature the bank announced in June and is rolling out next week.
USAA is the first major financial institution to use the iPhone’s camera to allow customers to upload paper checks for automatic deposit. However, it was beaten to market by tiny WV United FCU, which launched a cruder version two weeks ago (previous post).
Seven-million-customer USAA now has one million mobile users, a 14% penetration rate, up from 11% in May. It’s the second U.S. financial institution (after Bank of America with more than 3 million; see note 1) to officially hit the million mark, though Chase/WaMu and Wells/Wachovia are believed to have passed that milestone last year.
Financial institution lesson: Mobile banking, and the iPhone specifically, still make a great story for the press (and customers). If you’re first in your market with an iPhone app, or some other mobile milestone, let the media know.
EFT Network Inc. Launches Remote Deposit Capture via Fax
Remote deposit capture (RDC) via mobile phone has to be the coolest way to make paper checks disappear from your office and reappear in your account. But from a usability standpoint, it leaves something to be desired, limiting its appeal to geeks with a check to deposit every once in a while.
Businesses with several checks or more every week need something more convenient and easy to use. Proprietary scanners connecting to PC-based software apps work well, but require installation and training, not to mention $30+ per month in service fees.
Enter FAXTellerPLUS, a new solution from Hawthorn, NY-based EFT Network, that uses the common fax machine for the input mechanism. The bank runs the software on its end freeing the user to get back to their business once the fax transmits.
Today’s press release says the four banks using the system are processing “thousands of transactions per month.”
How it works:
Bank sends customers a special sleeve that holds up to 3 checks to be transmitted and includes info on the customer so deposit can be directed to the correct account.
Customer transmits the check (front and back) to the bank via standard fax machine.
Bank sends confirmation back to customer via fax or email.
Funds are deposited in customer’s account and images viewable online.
If this works as billed, it could put RDC into the hands of micro- and small-businesses as well as consumers with access to fax machines at home or work. If any readers have used or tested the system, please let me know your experience by commenting here or emailing.
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No monthly service charge on a Checking-with-Interest account
Free World Check Card with checking account
Free safe deposit box
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Free notary service
Free money orders (up to five per month)
Free teller’s checks (in amounts of $100 or more)
Free signature guarantee
It would be pretty cool to have a safe deposit box. I don’t know what I would put in it, but still feels pretty rich to have one. I’m planning on getting a CD account at World Savings just so I can get a free safe deposit box. Check it out!
