The world of technology is constantly evolving around us, and one of the things that has been strongly stuck in the past has been the concept of checks. You write them out, you give them to a person or business, they silently curse the need to go make a deposit at the bank and the world goes on. What if you no longer needed to go to the bank to deposit a check. What if you could do it on the fly the moment someone handed it to you?
The new Chase Mobile app [iTunes link] has the ability to allow you to deposit checks simply by taking pictures of the front and the back of the check and then uploading them. You are allowed to deposit $1000 a day, or $3000 a week, using this method.
I’m just blown away by this to be honest. I know checks have become a bit passé in the ultra-modern technological world of today, but they still have their uses for things like paying rent, gym memberships and so on. They are also still a popular way of settling personal debts, and this is where this application will probably come in the most handy. Who really wants to run to the bank to deposit just one check? No one, and with this application, that need will be gone.
Chase has also added Person-to-Person QuickPay which will supposedly allow you to pay anyone by just knowing their e-mail address, but the description is unclear if they need to also have a Chase account or how they would get their money if they didn’t.
With all of these advances in banking technology, it feels like that soon banks will have one to two people in each branch to handle loans, new accounts and so on. Is there even going to be a need for tellers any more?
What say you? Are you ready to deposit checks by just taking pictures of them?