Deposit checks using your iphone camera
 

http://news.yahoo.com/s/ap/20101008/..._check_scanner

PayPal has added a feature to its free iPhone application that lets users deposit checks into their PayPal accounts by taking a picture of them.

The online payment service owned by eBay Inc. launched the feature this week.

It lets you deposit a check by snapping a photo of its front and back with an iPhone. Once the funds show up in your PayPal account balance, they can be spent or transferred to a bank account.

PayPal recommends keeping the check for 15 days, just in case it doesn't clear properly.

Osama Bedier, Paypal's vice president of platform, mobile and new ventures, said the feature cleared $100,000 worth of checks in the first 36 hours it was available.

Interesting, I wonder if checks in USD can be deposited to PayPal accounts outside the US

Wow, that's some great news :thumbsup I wish the other banks do that too!

amazing..

but.. only available for US accounts, right?

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That will be standard for every bank and every smartphone with a camera with in the next year.

Technology is jumping leaps and bounds everyday.

Very handy, but I have to ask:

Is there some reason one needs a toy camera to do this? Why can you not upload an image to PayPal's site? Seems people (companies) lately are trying way too hard to find uses for things which otherwise serve little purpose.

Dropping a stack of checks onto a scanner would be nice, yeah?

Fucking A , great feature:thumbsup

theres no cross-promotion going on doing it that way silly.

^^ this... i kind of doubt it though

I know Chase does. Seen them advertising it all the time.

This would come in handy as long as it's not tied to stupid iphones

very cool time saving feature

they do, works great. i use it all the time. i haven't been to a bank in literally 6 months

jesus, they are 100 yrs a head europe

And paypal is going to take HOW much %?! Fuck that I'd rather do the same thing with chase bank and keep my money

Chase has had that for awhile now. :pimp

thats crazy, but i like it

Chase also allows you to deposit cash and checks in to the ATM now with no deposit slips or talking with anyone at the teller. Im usually in and out within 5 minuets or less

Wondering this too.

God knows what the fees will be though.

Chase provides the same service now. You can make a deposit from anyplace in the world, instantly. I do it.

I figured it came with the new atm's at Chase that I think rock, they can even read a hand written check sometimes

It's cool technology. I just shipped one of my cars cross-country. Truck driver wanted a cashiers check on delivery. I give it to him, he snaps pic with iPhone, moment later, his balance reflects the desposit. I was impressed.

As a side note, iPhone can also be used as a virtual terminal with your own merchant acct. -- a serious billing tool for some apps.