Coming Soon: Depositing Checks at Home by Scanner

Illustration for article titled Coming Soon: Depositing Checks at Home by Scanner

Saul Hansel, one of my favorite NYTimes reporters, writes about Fiserv's technology that'll let normal people deposit paper checks to their bank accounts by merely scanning them at home.


USAA, the bank that serves the armed forces, has done this for a while, but it hasn't picked up beyond there. Although the Check Clearing for the 21st Century Act has made this possible, and half of all business checks are deposited this way already, the system still needs to be safeguarded against fraud before it can really reach mainstream adoption rates. Interesting, but I'd guess the majority of Gizmodo readers use PayPal or World of Warcraft gold pieces instead of ye old checkbook. [NYT Bits]


@ret3: Just because you can deposit it right away doesn't mean they won't put any holds on your check. Ever since check 21 (reg d), checks have been able to clear overnight but banks/financial institutions still have the say on holds. Usually at credit unions, less than a hundred there are no holds; up to $300-400 3 days; anything greater maybe 7 days.