US bank offers iPhone cheque deposits

iPhone users can finally kiss the bank teller goodbye, as a new mobile cheque deposit application strips away one more reason to visit the local vault, states Times Free Press.

First Tennessee Bank last week became the first regional bank in the state to offer mobile cheque deposits, through a method that uses the device camera to scan both the front and back of a physical cheque, and upload it from anywhere, anytime.

According to The Commercial Appeal, Dan Marks, First Tennessee chief marketing officer, said about 7% of the bank's customers already use cellphones to examine their accounts, a service launched last year, and as many as half might use mobile deposits within five years.

Bankers expect the cellphone will eventually work like a debit card, and be used to pay for transactions in shops and stores.

However, the service will take some years to roll out, depending on the speed at which merchants install the appropriate equipment for scanning the customer's cellphone, bankers said.

But beyond the ease and convenience, First Tennessee says mobile cheque deposits are secure, reports WDEF.COM.

The mobile deposit service is free for now, and First Tennessee plans to add an Android app in a couple of months.