State Farm Bank is the latest financial services company to offer a remote deposit capture service to its mobile customers.
The banking subsidiary of State Farm Mutual Insurance Co. in Bloomington, Ill., announced Tuesday that an updated version of its Pocket Agent application for Apple Inc.'s iPhone includes allowing customers to deposit checks using their handset.
The service requires users to take pictures of checks after endorsing them. Customers can scan up to $10,000 of checks per day and deposit funds into their savings, checking, interest checking and money market accounts. Users receive a confirmation notice from the bank when it receives their checks.
"As a nontraditional financial institution, expanding the mobile services provides another avenue for our customers to manage their money," Mike Smith, State Farm Bank's president and chief executive, said in a press release.
State Farm began offering its iPhone app in June 2009; it has been downloaded 250,000 times.
The company also has plans to offer mobile deposit for the Google Inc. Android version of Pocket Agent.
JPMorgan Chase & Co. recently added remote deposit capability for its iPhone banking app and USAA Federal Savings Bank offers the service for its iPhone and Android banking apps. Other banks are said to be looking at the technology.
This story has been reprinted with permission from American Banker.
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