Have you ever wished that when someone handed you a check, you could instantly turn it into cash, right then and there? Well, the Chase iPhone app has made your dream come true.
The Chase iPhone app was recently updated to allow for what could be a revolution in banking. Users can now take a picture of both sides of a check, enter the amount of the check, and have the deposit immediately credited to their account.
The system is similar to Chase's "smart ATM" machines that have been rolled out across the country over the past few years. Banks don't need a physical copy of the check anymore. Of course, this opens up Chase to a lot more potential fraud. The banking giant probably has the authority to suspend iPhone deposits if a pattern of fraudulent activity develops.
The new feature puts a cap on deposits of $1,000 per day, so large checks must still be taken to an actual branch or ATM location. There's also a limit of $3,000 in iPhone deposits per week.