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187 comments

wow (0)

Anonymous Coward | more than 4 years ago | (#31528074)

about damn time.

DUPE (4, Insightful)

MBCook (132727) | more than 4 years ago | (#31528086)

This is a dupe from like 2 days ago, which was a dupe from like 6 months ago. USAA has been allowing this for months and months with the iPhone.

Re:DUPE (2, Funny)

sakdoctor (1087155) | more than 4 years ago | (#31528216)

The system still has bugs.

I took a photo of my ass crack using my phone, and the next day I had and extra $10,000 in my account.

Re:DUPE (1)

Cryacin (657549) | more than 4 years ago | (#31529278)

I took a photo of my ass crack using my phone, and the next day I had and extra $10,000 in my account.

If it would withdraw $10k from your account, it would be considered a feature.

Re:DUPE (4, Informative)

GiovanniZero (1006365) | more than 4 years ago | (#31528226)

Mod parent up, I'm on usaa and I've been depositing my checks using my iphone and now my android phone for about a year now.

Re:DUPE (1)

Marxist Hacker 42 (638312) | more than 4 years ago | (#31528844)

And has it occurred to you yet that a neat way to embezzle from companies that send you checks is with photoshop?

FTA: "The photo gets sent to the bank through its mobile application. In most cases, funds are in the customers account immediately."

Coming soon: iPhone customers get e-mails of photos of large checks from overseas customers, with an offer of 10% of the check in return for "check cashing services" and wire transferring back the balance.

Re:DUPE (0)

Anonymous Coward | more than 4 years ago | (#31529000)

"Coming soon: iPhone customers get e-mails of photos of large checks from overseas customers, with an offer of 10% of the check in return for "check cashing services" and wire transferring back the balance."

So how would that work any different than depositing it at the branch office?

Re:DUPE (3, Informative)

TheDawgLives (546565) | more than 4 years ago | (#31529128)

Most companies have to pre-authorize checks before they will clear. The company sends the check number and amount to their bank. When you deposit said check, your bank sends the check number and amount to the company's bank, that bank notices that the check number a) has not been authorized or b) does not match the authorized amount and notifies your bank to remove deposited amount from your account. You fail and probably go to jail.

Re:DUPE (3, Informative)

penguinchris (1020961) | more than 4 years ago | (#31528250)

It's not like it was an article that slipped under the radar, either... it has close to 500 comments. Easily one of the worst slashdot dupes I can recall :)

Re:DUPE (0)

Anonymous Coward | more than 4 years ago | (#31528334)

You must be new here.

Re:DUPE (1, Insightful)

Anonymous Coward | more than 4 years ago | (#31528538)

It's not like it was an article that slipped under the radar, either... it has close to 500 comments. Easily one of the worst slashdot dupes I can recall :)

Slashdot: proof that you can be a financially successful "editor" without actually performing any proofreading, copy editing, or checking for duplicate stories.

Re:DUPE (1, Funny)

Anonymous Coward | more than 4 years ago | (#31529636)

Slashdot has "financially successful editors" like McDonald's has "financially successful cooks".

Re:DUPE (1)

c++0xFF (1758032) | more than 4 years ago | (#31528448)

Even in the USA ... how popular will this be, really?

I got about ten checks last year. Five were from a place that had the option for direct deposit (but it took a while for it to kick in). The rest were birthday/christmas presents (so it's only 2 trips to the bank).

Anybody getting a serious number of checks won't bother with this service (taking them to the bank is much easier). Only a small percentage will fall in-between, where they get enough checks to make it a feature worth having and not too many to make it cumbersome.

Re:DUPE (0)

Anonymous Coward | more than 4 years ago | (#31528786)

Small numbers of checks are good too. I don't have a car. Going to the bank to deposit a check is a HUGE inconvenience. There aren't even any local branches for my favorite account right now. I would have to find a branch, which is not within walking distance of the subway station, deposit it there, wait for it to clear, and then transfer it to my good bank account. Alternatively, I would have to mail the checks in. I would love to do it on the cell phone at anytime.

Re:DUPE (1)

Orange Crush (934731) | more than 4 years ago | (#31528904)

Even getting only one check in a year makes this feature worthwhile, imo. Why make a special trip to the bank to drop a check when you can just take a picture of it and be done with it? It's even handier for banks like USAA who don't have much (if any) physical branch presence.

Re:DUPE (1)

home-electro.com (1284676) | more than 4 years ago | (#31529226)

Special trip? Don't you ever go to ATM to get some cash? I do, usually once or twice a month. Any check I have just wait until I have to go to the bank.

What are they gonna do next -- cash withdrawal via iPhone? Show the photo of the cash to the clerk at the store....

Re:DUPE (1)

c++0xFF (1758032) | more than 4 years ago | (#31529408)

And the obvious reply is ... who uses cash anymore?

In the end, what one person sees as easy and common another person sees as hard or an inconvenience.

Even though I don't see myself using smartphone banking in the near future, I do see the value of having it as an option.

Don't get checks? Nothing to see here, move along!
Already go to the bank or an ATM? Look! Ponies!
Don't have convenient access to a bank? Don't worry: there's an app for that!

Re:DUPE (1)

Otto (17870) | more than 4 years ago | (#31529444)

Most ATMs I see these days don't have deposit capabilities.

Also, the only time I use cash is when I'm bar hopping. Who uses cash these days? Even drive through fast food joints have card swipers on them now.

Re:DUPE (1)

HaZardman27 (1521119) | more than 4 years ago | (#31528598)

Any banks other than USAA feature this currently? AFAIK, USAA only accepts military members, prior military members, and families of military members as customers.

Re:DUPE (2, Informative)

horatio (127595) | more than 4 years ago | (#31528912)

USAA will accept non-military customers. However, the services they provide are severely limited. The only deposit method is a transfer from another bank, visiting a USAA branch in person, or snail-mailing in your checks.

The reason, they explained to me, is that in order to qualify for the "photographic" (scanned image, or iPhone app) deposits, you must have (or qualify for?) three specific services with them including some type of line of credit, insurance, and something else. If you're non-military, you aren't eligible for those services, ergo your options for depositing checks are very limited.

I'm not military (found out about them b/c my brother-in-law is), but I have checking, savings, direct deposit, and EBPP (both bill presentment, where ie the electric company sends USAA my bill and USAA notifies me how much the bill is, and payment - which everyone can do) with them.

Re:DUPE (1)

beakerMeep (716990) | more than 4 years ago | (#31528992)

Small clarification: If you're a direct relative (child, spouse) of someone who has served you do get those services.

Re:DUPE (1)

horatio (127595) | more than 4 years ago | (#31529426)

Correct. I should also clarify that my relationship w/ USAA is civilian and independent, not anything to do w/ my brother-in-law other than knowing of USAA b/c he talked about it.

Re:DUPE (1)

bsDaemon (87307) | more than 4 years ago | (#31529604)

My grandfather was a Navy officer from 1936-1942 (medically discharged after Pearl Harbor), and my mom's dad was in 75th infantry. Neither my father nor my mother were in the military, but qualify for USAA, and I qualify for USAA, too... and they constantly try and sell me services. So they take grand kids, too.

Alliant Credit Union (1)

jvonk (315830) | more than 4 years ago | (#31529356)

Alliant Credit Union [alliantcreditunion.org] allows scanned image upload deposit ("eDeposit Plus"). I am hopeful they will jump on the smartphone app bandwagon, though one imagines that a user could take the requisite photographs and then upload them via the Alliant eDeposit interface even today.

Tangential rant: I am in the same situation as you. USAA burned me on the Deposit@Home service with their misleading website. I opened a USAA credit card *solely* to satisfy the "line of credit" requirement for D@H (yes, the site said a credit card was sufficient). After the cc account was opened, I still could not use D@H. I called and confirmed that their site was incorrect and that I had to qualify for insurance coverage as well. I immediately closed the now extraneous cc account. Wasted time and an entry on my credit report.

I have made Alliant my primary account now. They offer better interest rates than USAA (1.78% currently on checking accounts) and a free quarterly FICO-type score from Experian. To contrast, USAA has a better Bill Pay interface and EBPP; concordantly, I still use both institutions.

Re:DUPE (1)

mdwh2 (535323) | more than 4 years ago | (#31529902)

Well, be fair - it makes up for all the Iphone dupes we get about things that other phones have been doing for years and years...

Security... anyone heard of it? (1, Insightful)

Anonymous Coward | more than 4 years ago | (#31528088)

All those nifty security features are completely and totally worthless now?

Re:Security... anyone heard of it? (1, Insightful)

Anonymous Coward | more than 4 years ago | (#31528294)

Not when they sit on the money for 2 weeks waiting to make sure its 'Ok' to release it to you.

Or only releasing it to you when the history of your account shows its unlikely they'll be unable to take the money back out if the check is fake.

There are ways to mitigate the problem, those ways are already in place and have been for years because all those security features are already worthless since very few people bother to actually VERIFY them.

Realistically though, writing fake checks and getting them cashed is a cake walk. You don't take the check to a bank, you take it to somewhere that it can be cashed by a guy who makes $6/hour and only has to make sure that it has a drivers license (I've been there).

So now, once they've given you an account and clearly identified you, you can try to slip a fake check into your account with a photo. I fail to see how this is going to make it any different than it currently is. The person depositing the fake check is still going to be responsible for it, not really changing anything. Now instead of going to an atm and depositing a fake, you take a photo of it and push it to a web page. Same thing, different location, nothing of value lost. They aren't going to 'catch' you at home any more than they were going to 'catch' you at the ATM machine at 3am

Re:Security... anyone heard of it? (1)

Marxist Hacker 42 (638312) | more than 4 years ago | (#31528872)

RTFA: "The photo gets sent to the bank through its mobile application. In most cases, funds are in the customers account immediately."

Soon to come- android and iphone customers are bombarded with spam containing the pictures of check of large amounts, "to be deposited and wired back to us for a 10% check cashing fee". None of which are any good.

They've already offered similar to businesses... (1)

FooAtWFU (699187) | more than 4 years ago | (#31528104)

... only without the cell phone, but with a scanner device of some sort. It's nice to see the technology expand, but one worries about the enhanced potential for check fraud under this new scheme.

Ditch checks! (4, Insightful)

mseidl (828824) | more than 4 years ago | (#31528106)

I've lived both in Europe and the USA, and I have to say, ditch the checks. Seriously. It's a joke and a pain in the ass.

Re:Ditch checks! (1)

0100010001010011 (652467) | more than 4 years ago | (#31528696)

If I buy something from someone impromptu for greater than the amount of cash I carry, I can always use a check. Wirelessly, No internet required. Not everyone has a smart phone and can log in to PayPal or their bank anytime they want to send money.
-
If you dupe the articles, I'll just dupe my comments.

Re:Ditch checks! (0)

Anonymous Coward | more than 4 years ago | (#31528916)

Not everyone has a smart phone and can log in to PayPal or their bank anytime they want to send money.

I suspect that more people have smart phones than carry cheque books around with them but even so...how about a debit card? And how far are you usually from a cash point? Maybe this is just a matter of the US being sparsely populated relative to its size so you're more likely to be a long way from amenities?

I do have a cheque book and no smart phone but I can't imagine carrying the cheque book around with me in case of impromptu purchases. 20 years ago, sure.

Re:Ditch checks! (1)

Xiaran (836924) | more than 4 years ago | (#31529480)

I grew up in Australia and now live in Europe. Australia is much more sparsely populated than the US and we ditched the cheque before Europe.

Re:Ditch checks! (1)

0100010001010011 (652467) | more than 4 years ago | (#31529618)

Checks are "free". Debit cards are $2 (minimum) on up.

And 'with' me means it's in my glove box. I had a batch stolen once and it was easier to deal with those than it was to deal with stolen credit cards.

Re:Ditch checks! (1)

Abalamahalamatandra (639919) | more than 4 years ago | (#31528882)

You say that, and I'd agree, BUT...

The other day I bought a new TV, and the total came to about $2K. The nice salesguy told me to go ahead and use my bank account debit card, even though I had wisely brought my checkbook.

He tries to run it, it fails and tells him to call the bank. The bank automated line says no and refuses to transfer him to a person, which he says it usually does.

So instead, I write a check, he scans it and gives it back to me, and it goes through just fine, no phone call at all.

Obviously there are some other things that will have to be put in place to ditch the checks, but it can't happen soon enough for me - that's the first check I've written in over three years and it was a pain to write.

Re:Ditch checks! (0, Flamebait)

blair1q (305137) | more than 4 years ago | (#31529694)

"he scans it and gives it back to me"

In other words, the check was a pointless part of the process. He could as easily entered the numbers from the front of your debit card. Or you could have used a different debit card for the same account (exactly the effect of scanning the numbers on your check).

You'll notice, though, that it's the check that was the insecure means of dumping money from your account. It didn't require a PIN the way your debit card did. That's why your debit card number isn't just a plastic version of the numbers on your check.

Paper checks are essentially useless, except in situations where there are no electronic devices around to mediate the transaction. Your example, unfortunately, didn't exemplify that so much as it exemplified the confusion due to the amorphous technical nature of the banking system.

Re:Ditch checks! (1, Interesting)

Anonymous Coward | more than 4 years ago | (#31528910)

What happens when you charge a $1300 macbook pro to your credit card for someone else, and then need compensation for it? I don't want cash, it is dangerous. I would have to go to the bank to deposit the cash too. I don't want a giftcard for $1300. It would take a long time to use up, and the credit card bill would be coming in just a few weeks. Most non techies don't have paypal or know how to transfer money between bank accounts for free. So yes, I still get checks from people like this, usually my parents or grandparents. Do you know what happened when my Dad gave me 600 in cash and I didn't get around to putting it in the bank? Someone just walked right into my room and stole it.

Re:Ditch checks! (3, Informative)

Mister Whirly (964219) | more than 4 years ago | (#31529172)

That's easy - don't charge a $1300 Macbook on your credit card for someone else. Tell them if they want a Macbook, they can figure out how to pay for it too. See also: don't leave large sums of cash just laying around unprotected. Additionally see also:try not to live with people you cannot trust.

Re:Ditch checks! (1)

DarwinSurvivor (1752106) | more than 4 years ago | (#31529250)

Most non techies don't have paypal or know how to transfer money between bank accounts for free.

Setting up online banking is pretty bloody easy if you ask me. For that matter, I guarantee you that it's a heck of a lot easier than setting up "cheque by smartphone".

Re:Ditch checks! (0)

Anonymous Coward | more than 4 years ago | (#31529292)

I don't want cash, it is dangerous. I would have to go to the bank to deposit the cash too.

You could grow a spine, maybe?

Re:Ditch checks! (1)

NormalVisual (565491) | more than 4 years ago | (#31529164)

It's a joke and a pain in the ass.

So is the $4.50 transaction fee my power company wants to charge me for an online credit/debit card transaction. A check costs me 44 cents to mail.

USAA (4, Informative)

Scyth3 (988321) | more than 4 years ago | (#31528108)

USAA does this already. It's not "coming soon", it's already here. It's more or less who's still catching up.

Fraud (0)

Anonymous Coward | more than 4 years ago | (#31528122)

Yeah, that won't be fraud-prone.

I think the only thing deterring most people with a shred of computer skills from passing fraudulent checks (besides morals) is that they're printed on security paper.

Re:Fraud (1)

gpseudof (1770578) | more than 4 years ago | (#31529102)

This is such a common misconception. A legal check does not have to be printed on any kind of "security" paper. The only requirements are that it is an unconditional order to pay an amount, and that it has sufficient information to identify where the money comes from (account number, routing number, etc). There are plenty of common stories in the banking world of people writing checks on ridiculous things such as tissue paper, various food items, etc, and requiring the bank to process it. And unless the bank doesn't mind losing the customer, they do, because it is perfectly legal. The "security" features are mostly there as a convenience to the bank, as obviously it is not easy to process a check written on a kleenex.

Re:Fraud (1)

Locke2005 (849178) | more than 4 years ago | (#31529380)

So it's perfectly legal to write out a check on an underage girl's chest, then take a photo of it and submit it? I need to know, 'cause I've got plenty of underage girls handy, but I'm running out of checks...

Seriously? (0)

Anonymous Coward | more than 4 years ago | (#31528202)

We just saw this [slashdot.org] . And USAA has an app for that [cnet.com] .

Already happening - USAA Deposit at home on iPhone (0)

Anonymous Coward | more than 4 years ago | (#31528208)

USAA already does this, USAA Deposit at home for the iPhone already does this, and has for a good while, everyone else it trying to catch up.

You're taking the piss. (3, Insightful)

Colin Smith (2679) | more than 4 years ago | (#31528366)

No? Really. Taking a photo of a cheque?

Writing out a cheque, then taking a photo of it? No. You're pulling my leg. And this is an advance?

Why not just transfer the money using the phone?

We can do it here in Europe. They can do it in India and Africa for goodness sake;

http://europe.nokia.com/ovi-services-and-apps/nokia-money [nokia.com]

 

Re:You're taking the piss. (1)

Jeng (926980) | more than 4 years ago | (#31528532)

Do you get a paper check from your employer?

We do use direct deposit a lot here in the US, but some people just prefer checks.

Just because checks are available it does not mean that the other options are not available.

Re:You're taking the piss. (0)

Anonymous Coward | more than 4 years ago | (#31528572)

No? Really. Taking a photo of a cheque?

Writing out a cheque, then taking a photo of it?

This is not for the people who write the checks. This is for when some geezer gives you a check.

(Why would you write a check to yourself, even if you could process it immediately?)

Re:You're taking the piss. (0)

Anonymous Coward | more than 4 years ago | (#31528738)

This is for when some geezer gives you a check.

An Amish geezer? Like you've sold him a horse shoe or something? I guess it could happen...

Re:You're taking the piss. (1)

D Ninja (825055) | more than 4 years ago | (#31528906)

An Amish geezer? Like you've sold him a horse shoe or something? I guess it could happen...

Well, it's a little stupid to just transfer money into the grandkids account for their birthday present. More fun to give them a check...

Re:You're taking the piss. (0)

Anonymous Coward | more than 4 years ago | (#31529334)

Okay, I can accept that. The gift explanation is the only one I've seen here so far that's at all convincing but I'm sure there are others too. Still I can't believe it's frequen enough for the phone-scanning thing to be mentioned above any other weirde gimmick.

Re:You're taking the piss. (1)

BagOBones (574735) | more than 4 years ago | (#31529510)

Some reasons that come to mind

- Transferring money money > $100 from/to someone over 50 will likely be a Check as they don't get computers or smart phones
- Some small businesses refuse to do direct deposit since the banks charge a premium
- Debit often can't be used for large purchase because of daily withdrawal limits that are part of fraud protection measures
- Some people with bad credit can't get credit cards

Re:You're taking the piss. (1)

eln (21727) | more than 4 years ago | (#31529008)

This is the only reason I could see using this. My grandfather used to send me checks for $10 every year for my birthday. This continued until I was well into my 20s. I would often just leave the check laying around, because who wants to bother going all the way to the bank for a lousy ten bucks, but he watched his accounts like a hawk and would pester me about why I hadn't cashed the check yet. So, eventually I had to go and cash it. This sort of thing would have been helpful in that case.

Other than that, though, I haven't received a paper check from anyone in quite some time.

Re:You're taking the piss. (1)

Colin Smith (2679) | more than 4 years ago | (#31528956)

Reduce costs of toady s operations by enabling e.g. mobile prepaid top up transactions

lol. I did however like this statement. If it goes through a spell and grammar checker it must be right.

 

Re:You're taking the piss. (0)

DragonWriter (970822) | more than 4 years ago | (#31529460)

Why not just transfer the money using the phone?

There a number of ways to transfer money using the web (including via smartphone.)

This isn't a replacement for those as a mechanism to send money to someone else using your phone, its a replacement for going to the bank (or ATM) and doing a physical deposit when you receive a check.

Re:You're taking the piss. (1)

BitZtream (692029) | more than 4 years ago | (#31529672)

This isn't for people in the modern age that transfer money to others.

This is for people in the modern age that still get checks from people who would rather avoid electronic methods for whatever reason.

Is transfering money over the phone the only way you can make a purchase in Europe and Africa? Whats that? You guys have checks too? No shit? So this is probably something that'll happen there too?

God, when will people like you realize that now days every place on Earth is more or less the same as ever other place on the Earth as far as level of technology for a given class of people.

Poor people will still be poor, rich will still be rich.

I'd really prefer that people like yourself wake up and realize that you really aren't any different than people elsewhere. You don't have anything that makes you better overall. You just have minor differences that more or less balance out in the end.

How do I know? There isn't a mass exodus of American's to Europe or vice versus.

And another important note: No one actually thinks Europeans are cool like they make it out in American movies or where ever you get that arrogance from. The entire rest of the world knows you're just as much of a douche bag as everyone else, the only ones who don't know it are Europeans :/

"making the smartphone one step closer to an ATM" (2, Informative)

hivebrain (846240) | more than 4 years ago | (#31528370)

"This phone will charge your account a $1.50 fee to make this call. This fee is on top of any other fees that may be charged by the phone to which you are dialing."

People still use cheques? (1, Funny)

Anonymous Coward | more than 4 years ago | (#31528400)

Please me excuse me while I laugh all the way to the bank...

Re:People still use cheques? (1)

BitZtream (692029) | more than 4 years ago | (#31529696)

You must still be using checks, why else are you going to the bank now days?

Way to douche it up.

Yawn (1, Informative)

Anonymous Coward | more than 4 years ago | (#31528408)

My credit union has had something just as good and much simpler for years.

You just mail the freaking checks in. You go to your web browser, enter the amounts and info, and mail the check in within a couple days. They immediately credit your account up to $1500 worth of checks while they wait to receive them.

This news is incredible in that is completely non newsworthy.

And I bet my credit union charges much less than your bank for the privilege of checking.

Re:Yawn (1)

DarwinSurvivor (1752106) | more than 4 years ago | (#31529326)

Does anyone know the statistics on how much mail goes missing compared to going through? I'd hate to send in a cheque for $1000 just to find out the cheque never made it. Especially since that cheque is the ONLY COPY!

Fraud no different (1, Interesting)

Anonymous Coward | more than 4 years ago | (#31528440)

Committing fraud with checks is just as easy whether you take a photo or mail it in. I think it is a great idea for an interim solution. In the end there will be fraud investigation whether it was a photo or a washed check.

Later on down the road I would like to see a secure paperless money system that does not require me to touch dollar bills that came from a strippers g-string and to not stand behind old ladies writing checks at Wal-Mart for $2.68 of merchandise

I have some questions (2, Interesting)

Alanonfire (1415379) | more than 4 years ago | (#31528442)

What types of checks are allowed? Is it all types? Personal and Paychecks?

Can you deposit a money order or cashiers check?

Is there a fee? I'm sure there is.

How long is there a delay between submitting and getting your money?

Re:I have some questions (1)

ZX-3 (745525) | more than 4 years ago | (#31529126)

I can only speak for the USAA experience, where your funds are available immediately (up to a $10k/day limit, I believe) and there is no extra charge. I have successfully deposited checks that were not even made out to me (they were endorsed over to me).

The only time I ever had trouble was when a careles signer got part of their signature over the account numbers at the bottom of the check.

Re:I have some questions (1)

Alanonfire (1415379) | more than 4 years ago | (#31529386)

Man, this is so alarming.

I'm not a fan of automated services at all.

But what annoys me the most about what you just said is that you're allowed to do things via mobile phone that I've been rejected for in person. I was rejected trying to deposit a check that was signed over to me.

Do you know if they do any matching of the signature to the bank account the personal check comes out of?

Even more annoying is that my bank, unless the issuer of the check is the same bank, holds my checks for 1 or 2 days before the funds are available.

I can't believe the banks put so much faith in people.

I'm tagging this onlyinamerica (0)

Anonymous Coward | more than 4 years ago | (#31528544)

because only in america could something as simple as a money transfer be so completely ridiculously involved.

But then, I've heard you need a taxman or special software to do your taxes, so I guess I shouldn't be surprised.

Re:I'm tagging this onlyinamerica (2, Informative)

pandrijeczko (588093) | more than 4 years ago | (#31528668)

Nope, I'm afraid your wrong, it's crazy outside the US as well...

If you're in the UK, a normal (non-business) bank customer and transferring anything more than a couple of thousand pounds to a foreign bank account, not only do you have to go into the bank branch sit with a member of staff filling in computer details for a half hour, but also the money literally just *disappears* for a couple of days going through some kind of money laundering checks somewhere - oh, and of course the organisation making those checks is, UNDER NO CIRCUMSTANCES WHATSOEVER, investing that money while they have it and making some interest on it!

Re:I'm tagging this onlyinamerica (1)

trapnest (1608791) | more than 4 years ago | (#31528928)

But then, I've heard you need a taxman or special software to do your taxes, so I guess I shouldn't be surprised.

Only if you have insanely complex tax history. Or are a lazy mofo. I've always done them my self.

Re:I'm tagging this onlyinamerica (1)

stewbacca (1033764) | more than 4 years ago | (#31528970)

because only in america could something as simple as a money transfer be so completely ridiculously involved.

Wait, what? I thought the whole point of this is to make depositing money more convenient. Take a picture and it's deposited. How is that "ridiculously involved"? It's not really any different than the current ATM scanner that just scans the check and deposits it (other than it keeps the check, and that you have to go to an ATM to do it).

I went to renew my subscription... (1)

Rick Richardson (87058) | more than 4 years ago | (#31528700)

I went to renew my subscription to a magazine on the Internet. Guess what? Cost me $2 to do it that way. No dice. Wrote out a check and mailed it in.

Re:I went to renew my subscription... (1)

Anonymous Coward | more than 4 years ago | (#31529018)

I went to renew my subscription to a magazine on the Internet. Guess what? Cost me $2 to do it that way. No dice. Wrote out a check and mailed it in.

Bizarre. Still, with this innovation the customer-hostile magazine publisher's accounts clerk will be able to take a photo of the cheque on their iphone and send it straight to the bank! Once they've received it in the mail. The efficienicies achieved are astonishing.

Get off your arses and go to the damned bank (2, Insightful)

LukeWebber (117950) | more than 4 years ago | (#31528884)

Seriously, there are just so many more fraud opportunities dues to sheer bloody laziness on the part of the banks and their customers. Identity theft? Couldn't happen so readily if the banks would only make you come in there with your driver's license or passport before they go issuing credit cards. The same goes for government institutions.
This idea sounds like it'd make it easy to copy a cheque, Photoshop it and bank it. You wouldn't even need to steal it. Just snap a quick shot with your iPhone and then slip it back. Just make sure you get it in before the owner and you're done.

Re:Get off your arses and go to the damned bank (1)

stewbacca (1033764) | more than 4 years ago | (#31529034)

I love all these posts that think making me show a driver's license is the ultimate answer to everything. Here's a different solution. How about holding the banks liable for everything beyond the first $50 of fraudulent transactions, like the law requires, and quit burdening the rest of us otherwise law-abiding citizens with showing ID cards that wont prevent the fraud anyway.

Re:Get off your arses and go to the damned bank (1)

Alanonfire (1415379) | more than 4 years ago | (#31529340)

Well, I go to the bank in person for moral/ethical issues.

I don't use direct deposit and only use online bill pay if I'm away for some reason.

The reasoning is the same reason I don't use the self-scan checkout lanes at the grocery store. Even though it can inconvenience me a little bit, I feel that the more "convenient" this world gets, the more jobs will disappear. By not using those automated services, we create demand for actual clerks and it creates jobs for others.

It might not actually work how I think it does, but until someone comes out on television and says so, I'll keep doing it.

Re:Get off your arses and go to the damned bank (1)

stewbacca (1033764) | more than 4 years ago | (#31529792)

Convenience provides better jobs...take the grocery store self-checkout example. The engineers who make that stuff make way more money than a cashier. By using those automated services, we create a demand for professional engineers and software developers, which have higher wages, which in turn provide more tax revenue which is supposed to make society better (that part is debatable but sounds nice in theory).

In any case, this is an old argument I've never believed in. I grew up in Oregon where you can't pump your own gas because that would eliminate a job (the guy who works 20 hours a week at minimum wage so he can buy another baggie of pot). It is a short-sighted argument.

pay day loan! (1)

stewbacca (1033764) | more than 4 years ago | (#31528942)

I'll just take several pictures of the same check, and by the time they figure it out, I'll have my pay day loan (i.e. already spent then over-drafted). Woo hoo! Rent-town-USA here I come!

Re:pay day loan! (1)

home-electro.com (1284676) | more than 4 years ago | (#31529476)

There must be some strings attached to this. Like having to keep the check for a while.

But government checks do not expire. What, are you supposed to store it forever? What if instead you wait 6 month, then find somebody with the exact same name as you and sell him the check for 50% of the face value. They, in turn, can do photo deposit and sell the check further and so on.

The bank comes to you 6 month after the first deposit and want to see the original. Oh, sorry, I had my basement flooded where I kept all the papers.

Come out of that cave already! (2, Informative)

Dr La (1342733) | more than 4 years ago | (#31529002)

Seriously, if you Yanks think this is the epitome of modern banking: we Europeans are doubling up in laughter here.

We do things completely electronic here, by direct bank transfers. No need to take photographs of a paper cheque. In fact, I haven't seen a cheque since childhood (when an aunt from Australia sent one. We had a hell of a trouble cashing it).

MAKE BIG BUCKS NOW! (2, Insightful)

dltaylor (7510) | more than 4 years ago | (#31529068)

With automatic electronic transfers between banks, which do not verify the validity of the original check, the person who's going to be screwed by this is the one whose account number is on the fake check. Right now washing out a check, putting in new amounts, and presenting it for cash is a little bit more time-consuming (plus the check is gone) than just photoshopping a check image and scanning it on a phone, or several. The only small deterrent is that the checks are deposited, not paid out in cash immediately. Simple enough to hit up a few pensioners while there's still a bit in their account (or businesses that don't reconcile accounts frequently), wait for the deposits to clear, and clean out the temporary deposit account.

Already being done in Europe (1)

vikingpower (768921) | more than 4 years ago | (#31529410)

Although checks are something from the Stone Age in the Netherlands, one of its main banks, Rabobank, has not only been pushing account access from mobile phones. It has even become a mobile connectivity provider itself. And very soon, one will be able to pay by phone in a majority of the Dutch supermarkets. America seems to be lagging by about 12 months.
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