Forget The Bank, Paypal Now Does Mobile Check Deposits

Just the other day I saw a commercial on TV about Chase offering a new service that would let you deposit a check just by taking pictures of it. I'm not sure why, but I felt like the whole structure of banking was crumbling beneath me. Why do banks even exist when I can deposit checks with my iPhone? It was a fantastic moment.

Not to be left out, the online transaction giant Paypal has announced their own check depositing service that works the same way. Just by taking a picture of the check, the recently updated Paypal Mobile app can process the check and add it to your Paypal balance. The service is completely free (no 3% service charge!) and is powered by BankServ, one of the largest electronic money managing companies out there.

"We all agree that the future of money is digital, so it’s hard to believe that there are people and businesses in the U.S. still using an analog technology that’s 400 years old – yes, I’m talking about checks." wrote Laura Chambers, senior director of PayPal Mobile, "If you’re anything like me, you’ll love this new feature and the fact that you can skip your next trip to the bank when you receive a check."

Next time you get a check, be sure to download and try out the newly updated Paypal app: it's free! Be sure sure to hang on to your check for 15 days though, just to be safe.

[Source: Paypal Blog]