August 9, 2022

Bucks: Charles Schwab Now Offers Mobile Deposit App

Charles Schwab has joined the ranks of financial institutions that offer mobile deposits via smartphones.

Banks big and small, like J.P. Morgan Chase and State Farm Bank, are jockeying to attract customers with the convenience of mobile deposits. On Thursday, Schwab introduced the service for the iPhone, and will make an Android version available next month.

The service lets customers deposit paper checks electronically, by taking a photo of the front and back of the check with their phone’s camera and hitting the “submit” button. A video is available here.

According to a recent Schwab survey of 2,000 consumers, nearly seven in 10 Americans ages 18 to 44 showed some interest in depositing checks using a mobile phone. The survey also found that 43 percent of smartphone owners have used their device for banking and investing activities and that the average frequency for these activities is nine times a month.

Have you tried mobile check deposit? How has it worked for you?

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