Online broker E*Trade is now offering a mobile deposit app for the iPhone, enabling customers to electronically deposit checks to their brokerage or E*Trade bank accounts remotely using the smart phone's camera.
Eligible customers simply photograph the front and back of a paper check with the iPhone's built-in camera and upload the deposit electronically via E*Trade's mobile banking and investing application, according to today's release. The transaction is complete once the deposit amount and selected bank or brokerage account are confirmed, said E*Trade. After the check is posted and the deposit clears, funds will appear in the E*Trade account, which can then be used to execute transactions through E*Trade.com or the broker's mobile application, E*Trade Mobile Pro.
"Investors are increasingly managing their day-to-day and long-term financial plans via hand-held devices -- and we believe our new mobile deposit capability will be well-received by customers and prospects given the added convenience," commented Michael Curcio, President, E*TRADE Securities, in the company's release.
"E*Trade is focused on delivering the tools, support and technology that enable customers to more easily manage their money. Mobile deposit is another step in this direction -- eliminating the need for waiting in lines, mailing in checks, or transacting through ATMs." The move by E*Trade to offer remote deposit through use of the smartphone's camera follows a similar launch of mobile deposit by Fidelity Investments. Last May, Fidelity Investments announced that its clients could pay bills, move money and deposit checks using Fidelity's mobile brokerage apps (dubbed "Money Movement") for the iPhone, iPad and Android devices. To read more on this topic, click here.
According to E*Trade, an Android rollout of mobile deposit is slated for Android for early this year.
In addition to mobile deposit, E*Trade introduced a number of new features available to customers on its Mobile Pro for iPhone and Android applications, including: Complex options trading for iPhone Android; streaming charts and quotes for Android and CNBC video for Android, plus dynamic search for Android.